TATA AIA Life Insurance “iRaksha Supreme” is a non-linked and non-participating, term insurance plan. Its an affordable and attractive online pure term plan which can be bought online. This is TATA AIA‘s first online plan. The policy term ranges between 10 to 40 years. Anyone between age 18-70 years can buy this plan online, while the maximum maturity age is 80 years.

Tata AIA iRaksha Supreme online term

Features at glance:

  • Buy at your convenient time and place using internet.
  • Premium starts from Rs.12/day *
  • Preferential Premium Rates for non-smokers
  • Lower premiums for females.
  • Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961

*Rs.12/day For a healthy non-smoker male aged 30 years for term of 25 years, Sum Assured of 50 Lacs and Regular Pay option.

Death Benefit: Nominee will get the sum assured, if policyholder expires within policy term.

Maturity benefit: Since this is pure term plan, policyholder wont get anything on survival.

Premium Options:

  1. Regular: pay regular premium for entire policy term
  2. Limited: pay premium for 5 or 10 years.
  3. Single : pay single premium.

Sample premiums for 30 year old Sum Assured of Rs.1 Crore:

Gender Smoker/non-smoker Term (yrs) Regular pay Limited pay 5 Limited pay 10 Single Premium
Female Non-smoker 25 Rs.6300/- Rs.10,200/- Rs.18,900/- Rs.85,900/-
Female Smoker 25 Rs.9300/- Rs.15,900//- Rs.31,800/- Rs.1,29,000/-
Male Non-smoker 25 Rs.7000/- Rs.11,900/- Rs.21,900/- Rs.1,00,300/-
Male Smoker 25 Rs.10,900/- Rs.18,800/- Rs.37,600/- Rs.1,53,700/-

Eligibility conditions and restrictions for iRaksha Supreme:

  • Entry Age: 18-70 years
  • Maturity Age: 28-80 years
  • Sum Assured: 50 lacs to No limit
  • Policy term: 10-40 yrs (for limited pay 10 yrs plan 15-40 yrs)

If you are non-smoker TATA AIA’s iRaksha Supreme is best online term insurance as you can easily save on your premium.

Reliance Super Endowment Plan offers guaranteed life cover and maturity benefits. Its a non linked non participating endowment plan. Get full benefits throughout the policy term while paying premium just for half the term.

reliance life insurance

Features at glance:

  • Pay premium for just half of policy term
  • Receive basic sum assured on maturity or death.
  • Policy term 14 years or 20 years
  • Option to add Riders
  • Loan facility is available

Death benefit:
If the policy holder dies during policy term and policy is in force, nominee will get basic sum assured.

Maturity Benefit: If life assured survives till maturity and policy is in force, policy holder will get
basic sum assured.

Tax Benefits
Tax benefit is available u/s 80C

Available Riders:

  • Term Life Insurance Benefit Rider
  • New Major Surgical Benefit Rider
  • New Critical Conditions Benefit
  • Family Income Benefit
  • Accidental Death and Total and Permanent Disablement Rider

Eligibility conditions of Super Endowment Plan

  • Age at Entry: 08-60 Years
  • Age at Maturity: 22-75 years
  • Policy Term: 14 years or 20 years
  • Premium Paying Term: 7 years or 10 years
  • Minimum Sum Assured: Rs.1,00,000
  • Max sum assured: No limit

What happens if you stop paying premium?
Your policy will lapse, if you do not pay premium within grace period. A lapsed policy can be revived within
2 years from last unpaid premium date.

Paid up policy: 14 years term: If you paid 2 years premium and then stop paying your premium, your policy
will be converted in paid-up policy. If you opted for 20 years term then you need to pay min. 3 years
premium before it can be converted in paid up policy.

ICICI Prudential Life Insurance launches Unit Linked pension Plan. ICICI Pru Shubh Retirement helps you build corpus through investing in equity.

ICICI Pru Shubh Retirement

Features at glance:

  • Helps you build your retirement corpus.
  • Assured benefit to protect your savings from market downturns.
  • Limited time premium (5  years or 10 years)
  • Regular income after retirement
  • Option to choose from 5 annuity options on retirement
  • Avail tax benefits on premiums
  • Get tax free 1/3rd of the fund value on retirement, as per the prevailing Income Tax laws

Maturity Benefit:
On maturity/vesting, Policy holder will get assured benefit or fund value, whichever is higher. Since this is pension plan, policy holder will have the option to receive 1/3rd of the fund and rest of the fund will be utilized for annuity.

