Insurance, in term of law and economics, is a form of risk management generally used to minimize the risk against major loss.
insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss.
An insurer is a firm or agent offering insurance and insured is a person purchasing it. The insurance rate is a provision used to determine the cost of it, which is undoubtedly known as premium.
Premium is an amount significantly charged for insurance coverage.
Return of premium life insurance is referred to term insurance policy. The fact is that the insurance company ‘ returns the premiums you have paid for coverage over that fixed term period if coverage is never used.
For example, a $1million policy bought for $50000 for a period of over 30 years would result in the $50000 being refunded to the policyholder.
Experts view to the rate of return being less than in an ordinary investment, as well as the additional cost of the policy is less compared to basic term insurance policies. If the insured cancels the policy at any time, no money is refunded.
As this was the original concept, many current policies do allow exact refunds at some terms during the life of the policy.
No one guarantees how much one gonna live. In todays era, everyone is loaded with stress, frustration, responsibilities about his family and work. Everybody wants to counter this common factors which takes place in their daily life but excuses rules out! These general factors will sooner or later stay with our lives till we die but what about early demise!
These factors could even make our life serious in term of health. Of course! Everyone must worry about it, which is somehow a bad idea.
Why not buy an insurance for yourself or for the whole family. Life insurance plays very vital role in many peoples life who have made an attempt to have one for them. Some how it will lesser your worries financially. All of us know that life is full of uncertainties. Anything could happen now or tomorrow due to stress related issues. What about your family if they wholly depend upon you. Think about it?
Nothing is permanent! Then why not opt one life insurance products for yourself/your family.
There are companies like max new york life insurance which offers you numerous types of policies that suites your need. Take the right step forward and get one soon because your loved ones are important for you and for them you!
Tip:- Read Policy Term and Conditions properly before buying one or take advise from your personal advisor or agent and discuss the kind of cover that suites your need!
Everybody has a lifestyle a bit different from others. The living style are totally different from one and another like that of cuisine, wardrobe, friends,or may be savings which involves bank accounts, fixed deposit, investment, insurance !
Actually the subject posted here is on insurance…….!
Every individual’s insurance need and requirements also differs from that of the others.
LIC Life Insurance (life insurance of Corporation)- A company that has made millions Indian an NRIs happy from the time of it’s foundation. The company which is trusted by the country and by some other continents. insurance plans are policies that please you individually and give you the most relevant options that can fit your requirement.
Some points are been mentioned of various insurance plans offered by lic-
whole life insurance:
Allows financial cover in case of death throughout the lifetime of the insured.
Insured person is not authorized to any payout if he or she survive the policy.
term insurance:
Pure risk cover plan with no survival benefit.
Cheapest life insurance product.
endowment insurance:
Protection tool with savings option.
With-profits plan that participates in the profits of insurer’s life insurance business.
pension plans:
Provides for stable income in post-work life.
Helps policy holder to remain financially independent post-retirement.
Children Plan:
An asset to plan for your child’s need in the future – education, wedding etc.
A resource to see that your child’s future plans are not compromised in case of unfortunate death of parent’s.
Money Back Insurance:
Provides life insurance covers till mentioned periods.
Policy holder receives tax-free, fixed proportions of the sum assured at regular intervals or an option to re-invest.
ulip insurance:
Policy holder can choose from funds such as equity, debt, bonds, or a combination.
Insurers offer partial withdrawals options.
Pension policy or pension plan is an insurance policy 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. This policy 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.
Do not take a decision for buying life insurance policy till you are clear about your requirements and till you have considered some options. While you should not delay a decision that could ensure protection for your dependents, rushing into a decision is not wise either. Make sure you fully understand the features of the insurance policy you are buying and the terms and conditions specified in the contract.
Before paying the premium, it is prudent to take a copy of the proposal form and the documents submitted for your records.
When you purchase a life insurance policy, make sure that the amount paid is as per the policy purchased and make sure that the check is paid to the life insurance company and not to the agency. Also make sure that you get a first premium receipt.
Remember that you have the option to return the policy even after you have received the contract within the “free-look” period. As per IRDA guidelines, every insurance company is required to provide a “free-look” period to its customers within which the customer can decide to accept or return the policy. During the free-look period, go through the contract carefully and satisfy yourself that it is in line with your expectations and as per the information provided to you by your agent. If you are not satisfied, you may return your policy and the insurance company will refund the premium amount to you.
Eternal Life Plans, A Whole Life Insurance, offered by Kotak Life Insurance is a low cost pure risk cover plan. This plan gives age long protection to you and your family member by providing the sum insured in this policy at the end of the term. In case of unfortunate death of the life insured during the policy term, sum assured along with bonus incurred is payable to the nominee.
Kotak Eternal Life Plans are participating whole life plans that gives the policy holder full protection till the golden age of 99. Kotak Life Insurance Eternal Life Plans gives the insured person benefits of a high cover at lower premiums.
Option to choose from Kotak Eternal Life Plans:
- Kotak Eternal Life Classic Shield Plan.
- Kotak Eternal Life Premier Shield Plan.
Kotak life insurance Eternal Life Plan Features:
- Life Cover – Life long cover plus complete protection till your 99th birthday
- Age long protection to meet your needs.
- Lump sum cash benefit to fulfill your dreams
- Choose from 2 plans available.
- Complete security against uncertainties of Accidental Disability (applicable to Eternal Life Premier Shield only) and Critical Illness (in the form of a rider)
- Tax Benefits under Sec 80C and Sec 10(10)D.
Titanium Plus offered by birla sun life life insurance is a non-participating unit-linked life insurance plan. This life insurance policy offered by Birla Sun life generates returns for you from finance market and reduces the risk linked with it. A ten years insurance plan that gives you complete freedom to manage your investments.
