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Term insurance plan is a form of life cover, it provides coverage for defined period of time, and if the insured expires during the term of the policy then death benefit is payable to nominee. Term plans are specifically designed to secure your family needs in case of death or uncertainty. It provides specific amount of coverage for specific period of time.
The eligibility criterion for term insurance plan varies according to the insurers, the minimum age of entry is 18 years and the maximum age limit is 65 years.
Premiums paid for all life insurance policies are exempted from tax up to a maximum of Rs 1 lakh under Section 80C of the Income Tax Act, 1961. The claim amount received by the beneficiaries or bonus in the hands of the policyholder is tax free under Section 10 (10D) of the Income Tax Act.
As the name suggests, these life insurance policies do not have specific maturity period. These life insurance contracts guaranteed to remain in force for entire lifetime of the policy holder provided all premiums are paid. Hence to provide risk coverage during entire life of the insured. These plans also provide regular or onetime payment post completion of premium payment to the surviving insured and financial security to nominee.
| PLAN NAME | LIC JEEVAN UMANG | LIC NEW JEEVAN ANAND |
|---|---|---|
| ELIGIBILITY | 90 days to 55 yrs of age at entry | 18 yrs to 50 yrs of age at entry |
| MINIMUM SUM ASSURED | Rs.200,000/- | Rs.100,000/- |
| PREMIUM PAYING TERM | 15,20,25 & 30 yrs | 15 to 35 yrs |
| BENEFITS | On completion of premium paying term 8% of sum assured will be paid to insured every year and on death the nominee will get basic sum assured plus accrued bonus | On completion of premium paying term sum assured & accrued bonus paid to insured and on death thereafter nominee gets basic sum assured |
| TAX BENEFITS | Tax benefit on premium payment under Sec 80C & Tax free survival benefit | Tax benefit on premium payment under Sec 80C & Tax free maturity |
| RIDERS | AD & D, Critical Illness, Term | AD & D, Critical Illness, Term |
| LOAN FACILITY | AVAILABLE | AVAILABLE |
| SURRENDER OPTION | AVAILABLE | AVAILABLE |
These are the plans which offer an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
| PLAN NAME | LIC NEW MONEY BACK PLAN | LIC NEW CHILDREN’S MONEY BACK PLAN |
|---|---|---|
| ELIGIBILITY | 13 yrs to 50 yrs of age at entry | 90 days to 12 yrs of age at entry |
| MINIMUM SUM ASSURED | Rs.100,000/- | Rs.100,000/- |
| PREMIUM PAYING TERM | 20 & 25 yrs | 25 yrs of child’s age |
| BENEFITS | 20% of the Basic Sum Assured at the end of each of 5th, 10th, 15th policy year and maturity on 20th year. 15% of the Basic Sum Assured at the end of each of 5th, 10th, 15th, 20th policy year and maturity on 25th year | 20% of the Basic Sum Assured at the end of each of 18th, 20th & 22nd years of child’s age and 40% plus bonus at maturity on 25th year of child’s age. |
| TAX BENEFITS | Tax benefit on premium payment under Sec 80C & Tax free survival benefit & maturity | Tax benefit on premium payment under Sec 80C & Tax free maturity |
| RIDERS | Accidental Death & Disability | Premium Waiver Benefit |
| LOAN FACILITY | AVAILABLE | AVAILABLE |
| SURRENDER OPTION | AVAILABLE | AVAILABLE |
An annuity is a long term investment that is issued by an insurance company designed to help protect you from the risk of outliving your income. Through annuitization, your purchase payments (what you contribute) are converted into periodic payments that can last for life. These plans provide immediate or differed lifetime pension payment for single or joint life at fixed rates.
Medical expenses are sky high these days, but was never cheap ever. Even a small treatment or an appointment with a doctor might consume a lot of money. Health insurance is a must, it saves money and covers unexpected calamities. Health insurance comes in handy to meet emergencies of severe ailment or accident. Sometimes it is associated with covering disability and custodial needs. Life is unpredictable, insurance can make it safe and secure from bearing huge loss. Health insurance is affordable and carries the assurance and freedom from insecurities that threaten life now and then.
We liaise with the leading health insurance providers in India and buying through us enables analyzing costs and benefits from the pool of policies matching your requirements and of course not to forget the quality service offered by us.
Insurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.
