Archive for May, 2010

Life Insurance – Most popular Insurance in India.

life insurance is the sole investment option that gives you specific insurance policies customized for every life stages. This policy ensures that the benefits given to the customer meets the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.

Life insurance is basically categorized into two classes -

• Temporary life insurance.
• Permanent life insurance.

And the below listed are it’s subclasses-

term insurance, Unit Linked Insurance Plan ( ulip ), Whole life, Endowment Plan, Money Back Policy, Children Plan, pension plan.

Temporary life insurance:-

Temporary life insurance provides insurance coverage for a particular period of time and for specific amount of premium. Generally the premium buys protection in the event of policy holder’s death.

Three things to be considered in temporary insurance -

1. Face value
2. Premium to be paid
3. Coverage length.

Permanent life insurance -

Permanent life insurance is a insurance that can be extended further until or unless the insurer fails to pays the premium due. The insurer cannot withdraw the policy for any reason except fraud in application, by which cancellation is done by Law within a period of time.

The types of permanent life insurance -

1. whole life.
2. universal life.
3. endowment.

ING Vysya Life Insurance – Platinum Life

The Platinum Life, an life insurance (investment) plan offered by ING Vysya Life Insurance is suitable for people who have achieved the financial success. In this plan, the success remains well protected and the family members remains cared even during the time of need. This plan provides you protection for the life insurance cover. The financial security plays a very important in life as it keeps the resources for the family in a friendly way.

Key benefits of Platinum Life of ING Vysya life insurance plan are:

1. It provides maturity/ death benefit.
2. It has a surrender value.
3. It also offers loan facility.

Unique features of Platinum Life of ING Vysya Life insurance plan are:

1. Entry Age – Minimum age for this policy is 18 years and Maximum age is 65 years.
2. Maturity Age – The maximum maturity age for this policy is 75 years.
3. Premium payment mode – Quarterly, half yearly or annually.
4. Premium payment term – you can choose to pay your premium from 5, 6, 7, 8 or 9 years.
5. The minimum quarterly premium payable amount is Rs 35,000.
6. The minimum yearly premium payable amount is Rs 1, 00,000.
7. The minimum half yearly premium payable amount is Rs 60,000.

HDFC Term Assurance Plan

There is a open competition in the market among leading insurance companies to sell insurance products at cheaper rates. HDFC Term Assurance Plan is one of affordable term insurance in the market which provides financial security to  your  dependents. It also gives an option of adding optional benefits for extra cover.

In the event of your unfortunate demise or critical illness during the term of the policy, your nominee will receive the sum assured along with any optional benefits due. It is a pure risk cover plan, where nothing is payable on survival to the end of the  term of the policy. 

HDFC Term Assurance Plan also gives an option of choice of premium paying options between regular premium or single premium.  This plan can be taken on a single life basis or a joint life basis(first claim).

Under this plan, the premium paid is eligible for tax benefit under section 80C and benefit received under this policy is exempt from tax under section 10(10D) of the Income Tax Act,1961. Premium paid for critical illness rider is eligible under section 80D.

To eligible for this plan, the entry level age age is18 years to 60 years, with optional benefit the maximum entry age is 55 years. The maximum age at maturity is 65 years.