Death benefit:
In case, policy holder dies while policy is in force, nominee will receive Guaranteed Death Benefit or the Fund Value, whichever is higher.  Guaranteed Death Benefit will depend on your premium mode, investment option and term.

Loyalty Additions:
From 10th policy year, policy will be eligible for loyalty addition. LA will be added every year post 10th policy anniversary.

Option to choose from 3 funds:

  • Aggressive :Higher equity participation with lower Assured Benefit
  • Moderate :Moderate equity participation with moderate Assured Benefit
  • Conservative : Lower equity participation with higher Assured Benefit

Eligibility conditions and restrictions

  • Min premium: Rs.24,000
  • Max premium: No limit
  • premium mode: Yearly, Half yearly, Monthly
  • Min entry age: 35
  • Max entry age: 70
  • Min. Vesting age: 45
  • Max. vesting age: 80

Policy Term and premium Paying Term:

  • PPT 05 years: Policy term 10, 15, 20, 25, 30
  • PPT 10 years: Term 20, 25, 30

 

aviva insuranceTerm insurance means only your nominee gets the benefit on your death and in case you survive, you wont get a dime. If you don’t like pure term insurance then Aviva has a plan for you that gives financial protection to your family, in case of your death and if you survive till the maturity you get the 110% of your premiums back. Aviva i-Shield is an online term insurance plan that returns the premium paid as survival benefit and protects your family in case you are not around.

Features at glance:

  • High protection cover at reasonable cost
  • Guaranteed, 110% of the premium return on survival.
  • Premium rebate: on Sum Assured of Rs. 20 Lacs and above.
  • Free Medical examination on start of the policy.
  • Plan can be bought online

Death Benefit:
In case of policy holder’s death, nominee will get sum assured as mention below.

  • 1st – 10th year:  100% of Sum Assured
  • 11th – 20th year: 110% of Sum Assured
  • 21st – 25th year: 120% of Sum Assured

Maturity Benefit:
If policy holder survive till maturity and policy is in force, policy holder will get 110% of all premiums paid, excluding taxes and extra premium, if any.

Tax Benefits:
The premiums you pay will be eligible for Tax Benefits as per prevailing tax laws.

Eligibility conditions and restriction of Aviva i-Shield :

  • Entry Age: 18-55 years (last birthday)
  • Max Maturity Age: 65 years (last birthday)
  • Policy Terms: 10-25 years
  • Min. Sum Assured: Rs.15 lakhs
  • Max. Sum Assured: Rs.5 crores

Premium Example:
For a 30 year old male, the premium for Aviva I-Shield would to around Rs.36,803/- annual or Rs.3205/- Monthly for 1 cr. cover and 25 years policy term.

Pro: Good plan, if you don’t want to waste your money and do not want to go for a pure term insurance.
Cons: Aviva i-Shield Premiums are little higher than pure term plan.

LIC of india has modified its existing pure pension plan Jeevan Akshay- VI to make it LIC’s online policy. The new online pension plan can be purchased from LIC’s official website www.licindia.in Jeevan Akshay – VI can also be booked through an LIC Agent.

Before you jump on buying the online insurance, keep in mind:

  • You can not surrender the policy.
  • You can not get loan on this policy.
  • You wont get tax benefit.
  • Minimum Premium for online policy is Rs.1.5 lac and 1 lac if you buy from agent.
  • Insurance policy will attract service tax as per current financial law.
  • Your agent will make 2% commission, if you prefer to buy it offline.
  • You will get 1% rebate if you buy it online
  • You will get rebate, if you buy policy for 2.5 lacs or above
  • Pension will depend on the plan you choose and your age.
  • You can buy the policy, if you are in 30-85 age group.
  • You will have 15 days cooling off period to return the policy and get refund if you are not satisfied.
  • This is single premium pension plan.

7 Types of annuity available:

  1. Annuity for life
  2. Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
  3. Annuity for life with return of purchase price on death
  4. Annuity for life increasing at a simple rate of 3% p.a.
  5. Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.
  6. Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant.
  7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.

Pension:
Annuity can be paid in yearly, half-yearly, quarterly or monthly installments.

