Wholelife insurance neetu


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Whole Life Insurance

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Wholelife insurance neetu

  1. 1. By – Neetu Marwah Roll No. 1
  2. 2.  It is a tool in the management of risks – a device through which the risks faced by the individuals are pooled together and thereby all the members of pool will share the losses suffered by a few individuals.  Insurance is mainly divided into two:-  A) Life Insurance &  B) General Insurance
  3. 3.  It is for the whole life and not just for a specified period.  As there is no fixed end date for the policy, only the death benefit exists and is paid to the named beneficiary.  Earlier, the policyholder is not entitled to any money during his or her own lifetime, i.e. there is no survival benefit.  But now many insurance companies pay the sum assured, when the life insured reaches a particular age.
  4. 4.  HDFC Single Premium Whole of Life Insurance Plan  LIC - The Whole Life Policy  LIC - The Whole Life Policy- Limited Payment  LIC - The Whole Life Policy- Single Premium  LIC - Jeevan Tarang  Max Life Whole Life Super  Met 100  Reliance Whole Life Plan  Tata AIG Life MahaLife Gold
  5. 5.  Whole Life Plans :- There's no change in the premium and the return is guaranteed.  Universal Plans:- The insured can raise or lower the premium.  Variable Life Plans:- The choice of investing cash remains with the insured and the return is not guaranteed.
  6. 6.  Pay premiums for only a limited number of years and enjoy protection up to the age 100 years.  With the power of bonuses, life cover continues to increase as your age increases.  In case of one’s death, his family will get a comprehensive death benefit that will take care of all the financial needs and provide a legacy for your family.  Provides flexibility to withdraw money from one’s policy to support major or minor events without having to surrender one’s policy.
  7. 7.  1. Get guaranteed life time protection:- Guaranteed protection for life till age 100 years with bonus.  2. Flexible premium payment terms:- One can choose either 10, 15 or 20 years as premium payment term, depending on financial goals.
  8. 8.  3. Flexible Bonus Option:-  a) Paid in Cash – Bonus declared is paid to you in cash.  b) Premium Offset – Bonus declared is used to offset future premiums payable by you.  c) Paid Up Additions – Bonus declared is used to purchase additional sum assured that helps you boost the maturity value through power of compounding.
  9. 9.  4. Customize Your Policy:- The plan offers additional rider(s) that can be taken with the policy to provide for additional protection as per one’s need.
  10. 10. Point Explanation Type of Plan Whole Life Insurance Plan Policy Term 100 years minus the age at entry of the life insured (age last birthday). Premium Payment Term 10 Years, 15 Years or 20 Years Maturity Age 100 Years Minimum Premium Rs. 8,500 p.a. excluding extra premium, service tax and education cess. Maximum Premium No limit Guaranteed Maturity Sum Assured Limits Minimum : Rs. 50,000, subject to minimum premium of Rs. 8,500 Maximum : No Limit
  11. 11. Premium Payment Term Maximum entry age (age last birthday) 10 years 60 years 15 years 55 years 20 years 50 years
  12. 12.  Suited for Long Term Goals.  Single Premium to be Paid.  In case of death of the policyholder during the policy term, his family will get Sum Assured & Compound Bonuses which are added annually.  Money will be invested in a ‘With profits Fund'.
  13. 13.  You can decide on the policy term by using a feature build into it, for a period of 4 weeks, after any one of the 10th, 15th, 20th and subsequent Five-years anniversaries, you choose to receive the sum assured plus any attaching bonuses, in full. Once the money has been received.  Policy Loans are available post 6 months provided the eligible loan amount is at least Rs. 25,000
  14. 14.  Minimum Age at Entry – 18 years  Maximum Age at Entry – 70 years  Minimum Sum Assured – Rs 25,000  Maximum Sum Assured – Rs 50,00,000  Minimum Premium – Rs 23,750  Maximum Premium – Rs 47,50,000  Premium Rate – Rs 950 per Rs 1000 of Sum Assured