final raip

7/30/2019 Final Raip

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GROUP NO. 2

ABHISHEK DAS

INDU SHEKHAR

MANI SHUKLA

SHALEEN AGARWAL

VIKRANT ARORA


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Why term p

Term insurance is the simplest and most fundamental insuraproduct. Term insurance plans are designed to ensure that event of the policyholders death, the family gets the sum a(the cover amount).


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What is term life insura

Term life insurance ensures that your family receives a largesum amount, called the sum assured, in the unfortunate evedeath of the policyholder. By offering this benefit at extremcompetitive rates, Term insurance plans provide an opportuthe protection of insurance cover at extremely affordable pr


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Why do I need term life insura

Increasing liabilities : People today prefer to take loans to fulfilling thei

instead of waiting to save for the future. Indias outstanding credit card d

touched Rs 26,500 crore in May 2008, up by 87% from May 2007. Hence

absence, your family needs to take care of this loan.

Nuclear family structure : Earlier, people could depend on their extend

family system to take care of their near and dear ones in case of their ab

However, the share of families with more than 5 members has come dow

64% in 1990 to 56% in 2005 and is expected to decrease further.**

Increasing lifestyle diseases : The share of lifestyle diseases in India is in

Also, people in senior management are more prone to lifestyle diseases,

ICRIER Study.


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Why should I start planning my lifeneeds

One should have adequate cover for dependents. Its better to be preensure that the financial needs of your loved ones are taken care of, inunfortunate event of death.

With age, the premiums tend to increase and therefore buying term ibecomes more expensive.

Apart from the benefit of protection for your dependents, also enjoy tunder Sec 80C up to Rs. 1,00,000.


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ICICI Term Plans

ICICI Pru I Care

ICICI Pru Pure

ICICI Pru LifeGuard

ICICI Pru Home Assure


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ICICI Pr

Minimum / Maximum age at entry 18 / 65 years (age last birthday)

Minimum Policy term 5 years

Maximum Policy term

Regular Pay: 30 years

One Pay: 10 yearsPolicy term will be in multiples of 5 years

Maximum age at policy expiry 75 years (age last birthday)

Minimum premium Rs. 3,000 (excluding service tax and education c

Accidental Death Benefit

(Only with iCare Option II)Equal to Sum Assured, subject to a maximum o

Minimum Sum AssuredRs. 10 lakhs subject to a minimum premium of

(excluding service tax and cesses, as applicable

Maximum Sum AssuredAge band (last birthday) Maximum Sum Assured

18-50 1.5 crore

51-65 70 lakhs

Premium payment optionRegular Pay. Company may offer One Pay optio

year policy terms.

Mode of premium paymentRegular Pay: Yearly

One Pay: Single

Tax benefitsPremium paid towards the policy will be eligible


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ICICI Pru

ICICI Pru Pure Protect Classic ICICI Pru PurePru Prot

Min / Max Entry Age 18 / 65 years 18 / 65 years

Min / Max Term 10 / 30 years 10 / 30 years

Max. Coverage Age 75 years 75 years

Min. Premium Rs. 2,400 p.a. Rs. 2,400 p.a.

Min. Sum AssuredSubject to minimum

premium as applicableRs. 25,00,000

Max.Sum Assured Rs. 24,99,999

Premium Payment Frequency Yearly / Half Yearly / Monthly

Tax Benefit of the term

insurance plan

Premium paid towards the life insurance

protection policy will be eligible for

tax benefit under Sec 80C , any benefit amount received under th

eligible for the tax benefit under section 10 (10D), as per prevailin


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ICICI Pru Life

Minimum / Maximum premiumAs per the minimum / maximum

S.A. limits

Minimum / Maximum Sum Assured Rs. 2,50,000 / Rs. 10,00,000

Minimum / Maximum age at entry 18 / 55 years

Cover ceasing age 65 years

Policy term 3 / 15 years

Modes of Premium Payment Yearly / Half yearly / Monthly

Minimum Premium Rs. 2,400 p.a.

