Group members for the insurance discussion include Rinku Patel, Shubhangi Rathod, and Garima Mishra. Life insurance in India is a $250 billion market growing at 32-34% annually. Common types of life insurance policies discussed include children's plans, term insurance, and endowment plans. Children's plans help secure a child's future needs such as education. Term plans offer only death benefits while endowment plans provide savings and maturity benefits in addition to death coverage. Popular companies offering these plans in India include LIC, HDFC Life, and ICICI Prudential.
The document describes two types of pension plans - Jeevan Akshay V and New Jeevan Suraksha-1. Jeevan Akshay V is an immediate annuity plan that provides lifetime annuity payments in return for a lump sum purchase. It offers options for the type, amount, and payment frequency of annuities. New Jeevan Suraksha-1 is a deferred annuity plan that allows savings to be annuitized after a set term, and offers death benefits, bonuses, and surrender values. The document provides details on benefits, premiums, taxation, and payout options for both plans.
This document provides an overview of pension plans in India, including:
1. It defines what a pension is and discusses the advantages of pension plans such as less risk, immediate returns, and tax benefits.
2. It outlines the different types of pension policies including traditional and unit-linked policies and how they differ in terms of investment strategies and returns.
3. It discusses important factors to consider when choosing a pension plan like bonus calculation, life cover, sum assured, and expenses.
The document provides information about pension plans in India. It discusses that PFRDA regulates the pension sector in India and was established in 2003. It then explains what pension plans are, how they provide individuals with a regular income in retirement. It also discusses the history of pension plans shifting from employer-provided to individual plans. Finally, it outlines the key factors to consider to calculate a retirement corpus and describes different types of pension plans and annuity options available.
Pension plans provide income for retirees. There are two main types - defined benefit plans where employers promise specific payments, and defined contribution plans where payments depend on contributions and investment returns. Pension regulation aims to ensure adequate funding and protect benefits, as some plans have failed to pay full benefits. The future of pensions may include growth in variety of plans and influence of large pension funds as major stockholders.
The document provides information on various child insurance plans offered by different insurance companies, including eligibility requirements, benefits, premium amounts, and additional features of traditional and unit-linked plans. Key details covered include plan types, riders, minimum and maximum entry ages, premium and sum assured ranges, maturity proceeds, and tax benefits. The plans aim to help parents save and secure their child's future financial needs and education.
Money Back Plan is a type of endowment life insurance policy that provides periodic survival benefits to the policyholder. Some key points:
- Survival benefits are paid as a percentage of the sum assured after fixed intervals, such as every 5 years.
- The full death benefit of the sum assured is paid out if the policyholder passes away, regardless of any survival benefits already received.
- Money Back Plans offer liquidity to the policyholder and can be used for needs like children's education over the term of the policy.
Helps customer find the best policy according to their suitable needs
Features,pros,cons and suitability of various policies are given :-
1. Term Policy
2. Whole Life Policy
3. Unit Linked Insurance Policy (ULIP)
4. Money Back Policy
5. Endowment Policy
As part of our Investor education initiative, HDFC MF has sponsored a booklet on 'Plan Your Child's Education' which was printed and published with the current issue (December 30, 2013) of Outlook magazine.
The document describes two types of pension plans - Jeevan Akshay V and New Jeevan Suraksha-1. Jeevan Akshay V is an immediate annuity plan that provides lifetime annuity payments in return for a lump sum purchase. It offers options for the type, amount, and payment frequency of annuities. New Jeevan Suraksha-1 is a deferred annuity plan that allows savings to be annuitized after a set term, and offers death benefits, bonuses, and surrender values. The document provides details on benefits, premiums, taxation, and payout options for both plans.
This document provides an overview of pension plans in India, including:
1. It defines what a pension is and discusses the advantages of pension plans such as less risk, immediate returns, and tax benefits.
2. It outlines the different types of pension policies including traditional and unit-linked policies and how they differ in terms of investment strategies and returns.
3. It discusses important factors to consider when choosing a pension plan like bonus calculation, life cover, sum assured, and expenses.
The document provides information about pension plans in India. It discusses that PFRDA regulates the pension sector in India and was established in 2003. It then explains what pension plans are, how they provide individuals with a regular income in retirement. It also discusses the history of pension plans shifting from employer-provided to individual plans. Finally, it outlines the key factors to consider to calculate a retirement corpus and describes different types of pension plans and annuity options available.
