Posts Tagged ‘Life Insurance India’

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.