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Life Insurance

Life Insurance is a type of insurance policy which provides financial support to the insured person or to insured person family from a premature death or after a set of period. 

What is Life Insurance ?

Life insurance is a harmony contract between an insurance company and policyholder, under which the guarantee to pay definite sum of money to the nominated beneficiary due to any sudden demise of the policyholder during the term of policy. During the term period the policy holder agree to pay a certain amount of premium on a regular basis or a lump sum amount.Under a Life Insurance Act in India, the Insurance Company is responsible to pay a definite sum of amount to  the insured family on premature death of insured person. 

Types of Life Insurance Policies :

  • Term Insurance – Term insurance is a type of life insurance which provides financial protection for specified tenure. Due to untimely death of the Insured during the policy term a lumsum is paid to Insured’s family/dependents. Due to its low premium, this type of life insurance is mostly opted. No returns upon policyholder’s survival on the completion of the policy term.
  • Endowment Plan – It is a combination of savings, Investments with returns and accured bonus at the end of the term. It is a security given by the bread earner to himself and to his family members
  • Unit linked Insurance Plan (ULIP) – It is a Market related product where the Investment is divided by the Insurance company in to various schemes opted by the policy holder. It has a locking period. At the end of the term, a lump sum amount is paid based on the NAV of that day. Pre-matured death of policy holder will fetch family a insured amount or NAV calculated amount.
  • Money Back Plan – This plan offers Policyholder survival benefits during policy term. A sum Assured and accured is paid to his/her family on untimely death of the policyholder during the policy term.
  • Whole Life Insurance – Whole life insurance also carries a dual benefit of life insurance and investment. Whole life insure plan provide insurance cover for whole life or up to 100 years. The premium paying term is limited to the choice of policyholder. The returns under this policy are at age 100 years. A sum Assured and accured bonus is paid to his/her family on untimely death of the policyholder during the policy term. Maturity amount along with bonus is paid to policyholder on survival.
  • Child Insurance – The cost of living in today world is increasing and planning for child future is getting costlier. Insurance policy not only provides risk cover, it also takes care of their education and career. This plan provides terminal returns along with maturity benefits. Premium payment term is limited. With option of Premium Waiver benefit, upon timely death of proposer, the premium payment for rest of the term is waived off, but the benefits are paid as per the policy terms set at the time of inception of policy.
  • Pensions Plan – This plan is beneficial after the retirement of the policy holder to continue his inflow of income and have secured, tension free retirement life. Pension plan opted pays policy holder in single/monthly/quarterly/half yearly and yearly mode. Invested amount is given back to nominee on the death of the policy holder.

TYPES OF LIFE INSURANCE POLICIES

Term Insurance – Term insurance is a type of life insurance which provides financial protection for specified tenure. Due to untimely death of the Insured during the policy term a lumsum is paid to Insured’s family/dependents. Due to its low premium, this type of life insurance is mostly opted. No returns upon policyholder’s survival on the completion of the policy term.

  • Endowment Plan – It is a combination of savings, Investments with returns and accured bonus at the end of the term. It is a security given by the bread earner to himself and to his family members
  • Unit linked Insurance Plan (ULIP) – It is a Market related product where the Investment is divided by the Insurance company in to various schemes opted by the policy holder. It has a locking period. At the end of the term, a lump sum amount is paid based on the NAV of that day. Pre-matured death of policy holder will fetch family a insured amount or NAV calculated amount.
  • Money Back Plan – This plan offers Policyholder survival benefits during policy term. A sum Assured and accured is paid to his/her family on untimely death of the policyholder during the policy term.
  • Whole Life Insurance – Whole life insurance also carries a dual benefit of life insurance and investment. Whole life insure plan provide insurance cover for whole life or up to 100 years. The premium paying term is limited to the choice of policyholder. The returns under this policy are at age 100 years. A sum Assured and accured bonus is paid to his/her family on untimely death of the policyholder during the policy term. Maturity amount along with bonus is paid to policyholder on survival.
  • Child Insurance – The cost of living in today world is increasing and planning for child future is getting costlier. Insurance policy not only provides risk cover, it also takes care of their education and career. This plan provides terminal returns along with maturity benefits. Premium payment term is limited. With option of Premium Waiver benefit, upon timely death of proposer, the premium payment for rest of the term is waived off, but the benefits are paid as per the policy terms set at the time of inception of policy.
  • Pensions Plan – This plan is beneficial after the retirement of the policy holder to continue his inflow of income and have secured, tension free retirement life. Pension plan opted pays policy holder in single/monthly/quarterly/half yearly and yearly mode. Invested amount is given back to nominee on the death of the policy holder.
COMPANY PLAN TYPE ENTRY AGE (MIN.-MAX) POLICY TERM (MIN.-MAX) SUM ASSURE (MIN.- MAX)
LIC TERM PLAN 18 Yrs – 55 Yrs. 5 Yrs -25 Yrs. 25,00,000 No Limit
CHILD PLAN 0 Yrs – 12 Yrs. 15 Yrs – 25 Yrs. 1,00,000 – No Limit
MONEY BACK  13 Yrs – 50 Yrs. 15 Yrs -25 Yrs 1,00,000 – No Limit
ENDOWMENT PLAN 8 Yrs – 55 Yrs. 12 Yrs – 35 Yrs. 1,00,000 – No Limit
PENSION PLAN 30 Yrs – 65 Yrs. 7 Yrs – 35 Yrs. 1,00,000 – No Limit
HDFC TERM PLAN 18 Yrs – 65 Yrs. 10 Yrs – 40 Yrs. 25,00,000 – No Limit
CHILD PLAN 0 Yrs – 50 Yrs. 15 Yrs – 25 Yrs. 5,00,000 – No Limit
MONEY BACK – – –
SAVING PLAN 0 Yrs – 60 Yrs. 10 Yrs – 20 yrs. 3,00,000 – No Limit
PENSION PLAN 35 Yrs.- 65 Yrs. 10 Yrs – 20 Yrs. 3,00,000 – No Limit
ADITYA BIRLA TERM PLAN 18 Yrs – 65 Yrs. 10 Yrs – 40 Yrs. 25,00,000 – No Limit
CHILD PLAN 0 Yrs – 50 Yrs. 15 Yrs – 25 Yrs. 5,00,000 – No Limit
MONEY BACK – – –
SAVING PLAN 0 Yrs – 60 Yrs. 10 Yrs – 20 yrs. 3,00,000 – No Limit
PENSION PLAN 35 Yrs.- 65 Yrs. 10 Yrs – 20 Yrs. 3,00,000 – No Limit