bajaj allianz life insurance (2)
TRANSCRIPT
A report on product description and market segmentation of BAJAJ ALLIANZ life insurance co.ltd
By
SRIKANTH PARTHASARATHY YASHWANTH PRASAD
GORANG MUTHA ROSHNI NAIR
INTRODUCTION
Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- , Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world and Allianz AG, one of the world's largest insurance companies
Is the fastest growing private life insurance company in India.
Currently has over 74,00,000 satisfied customers
We have customer care centers in 1164 cities with 30000 Insurance Consultant providing the finest customer service.
Established in 1890-118 yrs of Insurance expertise its one of India's leading private life insurance companies.
1. One of the world’s Largest Insurance co. by revenue (2007) Rs 681,816 Cr (Euro 102,298 million)
2. 3rd largest Assets Under Management (AUM) & largest amongst Insurance cos. - AUM of Rs 5,096,199 Cr (Euro 764,621 million)
3. 50 % of global business from Life Insurance, close to 60 million lives insured globally 4. More than 70 countries, 181,000 employees worldwide 5. Insurance to almost half of the Fortune 500 cos.
Most Profitable Pvt. Life Insurance Co Rs.63cr (US $ 15.3 mn.) profit for FY 06-07 over 2 million (20,79,217) policies in 2006-07 – highest amongst all private Sector players and taking the number 1 position. Have sold over 3.4 million policies (34,72,875) in 2007-08. Largest distribution network to reach the customers across the country with 300000+ agents, 1000+ offices in 840 towns, 200 corporate agents & Bancassurance partners
More than 39,05,112 customers have selected Bajaj Allianz
Bajaj Allianz is a customer friendly & best services company in Insurance Industry.
PRODUCTS
They offer complete Life Insurance Product Portfolio. They have 6 different plans which are as follow:-
1. United linked PlanULIPs are life insurance solutions that provide the dual benefit of protection and flexibility in investments. In which they have
A. Regular Premium iGain III Money Secure Insurance Plan Assured Protection Insurance Plan Smart Insurance Plan III Max Advantage Insurance Plan
B. Single Premium Shield Insurance Flexi Advantage Insurance Plan Wealth Insurance Plan
2. Traditional Plans
If person is looking for both Life Insurance and Savings? Then they have wide range of Endowment and Money Back policies which can help to get a life cover along with an assured return on maturity. In this they have
A. Endowment Invest Gain Save Care Economy SP Life Time Care Super Saver
B. Money Back Cash rich Insurance Plan Super Cash Gain Insurance Plan Cash Gain Child Gain
3. Pension Plan
In this they have
Pension gurantee
4. Life + Health Life Insurance PlansUnique hospitalisation-cum-insurance plan that takes care of your hospitalization bills and provides financial support to dependents in case of unfortunate death.
A. Health Plans Health Care Family Care First
5. Term PlansPure life risk covers for those who are looking for only insurance and not investments or savings.
Protector Term Care New Risk Care II iSecure Insurance Plan iSecure Loan Insurance Plan iSecure More Insurance Plan
6. Women Insurance PlansTo cater to women's special needs they offer innovative women specific plans which provide investment benefits, savings, retirement solutions and medical insurance.
Women Life Insurance
United linked Plan
Regular premium
1. iGain III
Features:
Exclusive ULIP that one can buy online. High allocation of 98% from the start of the policy. 100% allocation from 6th policy year onwards. Inbuilt accidental death cover. Option to select policy term of 10/15 or 20 years and premium paying term of 5
years to policy term. Automatic annual increase in sum assured from 6th policy anniversary to suit
person needs. Choice of 7 investment funds to invest in as per the risk appetite. Two investment portfolio strategies to manage your investments better; including
the Wheel of Life portfolio strategy, which will help you to balance and safeguard the investment.
With iGain III, have the flexibility to:-
Make partial withdrawals anytime after five years from the commencement of the policy.
Make top-up premium payment over and above regular premiums. Change premium payment term. Decrease sum assured. Change premium payment frequency. Get Optional riders to enhance protection.