Pension plans provide income for retirees. There are two main types - defined benefit plans where employers promise specific payments, and defined contribution plans where payments depend on contributions and investment returns. Pension regulation aims to ensure adequate funding and protect benefits, as some plans have failed to pay full benefits. The future of pensions may include growth in variety of plans and influence of large pension funds as major stockholders.
The document provides information on various child insurance plans offered by different insurance companies, including eligibility requirements, benefits, premium amounts, and additional features of traditional and unit-linked plans. Key details covered include plan types, riders, minimum and maximum entry ages, premium and sum assured ranges, maturity proceeds, and tax benefits. The plans aim to help parents save and secure their child's future financial needs and education.
Money Back Plan is a type of endowment life insurance policy that provides periodic survival benefits to the policyholder. Some key points:
- Survival benefits are paid as a percentage of the sum assured after fixed intervals, such as every 5 years.
- The full death benefit of the sum assured is paid out if the policyholder passes away, regardless of any survival benefits already received.
- Money Back Plans offer liquidity to the policyholder and can be used for needs like children's education over the term of the policy.
Helps customer find the best policy according to their suitable needs
Features,pros,cons and suitability of various policies are given :-
1. Term Policy
2. Whole Life Policy
3. Unit Linked Insurance Policy (ULIP)
4. Money Back Policy
5. Endowment Policy
As part of our Investor education initiative, HDFC MF has sponsored a booklet on 'Plan Your Child's Education' which was printed and published with the current issue (December 30, 2013) of Outlook magazine.
The document discusses various types of life insurance products. It begins by explaining why companies develop new products due to changing customer tastes, competition, and failures of existing products. It then describes insurance products as "unsought goods" that require marketing efforts. The basic elements of all life insurance products are term insurance, which provides death coverage, and pure endowment, which provides savings. Unit-linked insurance plans combine insurance and investment by allocating customer premiums to different funds. The document outlines the key features and benefits of various products like term plans, endowment plans, money back plans, whole life plans, and children's plans.
This document discusses strategies for planning and funding a child's education. It recommends starting a recurring deposit account early and consistently saving to build funds for higher education costs. It also recommends investing in a child education policy, which is a life insurance product that saves and provides funds for college. The document outlines the features and types of child education policies, including endowment policies and ULIPs, and factors to consider when selecting the best policy like affordability, returns, and benefits. It provides tips for analyzing policies and choosing one that suits the child's goals.
The document discusses various types of insurance policies and plans in India. It provides information on key regulatory bodies like IRDA and types of insurers. It also summarizes different kinds of life insurance policies including term plans, whole life plans, endowment plans, annuities and ULIPs (Unit Linked Insurance Plans). ULIPs are described as financial solutions that combine insurance protection with investment opportunities. The mechanics and benefits of ULIPs are explained.
This document discusses various types of life insurance policies including money back policies, annuities and pensions, unit linked policies, and Jeevan Sathi policies. Money back policies provide survival benefits at regular intervals and a death benefit. Annuities and pensions provide regular income in retirement. Unit linked policies allow investment flexibility and tax benefits. Jeevan Sathi is a joint life policy that provides benefits upon the death of either partner or a maturity payout if both partners survive to the end of the policy term.
Whole life insurance is a type of permanent life insurance that is designed to remain in force for the entire lifetime of the insured as long as premiums are paid. Premiums for whole life policies remain level and a portion of each premium is invested, allowing the policy to accumulate a cash value over time. There are two primary types of whole life policies: ordinary life, where premiums are paid until death, and limited-payment life, where premiums are paid over a shorter specified period. Whole life is commonly used for family protection, business planning, accumulation needs, and charitable gifts.
The document discusses Unit Linked Insurance Plans (ULIPs), including:
- ULIPs allow policyholders to invest insurance premiums in different investment funds with varying risk levels like equity, debt, or balanced funds.
- ULIPs provide life insurance coverage while allowing policyholders to bear the investment risk of the underlying funds they choose.
- Features of ULIPs include investment options, liquidity through partial withdrawals, and the higher of sum assured or fund value being paid out at maturity or death.
