All about Life Insurance Pension Plan
Life Insurance – Pension Plan Comparison Chart 2012
|Child Plan Product Name||Min-Max Age||Minimum Premium / Sum Assured||Min / Max Policy Term||Benefits||Death Benefit||Other Benefits||Surrender / Partial Withdwals|
|Kotak Assured Income||Entry Age : 0 – 60 Yrs
Maturity Age : 30 – 90 Yrs
|Min Premium Rs. 10,000 p.a.||Premium Paying Term – 15 Yrs
Policy Term – 30 Yrs
|Guaranteed Assured Income for 20 years-Assured Annual Income every year for a period of 20 years will be paid starting from the end of 10th policy year as a percentage of Basic Sum Assured between 9.10 % to 10.10 % p.a. (basis the value of the premium paid)
Additional Lump sum on Maturity- Lump sum of 110% to 104% of the Basic Sum Assured, depending on age.
|Provides protection for 30 years- On death of the Life Insured, the nominee receives Basic Sum Assured. The Assured Annual Income will cease on death.||Get Sum Assured Equal to 10 times the Basic Premium
Avail Loan Upto 80% of Surrneder Value
|Completion of 3 Policy Years|
|Birla Dream Life Plan||Entry Age – 18 to 60 Yrs||Min s 12,000 p.a.||5 Yrs – 20 Yrs||You get a Guaranteed Savings Amount on the date of your choice||Basic Sum Assured + Fund Value + Enhanced Sum Assured (if any)
Basic Sum Assured is :
|Whole Life Cover||Permitted after 5 policy years|
|Tata Mahalife Gold||Entry Age : Birth||Limited premium payment term of only 15 years||Pay||Pay only for 15 years and Get Guaranteed annual income and coverage for entire life
Pays guaranteed coupons* of 5% of Sum Assured from the 10th policy anniversary
Pays non-guaranteed cash dividends** from the 6th policy anniversary
|On death the nominee gets the entire Sum Assured||Provides life cover till age 100
On maturity you get Sum Assured plus final guaranteed coupons
|HDFC Immediate Annuity||30 – 85 Years||Payment Term 5 – 25 Yrs||Your annuity is normally paid throughtout your lifetime. Your annuity can be guaranteed to be paid for a period of upto 15 years provided the last guaanteed payment falls prior to your 80th birthday. This means in the event of your death, the annuity will carry on being paid for the number of years left in the guaranteed period.||In addition to a regular income, you can choose an annuity that will pay out a benefit on your death||You can chose to get the income Monthly, Quarterly, Half Yearly or Yearly (depending on your reqt)
Your gross annuity may increase annualy at a fixed rate of upto 5% each yearr compounded
|LIC Jeevan Akshay VI||Entry Age : 40 – 79 Yrs||Premium Payment Term – Single||There are 6 options for Pension-
1 Annuity for Life- where pension is paid till the life assured is alive and nothing is payable on death,
|Death Benefit – In case of death of the Life Insured it entirely depends upon pension option chosen
1 Annuity for Life- Pension stops when Annuitant dies and nothing further would be payable to nominee.
2 Annuity Guaranteed for Certain Periods-
During the Guaranteed Period – Pension is paid to the nominee till the end of the guaranteed period after which it stops.o After the Guaranteed Period- Pension stops when Annuitant dies and nothing further would be payable to nominee.
3 Annuity with Return of Purchase Price on Death- Pension stops when Annuitant dies and the remaining amount is paid to nominee.
4 Increasing Annuity- Pension stops when Annuitant dies. Nothing further would be payable to nominee.
5 Joint Life Last Survivor Annuity with 50% pension for spouse- When Annuitant dies and Spouse survives, 50% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
6 Joint Life Last Survivor Annuity with 100% pension for spouse- When Annuitant dies and Spouse survives, 100% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
|Annuity may be paid monthly, quarterly, half yearly or yearly intervals.
There is an incentive for purchase of Rs 1.5 lakhs of annuity or more.
|REMINDER SERVICES||SIP CALCULATOR||RETIREMENT CALCULATOR|
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