2. Money secure insurance plan
Key Highlights:-
The plan offers key benefits:-
Secure investments with guarantee of minimum maturity value. Option to select policy term and premium paying term. Automatic annual increase in sum assured from 6th policy anniversary to suit one
need.
With Money Secure Insurance Plan, customer have the flexibility to:-
Partial withdrawals anytime after five years from the commencement of the policy.
Top-up premium payment over and above regular premiums. Option to decrease sum assured. Option to change premium payment term and alter premium payment frequency. Optional riders to enhance protection.
3. Assured Protection Insurance Plan
Key Highlights:
The protection plan offers key Highlights:-
Get 100% allocation from the 10th policy year. Extra protection with wider accidental cover. Choice of 7 investment funds to invest in.
Option to select policy term of 10, 15 or 20 years and premium paying term from 7 years to policy term.
Automatic annual increase in sum assured from 6th policy anniversary. Choose between Investor Selectable portfolio strategy and wheel of life portfolio
strategy. Get maximum flexibility to pay top-up premium and partial withdrawal any time
after 5th policy year.
4. Smart Insurance Plan III
Key Highlights:-
Smart Insurance Plan III by Bajaj Allianz has the following features:- Inbuilt Accidental Death cover. Refund of 100% of the total allocation charge as loyalty addition. Automatic annual increase in sum assured from 6th policy anniversary to suit
needs. Option to select policy term of 10, 15 or 20 years and premium payment term
from 6 years to policy term. Choice of 7 investment funds to invest in as per risk appetite.
With Smart Insurance Plan III, person have the flexibility to:-
Make partial withdrawals anytime after five years. Decrease sum assured. Make top-up premium payment. Make unlimited free switches. Change premium payment term. Change premium payment frequency. Get optional riders which enhance insurance cover. Receive the maturity proceeds as settlement option.
5. Max Advantage Insurance Plan
Plan Benefits:
The plan offers key benefits of:
Refund of 60% of total regular premium allocation charge as Guaranteed Addition at maturity.
Option to select / change premium payment term from 5 to 7 years. Flexibility to pay unlimited top-up premium** and make partial withdrawals. **
Conditions apply. Option to choose from 5 investment funds to invest. Unlimited free switches.
Single Premium
1. Shield Insurance
Bajaj Allianz Shield Insurance Plan provides the following:
Single premium plan with fixed term of 10 years Sum Assured can be 1.1/1.25 to 5 times of the Single Premium Choice of eight funds including Shield Plus Fund IV Return of up to 6.00% of the single premium at maturity as Guaranteed Addition. Shield Plus Fund IV offers guarantee of minimum unit price at maturity Maximum flexibility Option to decrease sum assured. Unlimited top-up premium payment, except in Shield Plus Fund IV Partial withdrawals anytime after five years from the commencement of the
policy. Unlimited free switches Optional riders to enhance protection
Parameter Details
Minimum Entry Age 8 years (18 years in case of Additional Rider Benefits)
Maximum Entry Age 65 years (50 years in case of Additional Rider Benefits)
Minimum Age at Maturity 18 years
Maximum Age at Maturity 75 years (Additional Rider Benefits ceasing Age 65 years)
Policy Term 10 years
Minimum Single Premium Rs.25,000
Maximum Single Premium No Limit
Minimum Top-Up Premium Rs. 5000
Maximum Top-Up Premium No Limit
Minimum Sum Assured Age at Entry
Minimum Sum Assured
8-44 years
1.25 times Single Premium
45-65 years
1.1 times Single Premium
Maximum Sum Assured Age at Entry
Minimum Sum Assured
8-55 years
5 times Single Premium
45-65 years
1.1 times Single Premium
2. Flexi Advantage Insurance Plan
Key Highlights:
Bajaj Allianz Flexi Advantage Insurance Plan provides the following:
Get up-to 18% of single premium as Guaranteed Addition Choice of 7 investment funds to invest in as per risk appetite Flexibility to pay unlimited top-up premium and make partial withdrawals Flexibility to receive the maturity proceeds as settlement option Flexibility to decrease sum assured Systematic switching option to manage investments better Optional additional rider benefits to enhance protection
3. Wealth Insurance Plan
Key Highlights
Wealth Insurance Plan offers the following key benefits:-
Loyalty addition up to 7% of single premium at the end of the fifth year. **Conditions Apply.