This document discusses the importance of life and health insurance. It recommends term insurance for life cover and health insurance for medical costs. It provides information on different insurance products like money back plans, ULIPs, and individual vs family floater policies. It also discusses how to calculate insurance needs and the tax benefits of premium payments. Sample premium quotes are given for different types of policies. The document concludes with additional reading resources and websites to compare insurance quotes.
This document provides information about life insurance policies in India. It discusses different types of life insurance policies like term insurance, whole life insurance, endowment policies, money back plans, children's policies, annuity plans, and unit linked insurance plans. It also answers frequently asked questions about life insurance policies, including how premiums, surrender values, and claims are calculated for conventional and unit linked policies. The document aims to educate policyholders about various aspects of life insurance.
Granting of loans on life insurance policies, with some companies examples like LIC policies, Birla Sun Life insurance policy.
Also it includes pros and cons of taking loans against life insurance policies and on what type of policies people can take loans.
LIC's e-Term plan is an online term assurance policy that provides financial protection to the policyholder's family in the event of their unfortunate death. It is best suitable for people who have dependents and want good life insurance protection for them. The policy fulfills the basic purpose of life insurance by providing financial support to the applicant's family. Buying term insurance online is a good choice as it is cheaper and saves time and money compared to other options.
ULIPs provide investment for longer horizons with money invested according to IRDA regulations and require maintaining solvency margins. They offer multiple fund options under a single plan with no redemption pressure for 3 years and allow gains from switching funds without short-term capital gains. Mutual funds depend on daily market fluctuations and require overhauling portfolios often during bear markets. Short-term capital gains from mutual funds are taxable.
This document provides an overview of different types of annuities, including fixed interest annuities and indexed annuities. It discusses key features such as how premiums can be paid, when annuity payments begin, how annuity premiums are invested, and income options. The document aims to help readers understand how annuities can help accumulate retirement assets on a tax-deferred basis and convert those assets into retirement income. It also provides guidance on which type of annuity may be best suited for different investors based on their objectives and risk tolerance.
presentation on a topic of "Life Insurance Products Available For An Individual"nibedita singh
Here, i have described about life insurance products of " Bajaz Allianz Life Insurance Company Ltd " and " Life Insurance Corporation OF India " which can be availed by all eligible individuals which includes
• I-SECURE INSURANCE PLAN
• MONEY BACK PLAN/CASH ASSURE
• PENSION PLAN
• ENDOWMENT PLAN
The insurance industry in India has undergone significant changes since 1938:
- Life insurance was nationalized in 1956 and general insurance was incorporated into four public sector companies in 1972.
- Private sector participation was introduced in 1999 with the passage of the IRDA Act, which led to the entry of several private players.
- Today, the insurance industry is regulated by IRDA and offers various products like term plans, whole life, endowment, and ULIPs provided by public and private insurers. ULIPs faced controversies over high charges but reforms have since increased transparency.
An endowment policy is a life insurance contract that pays out a lump sum amount either upon death of the policyholder or at the end of the specified term, if the policyholder is still alive. Traditional endowment policies provide a guaranteed sum assured, and may increase in value through bonuses added based on investment performance. Early withdrawals may be subject to a market value reduction if investment values have fallen. Endowment policies provide both life insurance protection for beneficiaries as well as savings for the policyholder.
The document discusses an endowment plan called InvestGain that provides life insurance protection and savings for various future financial goals. It has 4 plan options with increasing death benefits and offers low cost riders for additional accident and critical illness coverage. The plan allows paying premiums for a limited period and provides benefits like family income in case of death or disability. Examples illustrate how the riders enhance the basic policy's coverage.
Birla Sun Life Insurance Platinum Plus Plan is a unit-linked insurance plan with a 10-year term. Premiums are paid annually, semi-annually, quarterly, or monthly for 3 years. The minimum sum assured is 5 times the annual premium. The plan allocates premiums to the Platinum Plus Fund III which invests in equities, debt, and derivatives. It guarantees the highest unit price recorded between May 15, 2009 to August 16, 2016 will be used to calculate the minimum value of units at maturity. The plan provides death and maturity benefits based on fund value, which is not guaranteed.