Benefits:

Your first pension will start as early as next month. Further, pension will be paid during the lifetime of the annuitant with following provisions on death of the annuitant for different options:

(a) Under option (1) – payment of annuity ceases.
(b) Under option (2)
i. On death during the guarantee period – annuity is paid to the nominee till the end of the guaranteed period after which the pension ceases.
ii. On death after the guarantee period – payment of annuity ceases.

(c) Under option 3) – payment of annuity ceases and the purchase price is returned to the nominee.
(d) Under option (4) – payment of annuity ceases.

(e) Under option (5) – payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

(f) Under option (6) – payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

(g) Under option (7) – payment of pension ceases. 100% of the annuity is paid to the surviving named spouse during his/her life time and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price is paid to the nominee. The pension will be assured throughout the period for which it is payable.

Eligibility Conditions and Features of LIC’s Jeevan Akshay- VI (Plan No. 810) :

Minimum Age at entry: 30 years last Birthday
Maximum Age at entry: 85 years last Birthday
Minimum Purchase Price:

  • Rs.1,00,000/- for all distribution channel except online sale.
  • Rs. 1,50,000/- for online sale.

Sample annuity table prepared by Vinay Gupta Development Officer, LIC of India

LIC Jeevan SaralLIC’s Jeevan Saral (Table 165)  is the simplest LIC plan, where you just need to decide how much monthly premium you want to pay and you will get 250 times risk cover for example if you want to pay Rs.1000/mo then your risk cover will be 10000×250=2.5 lakh
Jeevan saral is good for all tax groups as it gives you tax benefit too. LIC Saral plan is suitable for all who want to keep invested or want to invest regularly for 10-25 years. This plan also won Golden Peacock award.

 

Special features of Jeevan Saral:

  • Higher cover (250 times of your monthly premium)
  • Smooth and high return
  • Liquidity fund (Like ATM after 10 years)
  • flexibility

Benefits:

Death Benefit:
If the policy holder dies within policy term his/her nominee will receive 250 times the monthly premium, plus return of premium payments excluding extra/rider premium and first year premium plus The loyalty addition, if any.

Maturity Benefit:
Maturity sum assured, plus Loyalty additions, if any.

Accidental Death:
If the policy holder dies due to accident her/his nominee will receive double the sum assured.

Eligibility for Jeevan Saral:

  • Entry Age: 12 years completed
  • Max age: 60 years
  • Max Age at maturity: 70 years.
  • Term:  Min 10 years and Max 35 years.
  • Premium: Minimum Rs.250/- per month for (upto 49 years) and
  • Rs.400/- per month for age 50 years and above.
  • Mode: All modes available. Yearly, half yearly and monthly ECS.
  • Loan: Loan is available in Jeevan Saral plan

Auto Cover Option:
If you are unable to pay your premium for some reason your risk cover will continue for 12 months if your policy is in force for a period of 3 years and more.

Flexible Term:
You may choose any term between 10 to 35 years but you will be able to surrender the policy anytime after 3 years however if you surrender the policy after 10 years you will get all the benefits without any fine print.

There was once I saw a slogan somewhere ‘buy smart be smart’. I never thought I would ever follow it, I mean how a person can become smart by purchasing something. But now after I came across the Met Smart Life, it has changed my opinion. Now I can say I am smart as I possess the Met Smart Life. This is one policy which can give you worth of what you spend. Basically this policy is in a way of taking care of you financially.

The Met Smart Life insurance policy provides you ample of benefits which can provide you a very safe future. You might think that if out of a sudden you no more exit, how would your family manage? The Met Smart Life insurance provides death benefits, which means if you no more exit; your family won’t suffer due to lack of funds. Another benefit which can be seen is the maturity benefits, which is if the insured completes the age of 99; he will be paid the sum at its face value. You have the flexibility to withdraw your money after the completion of 5 years of policy, as well as the liberty to change your premium amounts if not suitable as per your benefits. What else an individual requires? Everything is summed up in this policy.

When your purpose of life is provided to you in one single policy and you have a satisfactory life for your family and no worries regarding funds or there liquidity, then why would you ignore it? The protection of your family against all uncertainties as well as an insurance package is all included in one go; why not get the both in one deal? Met smart life offers you luxurious and independent life with flexibility in your investments. Once you have a goal and destination decided in your mind you would know that Met Smart Life insurance policy stands on them perfectly.