Option to receive the maturity benefits as settlement option. Maximum flexibility to pay unlimited top-up premium and make partial
withdrawals. Option to decrease sum assured. Systematic switching option to manage investments better. Optional additional rider benefits to enhance protection.
Traditional Plan
Endowment
1. Invest GainInvest Gain is a specially designed plan that offers a unique combination of benefits that help to develop a sound financial portfolio for person family.
Most significant feature of this life insurance plan is FIB or Family Income Benefit that sustains the family by compensating for loss of income due to death or permanent disability. Under this feature, in case of death or accidental total permanent disability of insured, all future premiums are waived and 1% of the sum assured is paid monthly till the end of policy period or at least till 10 years whichever is higher.
Additional Benefits of this Life Insurance Plan are:- Comprehensive Accident Protection. Critical Illness Benefit. Hospital Cash Benefit. 4 Times Life Cover at a little extra cost. Limited premium payment option
available.
2. Save Care Economy SPSingle Premium Endowment Plan provides for savings with high risk cover for 10 years and also participates in the profits of the company. It offers you high risk cover with easy liquidity and high returns.
A single premium endowment plan that participates in the profits. 10 year Investment plan. Benefits payable on maturity. Loans available.
3. Life Time CareA whole life plan, which provides survival benefits at the age of 80, thereby making sure that person is financially secure at the time when person need it the most.
Additional Benefits: Accidental Death Cover and Disability Cover. Critical Illness Cover and Hospital Cash Cover. Waiver of Premium Benefit.
4. Super SaverSuper Saver Endowment Insurance Plan Benefits:
Extra Protection with in-built Accidental Death Benefit. Guaranteed Additions of amount equal to 4% of Sum Assured at the end of each
policy year* Tax benefits on premiums paid and benefits received under Section 80C and Death Benefit, Maturity Benefit and Surrender Value are eligible for tax benefits
under Section 10(10) D.
Death Benefit:
Sum Assured plus Guaranteed Additions plus the Vested Bonus In case of accidental death an additional sum assured shall be payable.
Maturity Benefit:
Sum Assured plus Guaranteed Additions plus the Vested Bonus
Loan Benefit:
Policy loan equal to 90% of the Surrender Value can be availed under the Plan.
Money Back
1 Cash Rich Insurance Plan Accumulated compound reversionary bonus on completion of premium payment
term. Cash Back benefit of 5% of the sum assured plus cash bonus, if any declared
every year, during the cash back period end. Sum Assured plus terminal bonus, if any on maturity of the policy. Person can select policy term from 10 years to 65 years depending on financial
need. Select limited premium paying term (PPT) from 5 years to 30 years, in multiple
of 5 only. Person can pay future premiums in advance and get benefit of appropriate
discounts.
2 Super Cash Gain Insurance Plan Option to select upto four times base sum assured as life cover. Option to select policy term of 12, 16, 20 or 24 years.
Parameter Minimum Maximum
Annual Premium Rs. 1,055/- No Limit
Sum Assured Rs.20,000/- No limit
Age at entry 18 Years 60 Years
Policy term 10 Years 30 Years
Benefit from shorter premium payment term as no premiums are payable for the last five policy years.
Get 20% of the base sum assured as cash-back at regular intervals, which may take as cash or ask us to adjust against due or future premium.
Flexibility to pay future premiums in advance and avail discounts. Option to
o Keep your policy in force for full sum assured in case of miss paying premiums on due dates, provided one have paid at least 3 years' premiums in full.
o Convert your policy to a "single premium term cover with return of premium (ROP)" policy, if person miss paying premiums on due dates provided have paid at least 5 years' premiums in full.
