Term Plan
Term plan is a type of Insurance policy, which offers financial coverage to your family in case of your death, disease or disability it is the one of the few investment option in the market that offer a high sum assured at very low premium.
Benefits of Term Plan
- Higher coverage low cost
- Flexibility
- Low claim rejection ratio
- Additional riders
- Peace of mind
- Tax benefit
Best Term Insurance Plans
| COMPANY NAME | PLAN NAME | ENTRY AGE (Min-Max) | MAXIMUM MATURITY AGE | CRITICAL ILLNESS BENEFIT | MINIUM SUM ASSURED | CLAIM SETELMENT RATIO 2018-19 |
|---|---|---|---|---|---|---|
|
I Protect smart | 18-65 year | 85/99 | Available | 50 Lakhs | 98.58% |
|
Click 2 protect 3D plus | 18-65 year | 85/99 | Available | 50 Lakhs | 99.07% |
|
Smart protect goal | 18-65 year | 85/99 | Available | 50 Lakhs | 98.2% |
|
Smart term plan | 18-60 year | 85 | Available | 50 Lakhs | 99.2% |
|
Maha Raksha supreme | 18-65 year | 18/65 | Available | 50 Lakhs | 99.2% |
|
Mera term plan | 18-65 year | 99 | Available | 25 Lakh | 97.5% |
Endowment plan is term insurance policy with maturity benefit. It combines the twin benefit of Investment and life cover. On survival of policy holder he gets the maturity amount plus and bonus accured on the endowment plan. If the insured dies during the time period specified in a policy. The policy holder’s family or nominee gets the sum assured amount.
BENEFITS OF ENDOWMENT PLANS
- Death along with survival benefits
- Gives financial security to your loved ones
- Low risk plans
- Tax benefits
- Rider benefits
- Maturity benefits are guaranteed and well defined
Best endowment Plans
| ENDOWMENT PLAN NAMES | ENTRY AGE (Min-Max) | MATURITY AGE (Min-Max) | POLICY TERM | MINIUM SUM ASSURED | MAXIMUM SUM ASSURED | PREMIUM PAYING TERM | PREMIUM PAYING MODE |
|---|---|---|---|---|---|---|---|
| Bajaj Allianz endowment | 1-60 years | 18-75 years | 15-30 years | Rs.100000 | No upper limits | 5 years | Yearly, half yearly, quarterly and monthly |
| HDFC life sampoorn samriddhi plus | 30 days-60 years | 18-75 years | 15-40 years | Rs.65463 | No upper limit | 35 years | Yearly, half yearly, quarterly and monthly |
| HDFC life endowment assurance | 18-60 yearji | 18-75 years | 10-30 years | N/A | N/A | 10-30 years | Yearly, half yearly, quarterly and monthly |
| ICICI pru saving suraksha | 0-60 years | 70 years | 10-30 years | Depending upon the 5,7,10 age 10 times of 12 years the annual premium or equal to the policy term. | Yearly, half- yearly and monthly | ||
A unit linked insurance plan is a multifaceted product issued by insurance companies that combine insurance coverage and investment exposure in a single offering a part of your premium goes towards your insurance cover, the remaining amount is invested in debt and equity.
BEST ULIP PLANS
| ULIP PLAN NAME | ENTRY AGE | MINIUM PREMIUM | PREMIUM ALLOCATION CHARGE | NO. OF FREE SWITCH IN A YEAR |
|---|---|---|---|---|
| Bajaj Allianz future gain | 1 to 60 years | Rs.25,000 | 0% to 1.5% | unlimited |
| Bajaj goal assure | 0 years (30 days) to 60 year | Rs.3000 to Rs.36000 | Nil | unlimited |
| HDFC click 2 wealth | 0 year (30 days) to 60 years | Rs.1000 to Rs.12000 (regular pay Rs.24000) single pay | Nil | unlimited |
| HDFC life pro growth plus | 14 to 65 year | Rs.2500 to Rs.10000 | 2.5% annul primum | unlimited |
| ICICI pru signature | 0 year (30 days) to 70 years | Rs.2 lakh P.A | Single pay 3% regular pay 0% to 5% | unlimited |
| ICICI pru wealth builder | 0 to 69 years | Rs.24000 to Rs.48000 | 3% to 4% | NA |
Pension plan or retirement plans are Insurance + investment plans that help an individual create a corpus for their own future, over a period of time (policy term). On maturity (retirement), a third of the accumulated corpus can be withdrawn as a lumpsum and the rest in part in the form of a pension
BENEFITS OF RETIREMENT PLANNING
- Provides supplemental income in retirement
- Plan offer flexibility in case flow
- Peace of mind
- Tax benefits
BEST RETIREMENT / PENSION PLANS
| PENSION PLAN NAME | ENTRY AGE | VESTING AGE | POLICY TERM | ANNUAL PREMIUM AMOUNT | SUM ASSURED |
|---|---|---|---|---|---|
| Bajaj life long goal pension scheme | 18-65 years | 99 years | 99-entry age of life assured | Rs.60000/- minimum | N/A |
| HDFC life click 2 retire | 18-65 years | 45-75 years | 10 or 15-35 year | Rs.24000 minimum | - |
| HDFC life pension super plus | 35-65 years | 55-75 years | 10-20 years | N/A | Subject to under writing |
| ICICI pru easy retire pension scheme | 35-70 years | 45-80 years | 10-30 years | Rs.48000/- minimum | N/A |
| ICICI pru easy retirement plan | 35-75 year | 45-80 year | 10-30 year | 10-30 year | N/A |
This is similar to the endowment plan however, one major difference is that this plan offers a percentage of the Premium as money back to the Policy holder at regular intervals.
Benefits :-
- The regular Pay-outs help the Policy holder meet Short- term financial goals.
- Survival benefits paid to Policy holder in regular intervals over the term of policy
- Maturity benefit
- Death benefit
- Bonus paid to Policy holder
Best Money Back Plans
| Money – Back Plans | Plan type | Policy term | Minimum entry age | Maximum entry age | Maturity age |
|---|---|---|---|---|---|
| HDFC life super income Plan | Traditional Participating plan with life coverage | 16-27 years | 30 years | 48 years | 18 – 75 years |
| ICICI Pru- cash Advantage | It is a non- linked participating money back insurance plan | 15, 17 or 20 years | 0 | 60 years | 50 years |
| TATA AIA life Insurance Back Plus | Money- back plan participating in bonuses | 16, 20 or 24 years | 2 years | 51 years | 18 – 75 years |
A child insurance plan is a combination of insurance and investment that ensure a secure future for your child. Life cover is available as a lumpsum payment at the end of policy term. Such plans also offer coverage your child with flexible pay-outs at the crucial milestones of the child’s education.
Benefits of CHILD PLANS
- Builds large corpus
- Tax benefits
- Fulfilling your child’s dream
- Protection in case of unforeseen circumstances
BEST CHILD PLANS
| CHILD PLAN | ENTRY AGE | MAXIMUM MATURITY AGE | MINIMUM SUM ASSURED |
|---|---|---|---|
| Bajaj Allianz young assure | 18-50 year | 60 year | 10 x annualized premium |
| HDFC SL young star super premium | 18-65 year | 75 year | 10 x annualized premium |
| ICICI pru smart kid assured plan | 20-54 year | 65 year | Rs.45000/- |
| TATA AIA super insurance plan | 25-50 year | 70 year | 10 times of the yearly premium |
| Max life shiksha life super | 21-50 year | 65 year | Rs.2.5 lakh |