Life Insurance India

About Pension Plan

Pension policy or Pension plan is a plan offered by insurance companies that provides individuals with regular income in their old age or after retirement. There are different type of pension plans which include Social or State pension plan, Disability pension plan and Employment-based pension plan. Employment-based pension plan helps individuals financially after their retirement.

Disability pension plan is a plan in which an individual is provided with regular income if he becomes disable before his retirement age. Social or State pension plan requires individuals to invest through their working life to enjoy the benefits in future or if they are disabled. Insurance can be taken by any person between 18 to 55 years of age.

The advantage of having a Pension plan is that you need not depend on anyone after your retirement or in old age. Out of the total sum assured you can withdraw maximum 1/3rd of your amount if you are in need after your policy is matured. The rest of the remaining amount is to be taken monthly into parts. There is no need of any medical examination if the person is between 18 and 45 years of age. If you have completed 3 three years paying the premium for this policy, you can also purchase Critical Illness coverage. The amount paid to the individual is tax-free after his retirement or in an unfortunate event of death.

In this policy Accident and term riders are also available as an added protection.

Birla Sunlife Life Insurance Premium Back Term Plan

Premium Back Term Plan offered by Birla Sunlife Life Insurance is a low cost pure risk cover plan suitable for individuals who wish to give their family members financial protection in case something unfortunate happens to you. Premium Back by Birla Sunlife is a unique Term Insurance Plan that offers you an guaranteed sum during the policy term. Unlike other term plans, this plan returns the entire amount of premium that you pay over a period of time.

Eligibility Criteria for Birla Sunlife Premium Back Term Plan:

1. Entry Age – Minimum age limit is 18 years, Maximum limit is 50 years for 20 years term and 55 for 10 and 15 years term.
2. Maturity Age – Maximum maturity age limit is 70 years.
3. Sum Assured – Minimum Sum assured limit is Rs. 200000/-
4. Premium Paying Term – 10, 15, 20 years.
5. Premium Paying Frequency – Monthly, Half Yearly, Quarterly, Yearly.

Key Benefits of Birla Sunlife Premium Back Term Plan:

• Maturity Benefit – On maturity, the total premiums paid during the policy term, will be paid back to you.
• Death Benefit – In case of unfortunate death o the life assured during the policy term, lump-sum sum assured along with premiums paid is received by the nominee.
• Tax Benefit – Premiums paid by the policy holder in this plan is eligible for tax benefit under section 80C and 10(D) of Income Tax Act 1961.

Tata Aig Life Insurance Raksha – A Term Insurance Plan in India.

Raksha Plan offered by TATA AIG is a life insurance product ( term insurance ) is a pure risk cover plan with low cost premium designed only for individuals who care about their family members future. Tata Aig Life Insurance Raksha Plan gives you assurance that your family will be financially protected even in your absence. No maturity benefit  is offered by Tata Aig Life Insurance. The policy provides maximum cover for a minimum premium.

Eligibility Criteria for tata aig life Raksha Plan:

1. Entry Age – Minimum age limit is 18 years and maximum age limit is 50 years.
2. Maturity Age – Maximum maturity limit is 60 years.
3. Policy Paying Term -  10, 15, 20 and 25 years.
4. Premium Payment Mode – Monthly, Quarterly, Half Yearly, Yearly.
5. Sum Assured – Minimum sum assured limit is 15 lacs and Maximum no limit.

Key Benefits of Tata Aig term life insurance:

• Death Benefit – In the event of death of the life assured during the policy term, sum assured is payable to nominee.
• Maturity Benefit – Term insurance policy do not offer maturity benefits.
• Tax Benefits – Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

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.

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.

MetLife’s Met Junior Money Back

MetLife introduced new life insurance policy ‘Met Junior Money Back’ – a money back policy that comes with twin benefit, savings and protection. Your child’s happiness is your highest priority. Metlife furnish you a policy that suits your child which caters guaranteed endless survival benefits at the end of 5, 10 & 15 years, along with guaranteed growth of your savings.

A plan which offers both apropos and efficient return on investment with payouts at every episodes.

Death Benefit-

1. Sum Assured plus guaranteed additions is being paid in the event of death of the Person Insured.
2. The policyholder is entitled to Guaranteed Additions of Rs. 100/ per Rs. 1000/- Sum Assured every year.
3. If there is an unfortunate death of the child before age 7, then the Death Benefit is equal to the return of premiums adding interest on premiums.

Maturity Benefit-

On maturity, the Life Insured will receive the Survival Benefits along with the Guaranteed Addition.

Birla SunLife- Freedom58

After you get retire, saving stops and start declining day by day. To get rid of this situation you invest your savings, so that they compensate you for the loss due to inflation, which is a right step. See that in your retirement, your investment plan helps you by rendering money not only to earn a living but to also enjoy it.

Birla SunLife offers you ‘Freedom 58‘ that furnish you the freedom to customize your own retirement plan for your savings.

Eligibility Criteria