Get more value for money with high sum assured rebate on premium. Optional riders to enhance protection.
Parameter Details
Minimum
Entry Age
0 years (18 years for additional riders )
Maximum
Entry Age
65 years (50 years for additional riders )
Minimum
Age at
Maturity
18 Years
Maximum
Age at
Maturity
80 years (70 years, for plan variants other than Silver & 65 years, for additional riders)
Policy
Term
12, 16, 20 and 24 years
Premium
Paying
Term(PPT)
Policy term less 5 years
Minimum
Premium
Rs.6,500 per Yearly Installment
Rs.3,250 per Half-yearly Installment
Rs.1,750 per Quarterly Installment
Rs.600 per Monthly installment
Maximum
Premium
No Limit
Minimum
Base Sum
Assured
Rs.50,000
Maximum
Base Sum
No Limit
Assured
Premium
Payment
Frequency
Yearly, Half yearly,Quarterly and Monthly.
The monthly mode will be allowed for direct debit & through ECS only, and 3 installments need to be paid at the
inception of the policy.
3 Cash GainMoney back plan which guarantees 125% payout + bonuses.
Quadruple life cover. 5 easy payouts which give up to 125% + bonuses.
Additional Benefits: Accidental Death Benefit and Disability Benefit. Critical Illness Benefit and Hospital Cash Benefit. Family Income Benefit: In case of death or accidental total permanent disability
of insured, all future premiums are waived and 1% of the sum assured is paid monthly.
4 Child GainThis is the time when careful financial planning can help to fulfill the aspirations that person have for children. The Bajaj Allianz Child Gain Solutions help to enjoy the joys of parenthood responsibly, with the reassurance of a secure future for child.
Additional Benefits: Limited Premium Payment Term - Premiums are payable till child attains age 18
years. Growth in Contributions by the way of compounded annual bonuses. Tax Benefits are available under Section 88 and Section 10 (10 D) of the Income
Tax Act. Assuring Child's Future: They have built in some added benefits in all plans to
protect the interests of child's future. Option to Purchase Further Insurance at Maturity - It offer the child an option to
purchase a with profits endowment or an equivalent plan from Bajaj Allianz Life Insurance Company for twice the amount of face value of this policy.
Pension Plans
Pension Guarantee Plan ensures regular Income after Retirement. With Bajaj Allianz Pension Guarantee Plan, one can ensure a regular income after retirement. The plan offers a range of
immediate annuities to choose from. All one have to do is pay a lump sum amount to Bajaj Allianz Life Insurance Company, and the annuity payments will start after expiry of monthly/quarterly/half-yearly/yearly interval corresponding to the payment mode selected. Under all options, annuity is payable for life, so person don't have to worry about income stopping at any age.
Details of the "Bajaj Allianz Pension Guarantee" PlanMinimum Age at Entry 40Maximum Age at Entry 80Minimum Purchase Price Rs.25,000Minimum Annuity Installment Rs.1,000
The Pension Guarantee plan offers a 15 day free look period and tax benefits under section 80C.
Health + Life Insurance Plan
1 Health care
Bajaj Allianz Life Insurance offer unique hospitalization-cum-insurance plan that takes care of hospitalization bills and also provides crucial financial support to dependents in case of unfortunate death.
Health insurance plans offer a sound protection to safe guard your family from any medical emergencies and will make sure that financial problems are least of worries in trying to get treated.
It offer cash less Mediclaim facility across 2000 hospitals in over 300 towns and provide best treatment in the finest hospitals with health insurance products.
Bajaj Allianz HealthCare protects family from the high expenses associated with medical care and provides with a comprehensive financial cushion against various health hazards. The benefits under this plan are payable in addition to the benefits under all other plans that you may have, including a Medi-claim policy.
