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### Sbi life insurance

1. 1. 1. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. INTRODUCTION We live in a risky world. Forces, largely outside our control, that makes threats our financial well being, constantly surround us. Thus, some of us will experience the premature and dreadful death of a beloved family member; others will experience the loss or destruction of their property from natural disasters. Still others will experience poor health from cancer, heart attacks, and other diseases. In addition, some of us will be totally and permanently disabled from a crippling automobile accident or a catastrophic illness. Finally, others will experience the traumatic effects of a liability lawsuit. They're all built into the working of the Universe, waiting to happen. Therefore Risk is pervasive conditions of human existence. It has a simple meaning in every day usage but sometime it has a specialized connotation when used in particular fields. Definition of Risk Risk is defined as "a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for". Thus risk is a combination of circumstances, and in this combination there is possibility of loss. An adverse even is possible and it has a probability from a zero to one. This it is neither possible nor definite. We may or may not be able to measure the degree of risk but the probability of the adverse outcome must be between zero and one. The undesirable even is known as deviation. A pure & perfect technique for handling risk is by insurance. For most individuals, this is the most practical method for handling a major risk. First, risk transfer is used since a pure risk is transferred to the insurer. Second, the pooling technique is used to spread the losses of the few over the entire group so that average loss is substituted for actual loss. Finally, the risk may be reduced by application of the law of large numbers, whereby an insurer can predict future loss experience with some accuracy.
2. 2. 2. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. INSURANCE The insurance is related to the protection of the economic value of assets. Every asset has a value. The asset would have been created through the efforts of the owner, in the expectation that, either through the income generated there from or some other output, some of his needs would be met. In the case of a motorcar, it provides comfort and convenience in transportation. There is no direct income. There is a normally expected lifetime for the asset during which time it is expected to perform. The owner, aware of this, can so manage his affairs that by the end of that lifetime, a substitute is made available to ensure that the value or income is not lost. However, if the asset gets lost earlier, being destroyed or made non-functional, through an accident or other unfortunate event, the owner and those deriving benefits there from suffer. Insurance is a mechanism that helps to reduce such adverse consequences. Insurance is a contract between two parties - the insurer (the insurance company) and the insured (the person or entity seeking the cover) - wherein the insurer agrees to pay the insured for financial losses arising out of any unforeseen events in return for a regular payment of "premium". These unforeseen events are defined as "risk" and that is why insurance is called a risk cover. Hence, insurance is essentially the means to financially compensate for losses that life throws at people - corporate and otherwise. Insurance Companies are active in the field of Life, Health & General Insurance. The major part of insurance business is life insurance, the operation of which depends on the law of the morality. Why Insurance? The entire effort of human life is to proceed from uncertainty to certainty. The rigmarole of life proceeds with first acquiring the wherewithal to earn a living and then striving for its betterment and ensuring that the comfort and pleasure derived from a physical commodity or a human being continues. It is at the latter stage that the mechanism of insurance comes in play.
5. 5. 5. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. Role 2: Life insurance as "Risk cover" First and foremost, insurance is about risk cover and protection - financial protection, to be more precise - to help outlast life's unpredictable losses. Designed to safeguard against losses suffered on account of any unforeseen event, insurance provides you with that unique sense of security that no other form of investment provides. By buying life insurance, you buy peace of mind and are prepared to face any financial demand that would hit the family in case of an untimely demise. To provide such protection, insurance firms collect contributions from many people who face the same risk. A loss claim is paid out of the total premium collected by the insurance companies, who act as trustees to the monies. Insurance also provides a safeguard in the case of accidents or a drop in income after retirement. An accident or disability can be devastating, and an insurance policy can lend timely support to the family in such times. It also comes as a great help when you retire, in case no untoward incident happens during the term of the policy. With the entry of private sector players in insurance, you have a wide range of products and services to choose from. Further, many of these can be further customized to fit individual/group specific needs. Considering the amount you have to pay now, it's worth buying some extra sleep. Role 3: Life insurance as "Tax planning" Insurance serves as an excellent tax saving mechanism too. The Government of India has offered tax incentives to life insurance products in order to facilitate the flow of funds into productive assets. Under Section 88 of Income Tax Act 1961, an individual is entitled to a rebate of 20 per cent on the annual premium payable on his/her life and life of his/her children or adult children. The rebate is deductible from tax payable by the individual or a Hindu Undivided Family. This rebate is can be availed upto a maximum of Rs 12,000 on payment of yearly premium of Rs 60,000. By paying Rs 60,000 a year, you can buy anything upwards of Rs 10 lakh in sum assured. (Depending upon the age of the insured and term of the policy) This means that you get an Rs 12,000 tax benefit. The rebate is deductible from the tax payable by an individual or a Hindu Undivided Family.