Modes of Premium Payment Yearly / Half yearly / Monthly

Minimum / Maximum Sum Assured As per min. premium requirements/Rs. 10,00,000


Cover ceasing age 65 years

Policy term 10 / 30 years

ICICI Pru LifeGuard-Level Term Assurance with Return of Premium

ICICI Pru Life Guard-Single Premium


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ICICI Pru Home A

Minimum Premium Rs. 6,000 p.a.

Modes of Premium Payment Single Premium

Minimum / Maximum Sum Assured Rs.25,000 / No limit


Maximum cover ceasing age 70 years

Policy Term 2-30 years


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Bajaj Allianz (Term Care)

The Bajaj Allianz Term Care Plan is a term insurance plan. It is aneconomical way of providing for one's life cover and at the sameensuring that the premiums paid are returned at maturity. This pyou the convenience of choosing between two premium paymen

Regular Premium Payment - Premium payment throughout the term.

Single Premium Payment - One time premium payment for the sterm at commencement.

The minimum premium for Single Premium option shall be Rs. 6,

Premium Payment ModePremium can be paid in Half Yearly, Yearly or Single Premium.


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Elig

Parameter Details

Minimum Entry Age 18 years

Maximum Entry Age 50 years

Maximum Age at Maturity 65 years

Minimum Policy Term 5 years

Maximum Policy Term 40 years

Minimum Sum Assured Rs. 1,00,000

Maximum Sum Assured Rs. 10,00,000

Minimum Premium (Rs.) Rs. 1500/- for Yearly, Rs. 1500/- for Half


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Key fea

Tax Exemption u/s 80(C) & 10(10)D Regular and Single Premium payment options.

The only pure term insurance plan in the market to provide Cash Benefit.

Enhanced Protection options available through Additional R

Benefits. Tax benefits on premiums paid and benefits received unde

Policy as per the existing Income Tax Laws


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Be

Death Benefits

Accidental Permanent Total/Partial Disability Benefit

Critical Illness Benefit (CI)

Waiver of Premium Benefit

Hospital Cash Benefit (HCB)

Type of Disability Benefits

Accidental Permanent Partial Disability 50% of Sum Assured *

Accidental Permanent Total Disability 100% of Sum Assured **


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HDFC Life

HDFC Click 2 Protect HDFC assurance plan

HDFC Premium Guarantee Plan

HDFC loan cover term assurance plan

HDFC Home Loan Protection Plan


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HDFC Click 2 Protect

HDFC Life Click 2 Protect is a term insurance plan. This plan

for a payment of a lump sum in the event of your unfortunaduring the policy term.

HDFC Click 2 Protect

Minimum Premiums 2000/-

Entry Age Min. entry age 18 year

Mix. Entry age 55year

Benefit Payment to nominee during the demise

Payment Options Policy term are 10 or 15 or 20 or 25 or 30

year

Sum Assured 10 lakh to 10 Cr.


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HDFC Assurance Plan

Term Assurance plan is designed to help secure your family's financiacase of uncertainties. The plan does this by providing a lump sum to tthe life assured in case of death or critical illness (if option is chosen) oassured during the term of the contract. One can choose the lump sumwould replace the income lost to one's family in the unfortunate evendeath. This helps your family to maintain their financial independencewhen you are not around.


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HDFC Assurance Plan

Policy Term For Regular premium :- min policy ter

max. policy term is 30 year

Single premium :- 2 to 15 years

Plan Choice This plan can be taken on a single life

life basis

Death Benefits Nominee or Assignee will receive the

Assured

Maturity Benefits There are no maturity or survival bene

Entry age Min. age 18 years and max. 60 years


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HDFC Premium Guarantee Plan

HDFC Premium Guarantee Plan is an insurance plan that comes with t

advantage of protection and return of premiums on maturity. So, you life knowing that your familys financial independence is secure even iabsence. And your premiums are yours on your survival at maturity.

Term Minimum term 10 years

Max. term - 30 years

Death Benefit

The plan provides a lump sum to the n

the life assured in case of death of theduring the policy term.