Following Benefits are available in the Health Care Plan:- Life Cover is payable on death of the life assured. Hospital Cash Benefit Post Hospitalization Benefit Surgical Benefit Critical Illness Benefit Accident Permanent Total/Partial Disability (APT/PD) Multiple Claims:- Hospital Cash, Post Hospitalization Benefit & Surgical Benefit
can be claimed on multiple occasions as per the coverage selected (subject to the overall limits) provided the policy is in force at the time of claim.
2 Family Care firstBajaj Allianz Family CareFirst presents an innovative yet practical health care plan for everyone in family including children and parents. This unique hospitalization plan gives a 3-year health cover for entire family and allows to renew the policy after every 3 years to keep family covered till the age of 74 years. So no separate accounts, repetitive paperwork or payment adjustments for each member. Secure entire family in one shot.
Key Benefits
Coverage from 3 months to age 74 with guaranteed renewals year premium guarantee for each policy term Hospitalization Cover in leading hospitals across the country 15% discount on prevailing premium on every renewal No claim bonus in the form of increase in sum assured @5% every year Day Care Treatment for 140 day care procedures Pre-Hospitalization and Post-Hospitalization Benefit Reimbursement of Ambulance expenses Choice to select Health Critical Illness rider
Choice to include spouse, children and parents Cash Less Service Facility in leading hospitals across the country
Term Plans
1 Protector
Protector Plan by Bajaj Allianz is a mortgage term insurance plan that covers the outstanding principal amount of a loan. It is an economical way to protect the family from the burden of repayment of the loan in case of death of the loanee.
The term insurance protector plan is designed to pay a sum insured that will be equal to the outstanding principal amount of the loan due. The Bajaj Allianz mortgage term insurance protector plan offers you the convenience of choosing between two premium payment options Regular Premium Payment and Single Premium Payment. Person have the option to cover the co-applicant of the loan under this plan. Under this option, both lives will be covered and the death benefit will be payable in case of death of either life. The policy terminates on death of either life.
It is an economical way to protect the family from the burden of repayment of the loan in case of death of the loanee.
The term insurance plan offers you the convenience of choosing between two premium payment options - Regular Premium Payment & Single Premium Payment.
Joint Life availability - the option to cover the co-applicant of the loan under this plan.
2 Term Care
Regular and Single Premium payment options. The only pure term insurance plan in the market to provide Hospital Cash
Benefit. Enhanced Protection options available through Additional Rider Benefits. Tax benefits on premiums paid and benefits received under this Policy as per
the existing Income Tax Laws.
Death Benefits
Bajaj Allianz Accidental Death Benefit gives loved ones something to start with after the permanent loss of income by paying double the basic Sum Assured. The total Accidental Death Benefit shall however be subject to a maximum of Rs. 10,00,000/- under all policies taken with Bajaj Allianz together.
Accidental Permanent Total/Partial Disability BenefitAccidents are unpredictable and so are the consequences. This may lead to a disability - partial or total. The Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit provides a financial cushion against such misfortunes.
Type of Disability Benefits
Accidental Permanent Partial Disability 50% of Sum Assured *
Accidental Permanent Total Disability 100% of Sum Assured *** Subject to a maximum of Rs. 5,00,000/- under all policies with Bajaj Allianz taken together.** Subject to a maximum of Rs. 10,00,000/- under all policies with Bajaj Allianz taken together.
Critical Illness Benefit (CI): Some illnesses are critical. They not only alter life's pattern but also result in a financial drain. Bajaj Allianz Critical Illness Benefit softens the impact on family by paying out the Critical Illness Benefit (equal to the Sum Assured) under the plan immediately, while other policy benefits continue (excluding Hospital Cash Benefit). It cover 11 Critical Illnesses.
Waiver of Premium Benefit:An accident may lead to permanent total disability limiting ability to earn. The Bajaj Allianz Waiver of Premium Benefit is a helping hand when needed it most. It keeps insurance cover alive by waiving off future premiums and enables to live up to commitments.
Hospital Cash Benefit (HCB): The worry of settling hospital bills (room charges) adds to the trauma of hospitalisation. Bajaj Allianz Hospital Cash Benefit reduces this financial burden and helps to recover with peace of mind.