6. 6. 6. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. Role 4: Life insurance as "Financial Planning" Most insurance plans available today have a built in savings element. Plans like the Endowment Plan, Money back Plan, Child Advantage Plan, Preferred Retirement Plans, etc allow you to meet your dual financial goals of life cover and Savings for the future. You may avail of a loan from the insurance company against certain plans. Your policy could also be pledged as a collateral to raise funds from banks and other financial institutions. In case of your unfortunate death the loans may be repaid from the proceeds of the life insurance policy. Insurance promotes compulsory savings with regular premium payments and helps build up a corpus of funds along with financial security for the dependants in case of premature death. For your medical needs and that of your family. Hospitalization costs and quality healthcare is becoming increasingly expensive. Without insurance, you can actually face a situation where you have withdrawn all your money and borrowed to pay the medical bills. This can be provided with our Critical Illness Benefit. Insurance provides you the option of covering yourself towards any critical illnesses that can become extremely costly. Choosing this facility pays you a lump sum upon diagnosis of certain diseases like cancer, kidney failure, heart attack, stroke, coronary bypass, vital organ transplants, Alzheimer's disease, paralysis, etc. Role 5:Role of Insurance as "Economic Development." It reducing burden of Government in providing relief to the old citizens as well as providing funds to Govt. for nation building activities. Direct investments made by Insurance serve a twofold purpose. It acts as a major instrument for the mobilization of savings of people, particularly from the middle and lower income groups. These savings are channeled into investments for economic growth thereby creating employment. These savings in turn go into the task of nation building.
8. 8. 8. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. prices, ensuring high standards of customer service and world class operating efficiency. The company plans to make the insurance buying process quick, simple, and based on well-informed judgments. In 2004, SBI Life Insurance became the first company amongst private insurance players to cover 30 lakh lives. The company expects to carve a niche in the Indian insurance market through extensive product innovation and aims to provide the highest standards of customer service through a technological interface. To facilitate this, call centers have been already installed and help lines will be installed and customers will have access to their accounts through the Internet or through SBI branches. The company proposes to make available ready liquidity to its Life Insurance policies by way of loans at SBI counters. This will make Life Insurance a liquid asset in the financial portfolio of households. SBI Life Insurance is uniquely placed as a pioneer to usher bancassurance into India. The company hopes to extensively utilise the SBI Group as a platform for cross- selling insurance products along with its numerous banking product packages such as housing loans, personal loans, and credit cards. SBI‟s access to over 100 million accounts provides a vibrant base to build insurance selling across every region and economic strata in the country. Mission Statement: To emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer satisfaction and world class operating efficiency, and become a model life insurance company in India in the post liberalization period 5 reasons to select SBI Life as people preferred insurance company. Customer Satisfaction - many of their customers who have bought an insurance policy with them have bought a second one! Financially sound with over a 100 years of Banking experience, when people trusted company with their money, why would they trust somebody else with their protection needs. Affordability Easy to buy (accessibility) Trust & reliability.
