|Term Insurance plan||Min-Max entry Age||Min-Max Maturity Age||Minimum Sum Assured||Policy Term||Premium Paying Term (PPT)||Premium payment frequency||Plan options|
|Aegon Life iTerm Plus Insurance Plan||18-65 years||Up to 80 years||Death benefit- Rs. 25, 00,000 Accidental death benefit Rs. 5 Lakhs||Choice of 4 terms. 65 years less entry age 70 years less entry age 75 years less entry age 80 years less entry age.||Equal to policy term||Annual, semiannual, monthly.||
|Bajaj Allianz iSecure Term Plan||18-60 years||28-70 yearsrimefighter Sorta||Rs.250,000 for general category and Rs.20,00,000 for the categories split by Preferred Non-Smoker1 , Non-Smoker1 & Smoker - no upper limit Smoker1 , Non-Smoker1 & Smoker - no upper limit||10, 15, 20, 25 & 30 years||Same as policy term||Annual, semi-annually, quarterly and monthly.||
|ICICI Pru iProtect Smart special term plan||18-60 years||23- 75 years||The minimum Critical Illness Benefit is Rs. 1 Lakhs. The maximum benefit is up to the basic Life Cover subject to maximum limit of Rs. 1 crore.||5-40 years for regular pay||You can choose to pay the premium once, for a limited period or throughout the policy term.||yearly, half-yearly or monthly||
|LIC eTerm Plan||18-60 years||75 years||Rs. 25, 00,000 for Aggregate category, Rs. 50, 00,000 for Non-smoker category||10-35 years||Same as policy term||Annual payment||NA|
|Kotak Preferred e-Term Plan||18-65 years||28-75 years||Rs. 25,00,000-no upper limit||10 to 40 years (in multiples of 1 year)||
||Regular, Limited & Single Pay||NA|
|Max life Super Term Plan||18-65 years||75 years||Rs. 25 Lakhs subject to Minimum Premium limits||10-35 years||Same as policy term||Annual, Semi - Annual, Quarterly and Monthly||
|PNB MetLife Mera Term Plan||18-65 years||75 years||Rs. 10,00,000 –no upper limit||10-40 years||Same as coverage period opted||Annual, Semi - Annual, Quarterly and Monthly||Full Lump Sum Payout, Payout as Lump Sum+ Regular Monthly Income, Payout as Lump Sum+ Increasing Monthly Income and Payout as Lump Sum+ Regular Monthly Income till child turns 21.|
|SBI Life eShield term plan||18- 60 years (for increasing Cover and Increasing Cover with Accidental Death Benefit) and 18-65 years (for Level Cover, Level Cover with Accidental Death Benefit)||70 years||Rs. 20, 00,000 -no upper limit||5 years (for Level Cover, Level Cover with Accidental Death Benefit), 10 years (for increasing Cover and Increasing Cover with Accidental Death Benefit)- max 30 years||Same as policy term||Annual, Semi - Annual, Quarterly and Monthly||Level Cover, Level Cover with Accidental Death Benefit, Increasing Cover and Increasing Cover with Accidental Death Benefit|
|Canara HSBC OBC eSMart term plan||18-70 years||NA||Rs. 25, 00,000- no upper limit||5- 40 years (Policy Term should be in multiple of 5 years (5/10/15/20/25/30/35/40)||same as policy term||Annual||NA|
|IDBI Federabl iSurance online term plan||18-50 years||NA||Rs. 50 Lakhs- Rs. 30 Crore. Accidental death benefit: Maximum: 2 Crore (The premium for ADB can be a maximum of 30% of the premium for life cover, and the maximum ADB cover is equal to the Life cover).||10-25 years||Same as policy term||Annual||NA|
A: Life insurance is basically a contract that an individual as a policyholder signs with the insurance company. As per the terms and conditions underwritten in the contract, the life insurer pays out a sum assured as maturity or death benefits to the policyholder or the nominee in the event of unfortunate demise of the policyholder during policy term. The insurance policy holder pays a regular or a lump sum premium to ensure the protective component of the life insurance policy remains active through the policy term.
A: There are various kinds of life insurance plans available today catering to the diverse needs of various policyholders. The popular categories of life insurance plans include term plans, endowment plans, unit linked insurance, money back life insurance, child life insurance and whole life insurance respectively. Each such plan has its own unique benefits and advantages and the users can choose the apt life insurance plan as per their needs and security.
A: Term insurance plans are the simplest form of life insurance offering the policyholders a protective cover for a prefixed tenure of 15 or 20 years. In a term insurance plan, the nominee of the life insured gets the sum assured at the time of death of the policyholder as death benefits. No survival o maturity benefits are paid under term insurance plans. The premiums of term insurance plans are the lowest compared to other insurance types.