Tax BenefitsPremiums paid are eligible for Tax Exemption under Section 80(C) of the Income Tax Act and maturity and death proceeds are Tax Free under Section 10(10D) of the Income Tax Act. The premiums for the Critical Illness benefit and the Hospital Cash benefit will be eligible to Tax Exemption under section 80(D) of the Income Tax Act.
Maturity BenefitsSince this plan is a pure term plan, there are no maturity benefits.
3 New Risk Care II
Single Premium payment Enhanced Protection options available through Additional Rider Benefits. Rebates on premium in case of high sum assured. In case of financial emergency, you have the option to surrender the Policy,
provided you have opted for single premium payment option. Tax benefits on premiums paid and benefits received under this Policy as per
the existing Income Tax Laws.
Parameter DetailsMinimum Entry Age 18 yearsMaximum Entry Age 60 years
Maximum Age at Maturity
65 years
Minimum Policy Term 5 yearsMaximum Policy Term 40 yearsPremium Paying Frequency
Yearly/ Half-yearly/Quarterly/Monthly/Single
Minimum Premium Rs. 1200 per yearly installmentRs. 612 per half-yearly installmentRs. 312 per quarterly installmentRs. 108 per monthly installmentRs. 5,000 for single premium
Maximum Premium No LimitMinimum Sum Assured Rs. 2,00,000Maximum Sum Assured No LimitHigh Sum Assured Rebate
On Sum Assured above Rs. 10,00,000
4 iSecured Plan
Get the advantage of a level term cover at low cost, especially for larger sum assured.
Get rewarded for maintaining a healthy life-style, if applicable, with special premium rates for non-smokers and medically fit non-smokers.
Benefit of attractive high sum assured rebate. Flexibility to select your policy term of 10, 15, 20, 25 or 30 years depending on
your requirement. Alter your premium payment frequency. Include your spouse at a later date in your existing policy, if you are single at
present. Choose additional rider benefit(s) for enhanced protection. Plan to meet recurring expenses of your loved ones by opting for payment of
benefit in annual instalments.
Parameter
Eligibility
Minimu
m
Entry
Age
18 years
Maxim
um
Entry
Age
60 years
Minimu
m Sum
Assure
Rs.250,000 for general category and Rs.2,000,000 for the categories split by Preferred Non-Smoker, Non-Smoker &
d Smoker
Maxim
um
Sum
Assure
d
No Limit
Policy
Term
10, 15, 20, 25 & 30 years
Minimu
m
Install
ment
Premiu
m
Sum Assure
d
Yearly
Half-Year
ly
Quarterly
Monthly*
<
Rs.2,00
0,000
Rs.1000
Rs.500
Rs.250
Rs.100
>=
Rs.2,00
0,000
Rs.3000
Rs.1500
Rs.750
Rs.250
Minimu
m
Maturit
y Age
28 years
Maxim
um
Maturit
y Age
70 years
5 iSecure Loan Insurance PlanSecure loan insurance plan protects person from any loan liabilities This term insurance plan is the best way to secure family from any kind of loan liabilities such as:
Home Loan Personal Loan Motor Loan Credit card dues Other Loans
6 iSecure More Insurance PlanBajaj Allianz iSecure More Insurance Plan; an increasing cover term assurance plan that enhances protection to meet family's increasing financial requirements; a term insurance plan that helps secure your family more & more as the years go by 5% increase in sum assured at each policy anniversary, upto a maximum of twice the sum assured at policy inception
Higher Life Insurance cover at exceptionally affordable premium Attractive high Sum Assured rebate
Bajaj Allianz Life Insurance
Agency Channel BancassuranceGroup and Alternate
Channel
Standard charted bank
Syndicate Bank
Various co-operative banks
Franchisee
Cooperate Agency
Bankassurance
Branches
Satellite Satellite Satellite
Brokers
7 RRB and Numerous other Tie-ups
Group Employee Benefit
Self and Joint Life availability
CHANNELS
Network for Reach
1 Strong branch network of 550 branches and growing.
2 Over 8500 sales team managers.
3 1 Lakh + insurance claim consultants.