9. 9. 9. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. LIFE LONG PENSION To make post retirement years truly golden, SBI Life introduces Lifelong Pensions a unique Pension plan for retirement days. Life expectancy is improving rapidly. People live longer. A person cannot work throughout their life. You will have to retire from work. In the post retirement period you have lot of time for yourself. You would like to do things you have not done while you were working. You need to have a comprehensive plan to meet our post retirement financial needs ensuring complete peace of mind. Advantages of the plan:  A maximum of Rs. 1,00,000 p.a. paid as a contribution on a pension plan is fully deductible from the taxable income (within the max. ceiling Rs. 1 lakh)  Minimum Guaranteed returns of 4% p.a. (compounded annually) on your Personal Pension Account (till 31st March 2010) + Vested bonus.  It helps you to accumulate enough savings to meet the old age needs and look for a reliable and enduring pension payment.  It is an extremely flexible plan:  Choice of the contribution amount you want depending on your premium paying capacity  You may exercise the Top-up facility whenever by paying additional amount to increase your retirement kitty, irrespective of contribution payment mode.  Convenient Contribution payment mode monthly, quarterly, half-yearly, yearly, and single contribution is also available.  Choice of the choosing your own retirement age.  Postponing/ Proponing to a convenient date, the decision for receiving the Pension Benefits.
10. 10. 10. SAGAR DIPAK PARAB sagar d. parab Roll no. 25.  Contribution holiday available from year 4 onwards  The total/balance amount (after withdrawal from PPA, if any) can be utilized in seeking immediate annuity  Free to chose annuity from either SBI Life or other insurance companies  At Vesting Age you have multiple choices of Pension/ Annuity options including Joint Life Time Annuity.  On maturity you have a choice to withdraw up to 33% from your Personal Pension Account in a lump sum. This withdrawal amount is tax-free as per the current fiscal law.  Helps you to utilize all alternatives of tax savings today and also plan for a worry free tomorrow.  In “Pension cum Life Cover” plan, you have the facility of Automatic Cover Maintenance, which ensures that the cover remains in force even when you miss the premium payments. This facility is available after the first three years of the term.  In “Pension cum Life Cover” plan, the life cover acceptance is based on a simple medical questionnaire without any Medical examination  Rebates for Annual, Semi- Annual mode of premium and on high Contribution amount. Enjoy financial independence when you retire.  30 days Free Look Period from the date on which you receive the policy documents. Lifelong Pensions plan helps to meet your financial requirement no matter which life stage you are at. It is designed specially for individuals who wish to build their kitty retirement with no risk and tax advantage u/s 80 CCC (1) of IT Act. SBI Life Insurance have designed 2 plans to meet different requirements: Plan 1: Pure Pension This plan is a pure savings accumulation vehicle. No medical underwriting required. You can enjoy the benefits of this plan without any hassles, Automatic Acceptance. You have to just fill a simplified Proposal form.
12. 12. 12. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. amount as optioned at the beginning. The annuities could be payable monthly, quarterly half yearly or yearly as per customer choice option. Pure Pension Plan 1 Pension cum Life Cover Plan2 Minimum term 2 years 5 years Maximum term 52 years 52 years Eligibility: - Contribution Holiday This facility is available from year 4 onwards for both options. If you have opted for Plan 2 Pension cum Life Cover, and you have not paid your regular contribution after year 4 as per the schedule, Life cover premium will be deductible from the Personal Pension Account to keep in force the Life Cover option*. Contribution payment mode 1) Regular contribution payment Monthly Quarterly, Half-yearly and Yearly 2) Single contribution payment one time premium payment for the selected term at commencement. Pure Pension Plan1 Pension cum Life Cover Plan2 Minimum Age at entry* 18 years 18 year Maximum Age at entry* 65 Years 60 years Maximum cover age for life cover Not Applicable 65 years
14. 14. 14. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. Eligibility: - Age Students Parents Minimum age at entry 18 years 36 years Maximum age at entry 30 years 60 years Maximum age at exit 45 years 65 years Sum Assured Minimum: Rs. 3 lakh (multiple of 10,000 only) Sum Assured Maximum: Rs.50 lakh Minimum term cover: 5 year Maximum term cover: 15 year Benefits: - I Maturity Benefits: No benefits are payable to the surviving borrower/s on maturity of the term of the policy. II Death Benefit: The life cover sum assured is payable to the Bank (as the Bank is the assignee). Surplus amount after adjusting the dues, if any, will be paid to the legal heir by the Bank No death benefit is available for suicide within the first year of the policy. III Tax Benefit You are eligible for Tax benefit for the premium payment u/s 80 C and 10 (10 D) of IT Act*
