Insurance is a financial product that eliminates the cost of loss or effect of loss caused by different types of risks. Today we discussed the Term Insurance Plan. We selected four companies for consideration. These are LIC Term Plan, SBI Life Insurance Plan, ICICI Prudential, Max Life Term Insurance Plan. Let’s begin-
LIC (“Zindagi ki sath bhi, Zindagi ki bad bhi”)
LIC’s Insurance Plans are policies that talk to you independently and give you the most advisable options that can fit your requirements. LIC offers you three types of Term Insurance Plan–1. LIC Anmol Jeevan II Plan, 2. LIC Amulya Jeevan II Plan, 3. LIC e-term Plan.
Between these three plans, LIC e-term Plan is the best option for anyone. Let’s talk about the key features and benefits of this plan. Online Term Plan with preferential premium rates for:
- Female lives
- Pure Term Plan means that it only offers a death benefit and does not offer any benefit to the maturity of the policy.
- Traditional and a non-participating plan
- The nominations person gets to receive the death benefit in case of unfortunate death of the policyholder.
Benefits of Life Insurance:
- High sum Assured Term Plan with a minimum of :
- Rs. 25 lacs for Aggregate Plan
- Rs. 50 lacs for Non-Smokers
- There is an option of choosing very long tenure of a maximum of 35 years
- This LIC policy can be continued until the age of 75 years
As per the Income Tax Act, Section 80C and Section 10(10D) define income tax benefits on the premium paid to the policyholders.
SBI Life Insurance:
Established in the year 2001, it is one of the leading. Life insurance companies in India. It holds 74% of the total capital. We are a joint endeavor between India’s largest bank, State Bank of India and the leading global insurance company BNP Paribas Cardiff. State Bank Group has the strength of over 23000 Branches across the country. SBI is truly an Indian multinational. SBI’s vision is to be the most trusted and preferred Life Insurance provider. Their mission to emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices.
Features and Benefits of SBI Life Insurance:
- Provides financial protection to your family.
- About 908 branches across the country to provide claim settlement support.
- Flexible premium and payout options.
- Designed online plans that cost lower.
- Tax benefits can be claimed under section 80C and Section 10(10D) of the Income Tax Act, 1961.
Life Insurance Plans:
- SBI Life – eShield: Basic Sum Assured, Minimum – Rs 20,00,000 Maximum no upper Limit
- SBI Life Smart Shield: Basic Sum Assured, Minimum – Rs 25,00,000 Maximum No Limit
- SBI Life Saral Shield: Basic Sum Assured, Minimum – Rs 7,00,000 Maximum – Rs 24,00,000
- SBI Life Grameen Bima: Basic Sum Assured, Minimum – Rs 10,000 Maximum- Rs 50,000
- Smart Scholar Plan: Single, Limited
- Smart Champ Insurance Plan: 18 years minus the child’s age at the time of entry.
ICICI Prudential Life Insurance:
This is a Term Life Insurance Plan that financially protects you and your family. Brief about the Policy:
- Plan type: None linked non participating Term Insurance Plan.
- Age of entry: Minimum age – 18 | Maximum Age-65.
- Term of the policy: Minimum – 5 | Maximum – WHOLE LIFE* (SUBJECTED TO THE PPT)
- Basic sum assured: 10 Times of annual income.
- Premium: Minimum – 2400 P.A (EXCLUDING SERVICE TAX)
Key features of this Life Insurance policy:
- Fits in your budget properly: After paying your monthly rent, light and phone bills, a term insurance premium is difficult. ICICI PRU PROTECT SMART’S affordable premium make sure it isn’t. Just what your wallet asked for.
- Longer life cover: YOU CAN GET LIFE COVERAGE TILL AGE OF 85 AND YOU ALSO HAVE the OPTION TO GET WHOLE LIFE COVER TILL AGE 99.
- Pays on Diagnosis of any of the 34 critical illnesses (optional): ICICI PRU PROTECT SMART offers optional HEALTH INSURANCE COVER FOR 34 CRITICAL ILLNESSES. But here’s the best part – it gives claim payout on the first DIAGNOSIS OF ANY OF THE COVERED 34 CRITICAL ILLNESSES. NO HOSPITAL BILLS REQUIRED.
Benefits of the Life Insurance policy:
- Four flexible payout options: A) LUMPSUM, B) MONTHLY OPTION, C) LUMPSUM PLUS INCOME, D) INCREASING INCOME.
- Terminal illness benefit
- Waiver of premium benefit
- Accidental death benefit
- Tax benefit (U/S 80C AND 10(10D))
- Enhanced protection for a life stage change
- Additional benefits for women
- Easy Claim process: Through WEBSITE, SMS, EMAIL, Toll-free number or Branch Visit.
MAX Life Insurance Plan:
Max Life one of the chiefs in the Indian Insurance Industry. Ranked among the top 4 Life insurance Company in India, the Max Life Insurance company holds a market share of 10.30%. With a team of market experts; the company offers a one-stop solution for all the insurance needs of the individual. Max Life Insurance offers term insurance plans with extreme features like:
- Monthly income payout.
- Premium waiver benefit on accidental disability.
- Critical and cancer cover.
- Limited pay till retirement option.
Benefits like accident cover, critical illness cover and limited pay are available on payment of additional premium.
Premium Paying Term
Max Life Super Term Plan
Minimum-18 years. Maximum-65Years.
|75 years||10-35 years||
Equal to Policy Term
Max Life Online Term Plan Plus
Minimum-18 years. Maximum-60 years.
|85 years||10-50 years||Equal to Policy Term|
Max Life Premium Protection Plan
|Minimum-21 years. Maximum-55 years, 50 years, 45 years.||75 years||20,25,30 years||Equal to Policy Term|