4 No of MDRT 517, COTs 36 and TOTs 7 qualifiers
5 1300000 plus satisfied customers.
Market Segmentation
Bajaj Allianz has done segmentation on basis of AGE and INCOME of the person.
Bajaj Allianz did an analysis of its various customer segments to understand their insurance needs. Based on the insights, they have categorized customers into seven categories. For each category, they plotted relevant products from product basket. Here is a beckoner to find which Bajaj Allianz Product suits particular person needs.
A. Youngsters/ Gen X (18-21 Yrs)Savings It is advisable to start saving early. Invest Gain Platinum RP - An endowment plan that offers 4 times life cover.Super Cash Gain - A money back plan that guarantees 100% payout plus bonusesLoan Coverage - Protection from the burden of repayment of education loanProtector Plan - mortgage term plan to cover the outstanding principal amount of education loan in case of deathFamily Care First - A hospital reimbursement plan.
B. 1st Jobber (22-27 Yrs)Invest Gain Platinum RP* - An endowment plan that offers 4 times life cover
Super Cash Gain* - A money back plan that guarantees 100% payout plus bonuses*Both these plans provide a Family Income Benefit, which is a unique feature wherein 1% of the sum assured is paid and all future premiums are waived off in case of death or accidental total permanent disability of insured.
C. Married Man / Woman (28-32 Yrs)Invest Gain Platinum - An endowment plan that offers 4 times life cover. It is suggested to opt for regular premium paying mode.Assured Protection - with Unit Linked Term and Family Income Benefit Rider and Wheel-of-life Portfolio StrategySmart Insurance Plan III with Term, Family Income Benefit and Waiver of Premiums Rider and Asset Allocation Fund - A ULIP with systematic investment option with variety of riders to choose from.Life Cover Secure your family’s future in case of an unfortunate event to the main breadwinner. Premiums at this stage will be lower in comparison to if you were to initiate a cover in later years
New Risk Care II with Comprehensive Accidental Protection Rider and Critical Illness Benefit Rider - A term insurance plan which provides high insurance coverage at a low premiumRetirement Planning- One should consider start planning his retirement since starting early will give you the benefit of lower premiums.Swarna Vishranti with Supplementary Death Benefit RiderFamily Care First - a hospital reimbursement plan ( Women can opt,for women - specific riders)
D. Married with Kids (33-55 years)Invest Gain Platinum + Limited premium payment Term – An endowment plan that gives quadruple protectionChild Gain - Money back plan to help secure child’s futureWealth Insurance + Systematic Switching Option (SSO) – Single premium endowment ULIPShield Insurance with Shield plus Fund III - single premium fixed term ULIP that gives guarantee of minimum unit price at maturity.Smart Insurance Plan III with Asset Allocation Fund – A ULIP with systematic investment option with high flexibility over the years, you can increase your equity exposure and opt forMax Advantage with Max Gain Fund II (maximum NAV guaranteed over 10 years) in place of Assured Protection.New Risk Care II + Comprehensive Accidental Protection Rider and Critical Illness Benefit Rider - A term insurance plan which provides high insurance coverage at a low premium.Protector Plan - A mortgage term plan to cover the outstanding principal amount of loan in case of early death. The plan can be taken on individual or joint life.Retirement Planning This is the time to initiate a pension plan if not already done so far.Swarna Vishranti + Supplementary Death Benefit Rider
E. Retirement(56 Years and above)Wealth Insurance + Systematic Switching Option (SSO) +sum assured reduced to minimum possible from 2nd policy year –Single premium endowment ULIP. Reduced sum assured would ensure lower mortality charges and higher savings component.
Shield Insurance with Shield Plus Fund III - single premium fixed term ULIP that gives guarantee of minimum unit price at maturity.Pension Guarantee - ensures regular income after retirement