18. 18. 18. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. IV. Tax Benefit SBI Life Scholar II enjoys Tax benefit u/s 80 C and 10 (10 D) of IT Act* Premiums paid for Critical Illness Benefit qualify for tax exemption under Sec 80D* Eligibility Parent/ Guardian Age* Minimum entry age: Maximum entry age: Maximum age at maturity: 18 years 60 years 70 years Child Age* Minimum entry age: Maximum entry age: 0 years 15 years Term The premium payment term depends on the age of the child and ends when the child attains the age 18 years. You are covered till the child attains the age 21 years. Sum Assured Minimum Sum Assured: Rs.50, 000 Maximum Sum Assured: Rs.1 Crore (in multiples of Rs.10, 000) *Age as on last birthday
20. 20. 20. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. guaranteed to receive Rs. 1 lakh as proposed and also the Bonus declared by the Company from time to time. Also, in the unfortunate event of death, the Fixed Sum Assured along with the vested bonus are payable to Nominee. Increasing Sum Assured (Plan B) This Cover is also known as COLA Option Cover, i.e., Cost Of Living Adjustment, as it serves as an automatic hedge against inflation. This plan provides for increasing the Sum Assured automatically. Under this Cover, the Sum Assured gets increased at a rate of 5% per annum (for every completed year). Taking the above example, your savings get accumulated to Rs. 2 lakhs at the end of 20 years. As a matter of fact, you stand to receive a higher savings plus the entire accumulated Bonus. As in the Traditional Cover (Fixed Sum Assured Plan), in the unfortunate event of death, the nominees stand to get a Cover increased at the rate of 5% per annum (for every completed year) along with the bonus accrued. This plan offers an increasing cover as well as increasing savings amount consistent with the need of protection of savings future value in the coming years. Rider Covers Sudarshan offers you additional covers viz. Term Assurance Rider, Critical Illness Rider (6 critical illnesses) or Accidental Death and Accidental Total Permanent Disability Rider. Term Assurance Rider This Rider enables you to increase just the pure risk cover without the need for paying additional premium for the savings component. You can get pure life assurance cover for a maximum of Rs. 50 lakhs or 3 times the Basic Sum Assured whichever is lower.
21. 21. 21. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. Critical Illness Rider On diagnosis of any of the 6 critical illnesses and you survive for more than 30 days from diagnosis; the Critical Illness Cover Amount is paid in a lump sum. No hospitalization bills need to be submitted. The Basic policy remains in force for all the other benefits. Accidental Death and Accidental Total Permanent Disability (TPD) Rider Under this rider, you can cover yourself against the risks of accidental death or accidental disability. In the event of accidental death: Additional Accidental Death benefit cover amount would be payable along with normal Life Cover benefit; In the event of Total Permanent disability on account of an accident: Two benefits are payable: 1. Immediate Payment Depending upon the plan option chosen: Fixed Sum Assured (Plan A) Flat Sum Assured + Vested Bonus OR Increasing Sum Assured (Plan B) Increased Sum Assured @ 5% p.a (every completed year) + Vested Bonus 2. Yearly Installment Payment Accidental Total Permanent Disability Rider amount is payable in 10 installments till maturity / death. At maturity/death, the remaining installments are payable in a lump sum to you/your nominee. Policy ends immediately. Eligibility: - Regular Premium Payment Single Premium Payment Particulars Minimum Maximum Minimum Maximum Age at entry 12 years 62 years 12 years 65 years Term 8 years 30 years 5 years 30 years
22. 22. 22. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. You may be required to undergo a simple medical examination depending upon the Sum Assured and your age. Sum Assured to be in multiples of Rs. 1000/- Benefits 1) Maturity Benefit: Depending upon the plan option chosen: Fixed Sum Assured (Plan A) Basic Sum Assured along with Vested Bonus* is payable Increasing Sum Assured (Plan B) Increased Sum Assured @ 5% p.a along with Vested Bonus* is payable 2) Death Benefit: In the unfortunate event of death of the Life Assured, depending upon the plan option chosen: Fixed Sum Assured (Plan A) The Sum Assured along with Vested Bonus * is payable to your nominee. Increasing Sum Assured (Plan B) Increased Sum Assured @ 5% p.a along with Vested Bonus* is payable to your nominee. 3) Other Benefits: If the extra cover (riders) have been opted for, the following additional benefits are payable: a) Term Assurance Cover benefit: - The Term Assurance cover is payable in addition to normal death benefit. b) Accidental Death and Accidental Total Permanent Disability Cover Benefit: - In case death due to an accident: The rider Sum Assured is payable in addition to normal Life cover. In case of Total Permanent Disability due to an accident:
23. 23. 23. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. Two benefits are payable: 1. Immediate Payment Depending upon the plan chosen: Fixed Sum Assured (Plan A) Flat Sum Assured + Vested Bonus OR Increasing Sum Assured (Plan B) Increased Sum Assured @ 5% p.a (every completed year) + Vested Bonus 2. Yearly Installment Payment Accidental Death and Accidental Total Permanent Disability Cover amount is payable in 10 installments till maturity / death. At maturity/death, the remaining installments are payable in a lump sum to you/your nominee. Policy ends immediately. C) Criticall Illness cover On diagnosis of any of the 6 critical illnesses and you survive for more than 30 days; the Critical Illness Cover Sum Assured is paid in a lump sum. No more claims will be admitted under this cover. Sudarshan policy remains in force for all the other benefits 4. Tax Benefit SBI Life Sudarshan enjoys Tax benefit u/s 80 C and 10 (10 D) of IT Act* Premiums paid for Critical Illness Benefit qualify for tax exemption under Sec 80D*
29. 29. 29. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. Flexible premium paying mode You can choose monthly, quarterly, half yearly, or yearly. Premium Amount Premium rate is different depending on the term, the gender, the Sum Assured and mode of payment. Guaranteed surrender value You can surrender your policy and get the appropriate surrender value, provided you have paid premiums at least for first 3 years. Policy year Guaranteed Surrender Value Y4 /5 / 6 60% Basic Premium Paid less 1st year Basic Premium Y7 onwards 65% Basic Premium Paid less 1st year Basic Premium Eligibility: Age: Minimum entry age* 18 years Minimum entry age* 55 years Term: Minimum term 5 years (in multiple of 1 year) Maximum term 10 years Maximum age at maturity is 65 years. Sum Assured: Minimum Sum Assured: Rs. 3,00,000 (in multiple of Rs. 10,000) Maximum Sum Assured: Rs.1 Crore
30. 30. 30. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. Benefits: Maturity benefit: If you survive for the entire term of the plan, you would be eligible to a refund of the premiums depending upon the term of the policy Term %Age of Basic Premium refunded 5 years 50% 6 years 60% 7 years 70% 8 years 80% 9 years 90% 10 years 100% Death benefit: In the event of claim, your nominee would receive full Sum Assured Exclusion applicable to the basic cover -Suicide within the year
31. 31. 31. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. BANCASSURANCE PRODUCT HOME LOAN INSURANCE. Life Insurance Cover for SBI Home Loan borrowers A place where you return after a hard day's work and relax, a place where you share precious moments with your family. A place that gives you a sense of belonging. There are few things that are common to all living beings. Every human being dreams of having a safe and secured home for themselves and their family. Where can stay happily with our family members. Most of us take a Home Loan from the financial institutions to achieve this dream. However, the uncertainties in life often worry us. In the unfortunate event of death, your family will have the burden to pay the outstanding loan amount. We have especially designed an insurance plan for the Home Loan borrowers of State Bank Group. Salient Features: Life cover equivalent to the outstanding loan amount as per the original repayment schedule of the loan. Protects the home loan borrower against death due to any reason except suicide in the first year of cover In the event of death, SBI Life pays the Sum Assured directly to the Bank. No medical examination upto Rs. 7.5 lakhs (18 to 60) and Rs. 3 lakhs (61 to 65). Available for existing and new home loan borrowers 50% discount in case of joint borrower for the youngest life. Eligibility: - Criteria Minimum Maximum Age at entry 18 years 65 years Sum Assured Rs.25, 000/- No Limit Single Premium Rs.1, 000 No Limit Term 5 Years 20 Years Maximum coverage: 71st birthday
32. 32. 32. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. Features: Home loan Insurance provides unmatched security to all State Bank Group home loan borrowers. It insures the borrower's life during the loan repayment period to the extent of his outstanding loan liability as per the original repayment schedule. So that even in case of unfortunate event of death of the housing loan borrower due to any reason, SBI Life would pay the amount outstanding in the loan account as per the original repayment schedule. The premiums* are paid in a lump sum for the entire duration of the loan. In the case of a joint borrower, the joint borrowers can be covered and the youngest life could avail of a 50% discount on his/her insurance premium. If the Borrower forecloses Loan, the unexpired portion of the premium will be refunded, less charge. A Good Health Declaration* needs to be completed. Simple claims settlement process Benefits: - Death Benefit In the unfortunate event of the death of the borrower, SBI Life steps in and pays the amount outstanding in the loan as per the original repayment schedule. Maturity Benefit To keep premium rates low, Home Loan Insurance is a pure Term Assurance , therefore, there is no benefit on maturity of the policy. Exclusion: Death due to suicide is not covered within the first year of joining.