DHFL Pramerica life insurance co. ltd by maninder singhmaninder singh
The document provides information about life insurance, including the history of life insurance in India. It discusses the different types of life insurance policies, including term insurance, endowment plans, whole/permanent life insurance, and unit-linked plans. It also provides details about specific plans offered by DHFL Pramerica Life Insurance, such as their U-Protect term plan, Future Idol Gold Plus endowment plan, Aajeevan Samriddhi whole life plan, and Wealth+ Ace unit-linked plan. Additionally, it discusses research methodology used in a study about customer satisfaction with DHFL Pramerica Life Insurance policies.
This document provides information about Unit Linked Insurance Plans (ULIPs). It discusses that ULIPs focus on both risk coverage and investments. A portion of ULIP premiums goes towards life insurance coverage, while the remaining amount is invested in funds consisting of stocks and bonds. ULIPs offer flexibility to switch funds and alter life coverage amounts. Charges are deducted from ULIP premiums and ongoing fund values. Overall, ULIPs provide both insurance protection and investment opportunities for long-term goals.
Exide Life categorizes its products into 3 major categories: retirement and pension plans, savings and investment plans, and plans to meet one's life goals. The document provides details about Exide Life's Golden Years Retirement Plan, a traditional pension plan that helps build a retirement corpus that grows over time to ensure one enjoys their golden years. It also summarizes the key features and benefits of the plan, including capital guarantee, loyalty benefits, flexibility, tax benefits, and a life cover.
The document discusses various types of life insurance products. It begins by explaining why companies develop new products due to changing customer tastes, competition, and failures of existing products. It then describes insurance products as "unsought goods" that require marketing efforts. The basic elements of all life insurance products are term insurance, which provides death coverage, and pure endowment, which provides savings. Unit-linked insurance plans combine insurance and investment by allocating customer premiums to different funds. The document outlines the key features and benefits of various products like term plans, endowment plans, money back plans, whole life plans, and children's plans.
This document discusses strategies for planning and funding a child's education. It recommends starting a recurring deposit account early and consistently saving to build funds for higher education costs. It also recommends investing in a child education policy, which is a life insurance product that saves and provides funds for college. The document outlines the features and types of child education policies, including endowment policies and ULIPs, and factors to consider when selecting the best policy like affordability, returns, and benefits. It provides tips for analyzing policies and choosing one that suits the child's goals.
The document discusses various types of insurance policies and plans in India. It provides information on key regulatory bodies like IRDA and types of insurers. It also summarizes different kinds of life insurance policies including term plans, whole life plans, endowment plans, annuities and ULIPs (Unit Linked Insurance Plans). ULIPs are described as financial solutions that combine insurance protection with investment opportunities. The mechanics and benefits of ULIPs are explained.
This document discusses various types of life insurance policies including money back policies, annuities and pensions, unit linked policies, and Jeevan Sathi policies. Money back policies provide survival benefits at regular intervals and a death benefit. Annuities and pensions provide regular income in retirement. Unit linked policies allow investment flexibility and tax benefits. Jeevan Sathi is a joint life policy that provides benefits upon the death of either partner or a maturity payout if both partners survive to the end of the policy term.
Whole life insurance is a type of permanent life insurance that is designed to remain in force for the entire lifetime of the insured as long as premiums are paid. Premiums for whole life policies remain level and a portion of each premium is invested, allowing the policy to accumulate a cash value over time. There are two primary types of whole life policies: ordinary life, where premiums are paid until death, and limited-payment life, where premiums are paid over a shorter specified period. Whole life is commonly used for family protection, business planning, accumulation needs, and charitable gifts.
The document discusses Unit Linked Insurance Plans (ULIPs), including:
- ULIPs allow policyholders to invest insurance premiums in different investment funds with varying risk levels like equity, debt, or balanced funds.
- ULIPs provide life insurance coverage while allowing policyholders to bear the investment risk of the underlying funds they choose.
- Features of ULIPs include investment options, liquidity through partial withdrawals, and the higher of sum assured or fund value being paid out at maturity or death.
This document discusses the importance of life and health insurance. It recommends term insurance for life cover and health insurance for medical costs. It provides information on different insurance products like money back plans, ULIPs, and individual vs family floater policies. It also discusses how to calculate insurance needs and the tax benefits of premium payments. Sample premium quotes are given for different types of policies. The document concludes with additional reading resources and websites to compare insurance quotes.