Partial Withdrawal Benefit:
In case you need to withdraw some amount from your investments, you are allowed to make such partial withdrawals after 3 years of the policy, without any charge. The minimum amount of partial withdrawal on this insurance policy is Rs. 5,000 and there is no maximum limit to it. Partial withdrawals are only allowed if the life insured (person insured) has achieved18 years of age.
Eligibility Criteria for Titanium Plus Plan:
Minimum age limit to avail this policy is 8 years and maximum age limit is 70 years. Minimum Sum assured limit is 5x Annual Policy Premium. Premium Paying Term is 10 years. You can pay your premium monthly, quarterly, half yearly, yearly subject to a minimum installment payment of Rs. 2,500, Rs. 7,500, Rs. 15,000 and Rs. 25,000, respectively.
Key Benefits of Birla Sun life life insurance:
In case the policy holder survives the policy term, he will receive lump sum sum assured along with bonus. In case of premature death of the policyholder during the policy term, Sum assured along with additional bonus is paid to the nominee. Premiums paid by the insured person in this plan is eligible for tax benefit under section 80C and 10(D) of Income Tax Act 1961.
In this plan, the investment risk in your investment portfolio is borne by you. Investment funds are subject to investment risks and unit prices may go increase or lower down reflecting the market value of the following assets.
The iTerm Plan, a newly launch life insurance product by Aegon Religare Life Insurance. Aegon Religare iTerm is a pure risk cover term insurance plan with low cost premium. This plan gives you and your family member protection against financial risk. There is no maturity benefit offered in this plan. If the life insured meets with an accident and get permanent disable then this is not of any use to them. It also do not offer any riders benefit with it.
Eligibility Criteria for Aegon Religare iTerm Plan:
- Entry Age – Minimum age limit is 18 years and maximum age limit is 60 years.
- Maturity Age – Maximum maturity limit of Aegon Religare iTerm Plan is 65 years.
- Sum Assured – Minimum sum assured limit is Rs.10 lacs and maximum sum assured is unlimited.
- Premium Paying Term – Choose policy term ranging from 5 years to 25 years.
- Premium Paying Frequency – Yearly.
Key Benefit of Aegon Religare iTerm Plan:
- Death Benefit – In case of your unfortunate demise, the Sum Assured is payable to your nominee.
- Maturity Benefit – No maturity benefit is offered in this plan.
- Tax Benefit – Premiums paid under this plan is eligible for tax benefit of section 80c and 10(D) under Income Tax Act of India.
Secure Confident Plan is a term life insurance offered by Bharti Axa Life Insurance, it is a pure risk cover policy with low cost premium. This plan ensures that your family member will be financially secured even in your absence. This policy does not have maturity benefits.
Eligibility Criteria for bharti axa Secure Confident Plan:
- Entry Age: Minimum age limit is 18 years and maximum age limit is 55 years.
- Maturity Age: Maximum maturity limit is 60 years.
- Sum Assured: The minimum Sum Assured is Rs 5 lacs. The maximum Sum Assured is 25 lacs.
- Premium Paying Term: Available policy term is 5, 10, 15, 20 and 25 years.
- Premium Paying Frequency: Rs.1,500 for yearly, Rs.780 for half-yearly, Rs.405 for quarterly and Rs.135 for monthly.
Key Benefits of Bharti Axa Secure Confident Plan:
- Death Benefit – In case of unfortunate death of the life insured during the term of the policy, the sum assured is payable to the beneficiary.
- Rider Plans – The following riders are available for additional protection at very nominal rates. Critical Illness Benefit Rider and Accidental Death and Disability Benefit Rider.
- Tax Benefit – The premium paid by the insured person under this policy is eligible for tax benefit under section 80C and benefit availed under this plan is exempt from tax under section 10(10D) of the Income Tax Act,1961.
Birla SunLife insurance Term Plan is a pure risk cover policy, which takes care of your family member’s future in case any unfortunate happens to you. It is designed in such a way so that anyone can afford to buy. This policy safegaurds your family at a nominal cost. Birla SunLife Term Plan is a term life insurance which is approachable even to the lower middle class people of India.
Key Features of Birla SunLife Insurance Term Plan:
- Low Cost Life Cover – This plan provides you all the benefits of life insurance at affordable costs.
- Riders – The plan offers three riders at nominal costs that are Accidental Death and Dismemberment Rider, Critical Illness Rider and Waiver of Premium Rider.
- Sum Assured Rebates – The plan offers attractive rebate for face value amounts equal to or greater than Rs. 5 Lakh for regular pay. In case of single pay, this rebate is available for amount greater than or equal to Rs. 7 Lakh.
Eligibility Criteria for Birla SunLife Term Plan:
- Entry Age – Minimum Age limit is 18 years and Maximum Age limit is 55 years.
- Maturity Age – Maximum maturity age limit is 70 years.
- Sum Assured – Minimum sum assured limit for single premium is Rs 250000. and for regular premium is Rs 200000, Maximum no limit.
- Policy Paying Term – 5, 10, 15, 20,or 25 years.
- Premium Paying Frequency – Monthly, Quarterly, Half – Yearly, Yearly, or Single.
Key Benefits of Birla Sunlife Insurance:
- Maturity Benefit – No maturity benefits are available in term life insurance.
- Death Benefit – In the event of the policyholder unfortunate death, the nominee receives the Sum Assured.
- Special benefits for women – The plan offers favourable premium rates for female clients.
- Tax benefits: Premium payable in this plan are eligible for tax benefits under Sections 80C
and 10(10D) of the Income Tax Act.