33. 33. 33. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. CORPORATE GROUP PRODUCT. Work without any fear. Economic growth is today decided more by human capital than by material capital. Equipment, processes, and intellectual property are leveraged not by their inherent capability but by the actions of human beings. Investment on human resource has today become the core of production force and the competing focus among corporate. Employee Benefit solutions are just what you need to retain your most valuable asset and win the confidence and loyalty of your employees. SBI Life dedicates itself to meet an employer's commitment towards its employees cost effectively, and to strengthen the employer-employee relationship in the long run. SBI Life Group Solutions offers an integrated basket of employee benefit plans catering to both statutory as well as voluntary needs of the employers. Retirement Solutions: You value your employees‟ contribution. You value their loyalty. And you want to pass on to them blissful golden years ahead as a token of gratitude. Retirement planning is crucial to assure your employees from any worries of improving longevity, increasing inflation; medical bills, or taxes, so that they can actually enjoy the benefits of their hard-earned savings. SBI Life offers competitively rewarding and attractive retirement solutions for your employees. SBI Life Group Gratuity Plan is a Non-linked scheme designed to help employers to manage their gratuity liability in a scientific manner through a host of flexible plan options. Wider investment avenues and prudent asset allocation ensuring maximization of value Free annual actuarial valuation Option of Pooling or Ring fencing (only for large funds) Flexible and competitive term life insurance cover.
35. 35. 35. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. SBI Life’s Group Term Life for employees (Supersuraksha) It is a highly convenient yearly renewable term insurance product, which pays a fair amount to the employees against the risk of death. It gives employees peace of mind that comes from knowing that their families are protected. Enhanced benefits for the employees ensuring their families‟ future. Uniform premium to all employees. Hassle free implementation and faster claim settlements. Minimum administrative costs to the policyholder. Additional benefits from Accidental Death Benefit (ADB) rider and Accidental Total Permanent Disability (ATPD) rider. Specialized Term Life Insurance: Key man is a key member or staff of the organization who is a major contributor to its growth and the profit and whose absence may affect the continuity of the business. SBI Life’s Key man Insurance It is a pure term life cover to protect the organization from adverse financial consequences arising due to death of a key employee. The aim is to indemnify the company for these losses and to allow for business continuity. Protection from potential losses combined with advantages of tax savings. In case of key man leaving the company, options available to either surrender or assign absolutely to the key man.
37. 37. 37. SAGAR DIPAK PARAB sagar d. parab Roll no. 25. COMPARISON WITH KOTAK LIFE INSURANCE PRODUCT Kotak Money Back Plan SBI-Money Back Plan Guaranteed Survival Benefit 5 year guaranteed survival benefit is payable 3,4 or 5 year guaranteed survival benefit is payable. Minimum age of entry 18 year 15 year for all option plan Maximum age of entry 60 year Option 1: 60 year Option 2: 55 year Option 3: 50 year Option 4: 45 year Maximum Maturity Age 75 year 70 year Special Rebate No any declaration Women get special rebate of 5% on premium base. Kotak Endowment Plan SBI-Endowment Plan Entry Age Minimum 18 year Maximum 65 year Minimum 12 year Maximum 65 year Term Minimum 10 year Maximum 30 year Minimum 8 year Maximum 30 year Death Benefit In event of death nominee will receive basic sum assured or accumulated account which is higher Sum assured + bonus