A very transparent and flexible policy is knocking at your doorstep, and then why not secures yourself as well as your family? You have every facility given to you by way of different options made up by the policy. This policy is been made up keeping in mind the needs of the common man. The one thing you can provide your family is security and when you have the option ready in your hands you should not delay it anymore. the Met Smart Life insurance policy is the right choice for the right person.

Summary:
LIC’s Jeevan Mangal is a term assurance plan with return of premiums on maturity. “Jeevan Mangal” – the micro insurance product is customized to cater to the distinct needs of the most vulnerable low income sections of Indian population.

Benefits:

Death Benefit:
On death during the term of the policy the Sum Assured under the basic plan is payable, provided the policy is kept in force.

Maturity Benefit:
On surviving to the date of maturity, an amount equal to the total amount of premium paid during the term of the contract excluding the accident benefit premium and all extra premium, if any, is payable ,provided the policy is kept in force.

Optional Rider:
Accidental Benefit Rider:
On death arising as a result of accident during the term of the policy, an additional amount, equal to Accident Benefit Rider Sum Assured is payable .

Eligibility Conditions and Restrictions under this Plan:
Minimum age at entry : 18 years (completed)
Maximum age at entry : 60 years (nearest birthday)
Maximum age at maturity : 70 years (nearest birthday)
Term : 10 to 15 years for regular premium.
10 years for single premium.
Minimum Installment Premium :Rs. 15/-
Minimum Sum Assured : Rs. 10,000/-
Maximum Sum Assured : Rs. 50,000/-
(Sum Assured shall be in multiples of Rs. 1,000/-)

Mode of Premium Payment :
You can pay your insurance premiums Yearly, Half Yearly, Quarterly, Monthly including SSS, fortnightly, weekly and Single Premium. (Single premium is allowed for 10 year term only.)

The Unique Identification Number (UIN) for LIC’s Jeevan Mangal is 512N257V01.

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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

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When you conduct any surveys for buying any policies, there you have certain demands and expectations regarding your future, and you often go for the policy which suits your future in the best way. At this moment you never think about, money, you only need is protection and an independence at the age where you may or may not have anyone in your life to support you. The name itself indicates something in addition to what you usually get from pension plans.

Met Pension Plus plan is specially been designed for the people who require a regular income even after they retire. This gives you the benefit to be independent even at the age when you don’t have any other way to support you. You can get your present and future secured by this policy. There is not only pension plans in this policy but it also provides you with death benefits like in case of the death of the insured, the nominee gets the sum assured in the policy, and sometimes there are add-ons funds that are also given. Other benefits offered are vesting benefit; in this you can even take the 100% fund value at maturity.

Other than the benefits there is flexibility provided such as loyalty additions added which means it gives high pension rates. You are privileged to have top-up options which you get after paying regular premiums, in this you can top-up your premium whenever you want. You can pre-pone or post-pone your maturity periods if required. This pension policy is providing you every reason to but the policy and not a single one to avoid buying it.

Every benefit provided or be it the flexibilities given with the pension plan indicates a total ‘yes’ toward the plan. Even you are aware that a dreamless life is just leading a life without happiness, so meet your dreams with the help of this policy. Met Pension Plus plan offers you funds, may it be a wedding you have to face or any uncertainty in the family. But to all the questions in your life the Met Pension Plus plan is the ultimate answer.

Jeevan Anurag Summary: (Child Insurance Plan)
LIC’s Jeevan Anurag (Table 168) is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parents. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

Assured Benefit:
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with revisionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the revisionary bonuses and the terminal bonus, if any, at the end of the 20th year.

Death Benefit:
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

Eligibility Conditions and Restrictions Jeevan Anurag Basic Plan:

Age at entry Age of the Life Assured- 20 to 60 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 70 years (age nearest birthday)
Term All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured No limit. Sum Assured will be in multiples of Rs.5,000 /- only.
Mode Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.

Eligibility Conditions and Restrictions Term Assurance Rider

Age at entry Age of the Life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 1,00,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration.
Mode NIL

The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.

Eligibility Conditions and Restrictions Critical illness Rider:

Age at entry Age of the life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration.
Mode NIL

The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.

Premium Payment Options:

Following premium paying terms are offered:

(i) Single Premium- One Year

(ii) Regular Premium payable during (n-3) Years, where n is the policy term

(iii) Regular Premium payable throughout the policy term.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

How to Apply for LIC Of India’s Jeevan Anurag?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

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