A: The one big advantage of term life insurance plan is that the plans are pocket friendly with lower premium requirements. This means more people across all sections of society can opt for life insurance and have an essential protective component. The premium amount paid for a term plan also qualifies for tax deductions under Section 80C of the IT act.
A: Endowment plans offer a double benefit of protective insurance component along with an investment component. A part of the premium offers protection against life and the other half is used as investment in various equity and debt instruments offering decent returns over a period of time or at maturity.
A: Endowment life insurance plans offer safe investment options while offering the additional benefit of life protection. Endowment plans invest in safer debt instruments allowing for assured returns on maturity making the investments safe while ensuring an optimum death protection.
A: Unit Linked Insurance Plans offers investment in equity and debt funds, offering market linked returns. Unlike endowment plans, which offer assured returns, the returns are linked to the financial market. The high risk-high reward scenario means that returns generated by ULIPs are often higher than traditional endowment plans. Unit linked plans continue with the protective death benefits just like endowment plans.
A: Unit linked plans offer the benefits of high returns owing to their market linked returns. In a booming economy the returns generated by ULIPs can be significantly higher than traditional plans. ULIPs also allow the policyholders to switch between high risk equity funds to lower risk debt funds as per the financial needs and risk taking capacity of the policyholder.
A: Whole life insurance offer protection for the policyholder for the entire duration of life. The maturity date of such plans is fixed at either 100 years or for the whole life of the policyholder. Whole life insurance offers bonuses to the nominee as death benefits.
A: Whole life insurance comes with no or very later expiry date of a 100 years. Unlike other plans, the policyholder can be vulnerable post maturity with no insurance. Whole life plans offer a protection benefit for life.
A: Money back insurance plans offer a part of sum assured at pre fixed intervals at various stages of a life insurance tenure. The remainder of the sum assured is kept as death protection for the life insured.
A: Child insurance plans are tailor made to cater to the financial needs of a child. Such plans are devised to ensure the financial future of the child is secure offering guaranteed sum assured at maturity which can be used by the child for educational or marriage needs etc.
A: Child insurance plans offer life insurance for the parent and create a financial corpus for the growing child. Should the parent as a policyholder expire during the policy term, all future premiums are waived off and a guaranteed sum assured is paid to the child at maturity.
A: Pension plans are life insurance plans that offer a payout of annuity after retirement to ensure the sunset years of life come with a regular income flow. Pension plans have an accumulation phase where premiums get accumulated and then payouts or annuity is initiated post retirement. Pension plans also offer a protective component as life insurance.
A: Pension plans allow for a retirement plan which ensures the policyholder is not faced with any liquidity crunch post the active working years of life. Pension plans are also ULIP based investing in equity and debt instruments or traditional ones investing only in safer debt instruments.
A: There is no right time for a general rule to buy insurance but the sooner one buys it the better it is. The day one has any dependents or is the sole breadwinner, is a good time to seek life insurance policy.
A: The amount of insurance required will depend on your financial income, the number of financial dependants, your age, your overall standard of living etc. A common method suggested by experts is to get a cover between 10 to 12 times your annual incomes. Also the sum of your life insurance plan must be that amount which if invested can seek a regular income for your family members in your absence.
A: The sum assured is the amount that the life insurance provider offers to pay the nominee of a life insurance policyholder as death benefits.
A: Annuity refers to regular payouts offered by a pension plan to the policyholder. Pension plans can be with immediate annuity payments or plans offering deferred annuity after a certain number of years post policy.
A: Life insurance plans offer additional riders that offer additional protection like critical illness benefit or accidental death benefit making insurance more comprehensive. An insurance seeker can opt for riders to make the insurance better covered although riders come with an additional premium costs.
A: Surrender value is the amount of money the insurance provider will pay a policyholder should he choose to discontinue to policy mid way after payment of certain minimum premiums. A paid up value is the amount that is generated once a policyholder stops paying premiums mid way but does not withdraw the money upfront. The policy then generates a paid up value. The insurance company reduces the sum assured component and pays the remaining amount at the end of policy term.
A: Insurance plans that offer a surrender value are eligible for loan against life insurance. Term insurance plans and unit linked insurance plans are hence not eligible for loans.
A: Yes, it is safe to buy insurance online by either going to the website of the insurer directly or making use of services offered by an online insurance aggregator. With no agents involved the chances of mis-selling are minimal with an online purchase. The premium amounts are also budget friendly with no added agent commissions involved in an online insurance purchase.
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