Archive for June, 2010

Max New York Life Partner Plus Policy

Max New York Life Partner Plus Plan is a life insurance (endowment) plan that protects you for life.

Life Partner Plus Plan gives you triple benefits. It offers you maturity benefits at the age of 75, provides you a life insurance cover and fulfill the financial needs of your family. Max New York Life gives you the flexibility to raise the value of your policy by using the various rider options.

Eligibility Criteria for Max New York Life Partner Plus:

1. Entry Age – Minimum age limit is 91 days and maximum age limit is 55 years.
2. Maturity age – Maximum maturity limit is 75 years.
3. Sum Assured – Rs. 50,000 onwards.
4. Premium payment term – Option to choose policy term for 3,7,10,20 years.
5. Premium Paying Frequency – Monthly, Half Yearly, Quarterly, Yearly.

Key Benefit of Life Partner Plus Plan:

• Living Benefit – 7.5% of the Sum Assured will be payable on each policy term from age 61 to 75.
• Death Benefit – In the event of unfortunate death of insured person, amount payable will be equal to Sum Assured along with accrued bonuses.
• Tax Benefit: The premiums paid by the life insured under this plan is eligible for tax benefit under Section 80C of the Income Tax Act.

SBI Life Insurance – Life Shield Insurance Plan

SBI life insurance Shield, a life insurance ( protection plan) is a pure risk policy which is affordable by any individual in India. This plan gives you a significant life cover at a very low cost. It has lowest premium option compared to other insurance plans available in the market.

Please note that there is no Survival Benefits at the end of the policy term.

Some Unique Features of this policy:

1. Term Life cover at the cost.
2. Available in 3 options: Increase in sum assured by 5%, 50%, and level cover.
3. Tax benefit u/s 80 C and 10 (10 D) of IT Act.
4. Discount for womens.
5. Rider options available.
6. 15 days Free Look Period from the date on which you receive the policy documents.

Eligibility Criteria:

1. Entry Age: Minimum age limit is 18 years and Maximum age limit is 60 years.
2. Maturity Age: Maximum maturity age is 65 years.
3. Sum Assured: Minimum sum assured limit is 300000 (3 Lakhs) and Maximum sum assured no limit.
4. Premium Paying Term: Minimum premium paying term is 5 years and Maximum premium paying term is 25 years.
5. Premium Paying Frequency: Monthly, Quarterly, Half-Yearly, Yearly, Single.

Key Policy Benefits:

Death Benefit: in case of unfortunate death of the insured person, the nominee will get the sum assured.

Maturity Benefit :No survival benefit are entertained at the end of the term.

Tax Benefit: Premiums paid for this plan is eligible for tax benefit under Income Tax Act of India.

Kotak Life Insurance Preferred Term Plan

Kotak life insurance ‘Preferred Term Plan’ is a pure risk cover plan and is truly designed to offer insured person’s family member financial protection at an affordable cost. This plan offers further reduced premiums for women. kotak life insurance Preferred Term Plan also offers special premium rates to non-consumers of tobacco, for a sum assured of Rs. 25 lakhs or more. Kotak Preferred Term Plan is an non participating plan and offers no maturity benefits. If the life insured dies before the policy gets over, the beneficiary would receive the Sum Assured as a lump sum.

Features & Benefits:

1. A truly affordable life insurance product that offers the insured person high cover at low term insurance premiums.
2. Regular and single premium payment options.
3. Option to convert to any other plan.
4. Death Benefit

Eligibility Criteria:

1. Entry Age – Minimum age limit is 18 years and Maximum age limit is 65 years.
2. Premium Paying Term – Single and Regular
3. Premium Paying Option – Min 5 years, Max 30 years
4. Age at Maturity – Maximum maturity age is 70 years
5. Premium rates for Half-yearly, Quarterly and Monthly modes are 51%, 26% and 8.5% of Annual rates respectively

The policy holder of Kotak Life Insurance are also eligible under tax benefit as per the provisions of section 80C and 10(10D) of the Indian income tax act.