Life Insurance India

Shriram Life-Shrilife.

Shrilife is a life cover plan which consist of security and savings. The premium is payable at regular intervals during the course of the policy. You will be insured throughout policy period.

Benefit:

Maturity/Death benefits-Sum assured plus bonus is been paid after that the policy gets end.

Survival benefit-Sum assured plus bonus is been paid.

Bonus: Simple reversionary bonus will grow in between the policy term.

Entry Age :35 years

Policy Period :15 years

Premium Payment :Yearly

Sum Assured :Rs.1,00,000

Eligibility Conditions:

Additional Benefits:-

1. Accidental Benefit Rider

2. Family Benefit Rider

loan:

Loan will be available after giving up to 90% of the surrender value of the policy. The company will regulate the rate of interest to be charged.

Tax Benefit:

Tax Benefit will be eligible for rebate as per sec.80C of the Income Tax Act, 1961. Benefits received from the life insurance policy are exempt from Income Tax under Sec 10(10 D) of the Income Tax Act, 1961.

Advantage of Whole Life Insurance

whole life insurance is the permanent life insurance which protects the whole life of the policy holder. The plan is suitable for those who wish to long term coverage. Whole life insurance pays the guaranteed death benefit and that never decreases. The nonfederal income taxes are also charged upon death and its last for entire time.

The premium of this policy is slightly higher than the term life insurance policy. If the policy is terminated the cash value would be paid that can be use for emergency and temporary needs. The term life insurance doesn’t provide the cash value. The other advantage, the policy holder earns dividends which would be paid in cash. This cash can be used to minimize the premiums.

Whole life insurance policies are easily available on online which give the instant and urgent quote. This is the best way to compare whole life insurance policies from various reputed insurance companies.

Aviva Life Insurance

Aviva life insurance company is a United Kingdom (UK) based largest insurance company and fifth in position all over the world. Aviva insurance company has a base of more than 40 million satisfied policyholders worldwide and still counting.

In India, aviva life insurance is a joint venture between Aviva & Dabur India, one of the oldest and largest company in India. It is a professionally managed leading producer company in health products.

Aviva was the first to come up with back assurance and has tie up with leading banks in India some of them are ABN Amro bank, American Express, Canara bank, Punjab & Sindh bank & the Co-Operative banks in India.

Aviva Life Insurance in India offers many modern products to the customers under the guidance of IRDA. A full range of transparent, flexible and value for money products are as follows

1. Whole Life Plan (Life Long, Aviva LifeLine)

2. Endowment Plan (LifeSaver, SaveGuard, EasyLife Plus, LifeSaver Plus, LifeSaver Super,Aviva Sachin Century)

3. Child Plan (Aviva Little Master)

4. Single Premium (LifeBond Plus)

5. pension plan (PensionPlus,Secure Pension)

6. Term Plan (LifeShield)

7. Fixed term protection cum savings plan (Freedom LifePlan)

8. Health Plan (Aviva Health Plus)

9. With profits Plan (Aviva Money Back)

10. Short-pay recurring premium investment cum protection plan (LifeBond5).

11. Unit Linked insurance plan offers a choice of Unit-Linked Fund options are Bond Fund, Protector Fund, Secure Fund, Balanced Fund, Growth Fund and tax saving Plans.

Aviva has more than 200 branches across the country where you can step in and get your insurance suitable to your needs.

MONEY BACK POLICY

Money back policy is a policy in which a particular amount is paid to the insured by the insurance company at regular interval. This policy provides good returns on your investment and is mostly taken by professionals and businessman. Money is available at regular intervals for various purposes like children’s education and marriage. This policy has dual benefits as it provides money to the insured at regular intervals and also insurance protection for the family in case of death. This policy is basically available for a term of 20-25 years. The premiums for this policy can be paid quarterly, half-yearly or even yearly whichever is comfortable to you.

The major advantage of Money Back policy is that in the event of insureds death, the entire sum assured is paid to the nominee without considering the amount paid at regular intervals as money-back. For example suppose an individual takes a Rs.200000 policy for 20 years at the end of 5th and 10th year he will receive Rs.40000. In an unfortunate event if he dies in the 14th year, the nominee will get full sum of Rs.200000 without considering the earlier benefits of Rs.80000. By having money-back policy one can gain income regularly to meet specific expenses and also provide risk cover. The minimum age required to avail this policy is of 12 years. The one disadvantage of this policy is that there are no loans provided under these policies.

Compare-Term or whole

life insurance is broadly classified into two categories:term life insurance and whole life insurance. Most of people confused to make a choice which is better to suited.

Generally, most of people stick to term insurance policies to make their families with a security. term insurance is the very competitive segment of the life insurance business and they are offering in lower cost to make customers strength. The term insurance is the better for protection coverage only, not good for saving and investment purposes. In short, insurer is covered only during the period of policy, while premium is paying.

Whole life insurance policy is very indicative for investment purpose. The customer don’t need to pay an extra premium to make investment in market linked plans. Customer have choice to select the investment products or whatever most comfortable with it. Whole life is a long term policy provide coverage for whole life. The whole life premium never increased over the years and also carries a cash build-up which can be used for any time.

At the end, whole life is the better for investment option and market return.

Whole Life Insurance – Investment

whole life insurance is the most popular life insurance plan as compared to others. It provides the permanent coverage with guaranteed death benefit. This is also a type of investment because one portion of your premium covers the actual insurance and other portion of the premium invested in an interest bearing account.

Insuring your family with whole life insurance is smart and responsible reason. You are not only insuring them but also making investment with good return.

The premium for whole life insurance is slightly higher than term life insurance because you can get back a specific portion of your premium on surrender dividends can be used in other ways.

Whole life insurance policy is divided into two parts:

• Universal whole life insurance – In case your accumulation accounts performs better, you get the additional benefits.
• Variable life insurance – In this, your accumulation account money invested in interest bearing account that is similar to mutual funds.

You can get online quote on whole life insurance in any of the good insurance websites online.

What is Life Insurance, Life Insurance Policy in India

life insurance ensures that your family will receive financial support in your absence. It is an agreement between Policy holder (Insured) and the insurance Company (Insurer). Simply, life insurance provides your family with a sum of money (Sum assured) if something happens to you. It protects your family from financial crises. It acts as a flexible money-saving scheme, which empowers you to acquire wealth – to buy a new car, housing loans, children’s marriage and even retire comfortably.

Life insurance, especially well fitted to meet your financial needs.

Most life insurance policies have a specified term, such as 10, 15, or 20 years. For the nominee to be eligible to collect the sum assured, the insured’s death has to occur during the term of the policy.
If the insured survives the term of the policy, depending on the type of policy purchased, He/ She may or may not receive a sum of money at the end of the policy term.

Need for Life Insurance
Today, there is no shortage of investment options for a person to choose from investments such as gold, property, fixed income instruments, mutual funds and of course, life insurance.

Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money.

Life insurance is a unique investment that helps you to meet your dual needs – saving for life’s important goals, and protecting your assets.

How does insurance companies works

A life insurance company gathers premiums from a large number of people(policy holders). The larger and more diverse the group of policyholders, the lower the risk for a company to pay death claims. The premium payments collected by the insurers are used for three purposes – to settle claims, to make investments, and to pay expenses.

All Insurance Companies in India are controlled under IRDA (Insurance Regulatory Devlopment Authority ) it regulates investment of funds by insurance companies.

Types of Life insurance plans
a) Term Life Insurance Plan
b) whole life insurance Plan
c) Money Back life insurance plan
d) Endowment Life insurance plan
e) Children’s Life Insurance Plan
f) Unit Linked Insurance Plan