Maturity Benefit

On maturity of the policy, the risk cove

we will return you all premiums paid o

of the policy.

Entry ageMin.- 18 years

Max.- 55 years


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HDFC (Advan

Buy this plan at click of button , anytime & anywhere.

High cover at a very nominal cost.

Flexibility to choose the Sum Assured and policy term.

Attractive premium rates for Non tobacco user and those whealthier lifestyle.

Tax benefits under sections 80Cand 10(10D) of Income Tax A


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Comparison of Term Plans betweedifferent companies


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Product Name New Risk Care II iCare

Premium (Inclusive of Service Tax) in Rs. Rs.2,669.00 Rs.2,427.00

Age 22 22

BENEFITS

Income Tax Benefit

Tax benefit under Sec. 80c and Sec. 10(10D) of

the Income Tax Act 1966

Tax benefit un

Sec. 80c and S

10(10D) of thIncome Tax A

1961

Terrorism Cover Included included

Maturity Benefit Nil Nil

Surrender value No No

Loan No No

PRODUCT FEATURES

Grace Period 30 days 30 days

Minimum Premium (P.A.) in Rs. 1200

Rs. 3000/-

(excluding ser

tax and educa

cess)

Minimum Age at Entry 18 yrs. 18 yrs.

Maximum Age at Entry 60 yrs. 65 yrs.

Maximum Age at Maturity 65 yrs. 75 yrs.

Policy Term 5 - 40yrs 5-30 Years

Premium Frequency Anually Annual Conversion Option N/A Not Available


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Whole Life Insurance

It provides life insurance cover for the entire life of the insuror up to a specified age (age varies form company to compagenerally pay the same premium amount throughout your l

Some whole life policies let you pay premiums for a shorter such as 15, 20 or 25 years


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Advan

Whole life are guaranteed death benefits; guaranteed cash vfixed and known annual premiums, and that mortality and echarges will not reduce the cash value shown in the policy.

The whole life are premium inflexibility, and the internal ratin the policy may not be competitive with other savings alte


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Max New York Life Whole Life Insuran

POLICY - Whole Life Insurance

Features :

Whole Life Cover

Many riders available

Loans available


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ELIGIBILIT

Minimum Entry Age 91 Days

Maximum Entry Age 70 Years

Maturity Age 100 Years

Minimum Sum Assured Rs 100,000 per annum

Premium Payment Mode Yearly, Half Yearly, Quarterly or M


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Benefits of Max New York Life WhoIns

Death benefit

Maturity Benefit

Terminal Illness

Riders - You can opt for personal accident rider, term rider, term renewconvertible rider, waiver of premium rider, dread disease rider and pawith the plan.

Loans Tax benefits - Under Section 80C you can avail tax benefit, yearly prem

more than 1lac) will be deducted from taxable income.

-Under Section 10(10D) death claim is completely tax free.


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ICICI Prudential

Plan name: ICICI Pru Whole Life


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Elig

Minimum Maxim

Sum Assured (in Rs.) 1,00,000 No Li

Policy Term (in years) Whole Life

Premium Payment Term (in years) 30 70

Entry Age of Life Insured (in years) 0 60

Age at end of Premium Paying Term

(in years)30 70

Premium (in Rs.) 6,000 p.a. No Li

Payment modes Yearly, Half-Yearly and Monthly


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Be

Life cover

Wealth creation

Survival benefit

Additional life cover

Enhanced coverage through riders

Avail of tax benefit


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Fea

Survival benefit: Create a corpus to meet your desired goal at th

chosen premium paying term. You are entitled to the chosen Sumand all the bonuses declared, if any, during the premium paying

Life cover benefit: In case of your untimely demise during your ppaying years, your family would receive twice the Sum Assured aall bonuses accumulated during the premium paying term of the

Whole life cover benefit: You are also entitled to an additional SAssured payable in case death occurs after the completion of thepaying term or on completion of 100 years of age, whichever is eallowing you to leave a legacy to your dear ones

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