This document provides information about life insurance policies in India. It discusses different types of life insurance policies like term insurance, whole life insurance, endowment policies, money back plans, children's policies, annuity plans, and unit linked insurance plans. It also answers frequently asked questions about life insurance policies, including how premiums, surrender values, and claims are calculated for conventional and unit linked policies. The document aims to educate policyholders about various aspects of life insurance.
Granting of loans on life insurance policies, with some companies examples like LIC policies, Birla Sun Life insurance policy.
Also it includes pros and cons of taking loans against life insurance policies and on what type of policies people can take loans.
LIC's e-Term plan is an online term assurance policy that provides financial protection to the policyholder's family in the event of their unfortunate death. It is best suitable for people who have dependents and want good life insurance protection for them. The policy fulfills the basic purpose of life insurance by providing financial support to the applicant's family. Buying term insurance online is a good choice as it is cheaper and saves time and money compared to other options.
ULIPs provide investment for longer horizons with money invested according to IRDA regulations and require maintaining solvency margins. They offer multiple fund options under a single plan with no redemption pressure for 3 years and allow gains from switching funds without short-term capital gains. Mutual funds depend on daily market fluctuations and require overhauling portfolios often during bear markets. Short-term capital gains from mutual funds are taxable.
This document provides an overview of different types of annuities, including fixed interest annuities and indexed annuities. It discusses key features such as how premiums can be paid, when annuity payments begin, how annuity premiums are invested, and income options. The document aims to help readers understand how annuities can help accumulate retirement assets on a tax-deferred basis and convert those assets into retirement income. It also provides guidance on which type of annuity may be best suited for different investors based on their objectives and risk tolerance.
presentation on a topic of "Life Insurance Products Available For An Individual"nibedita singh
Here, i have described about life insurance products of " Bajaz Allianz Life Insurance Company Ltd " and " Life Insurance Corporation OF India " which can be availed by all eligible individuals which includes
• I-SECURE INSURANCE PLAN
• MONEY BACK PLAN/CASH ASSURE
• PENSION PLAN
• ENDOWMENT PLAN
The insurance industry in India has undergone significant changes since 1938:
- Life insurance was nationalized in 1956 and general insurance was incorporated into four public sector companies in 1972.
- Private sector participation was introduced in 1999 with the passage of the IRDA Act, which led to the entry of several private players.
- Today, the insurance industry is regulated by IRDA and offers various products like term plans, whole life, endowment, and ULIPs provided by public and private insurers. ULIPs faced controversies over high charges but reforms have since increased transparency.
An endowment policy is a life insurance contract that pays out a lump sum amount either upon death of the policyholder or at the end of the specified term, if the policyholder is still alive. Traditional endowment policies provide a guaranteed sum assured, and may increase in value through bonuses added based on investment performance. Early withdrawals may be subject to a market value reduction if investment values have fallen. Endowment policies provide both life insurance protection for beneficiaries as well as savings for the policyholder.
The document discusses an endowment plan called InvestGain that provides life insurance protection and savings for various future financial goals. It has 4 plan options with increasing death benefits and offers low cost riders for additional accident and critical illness coverage. The plan allows paying premiums for a limited period and provides benefits like family income in case of death or disability. Examples illustrate how the riders enhance the basic policy's coverage.
Birla Sun Life Insurance Platinum Plus Plan is a unit-linked insurance plan with a 10-year term. Premiums are paid annually, semi-annually, quarterly, or monthly for 3 years. The minimum sum assured is 5 times the annual premium. The plan allocates premiums to the Platinum Plus Fund III which invests in equities, debt, and derivatives. It guarantees the highest unit price recorded between May 15, 2009 to August 16, 2016 will be used to calculate the minimum value of units at maturity. The plan provides death and maturity benefits based on fund value, which is not guaranteed.
DHFL Pramerica life insurance co. ltd by maninder singhmaninder singh
The document provides information about life insurance, including the history of life insurance in India. It discusses the different types of life insurance policies, including term insurance, endowment plans, whole/permanent life insurance, and unit-linked plans. It also provides details about specific plans offered by DHFL Pramerica Life Insurance, such as their U-Protect term plan, Future Idol Gold Plus endowment plan, Aajeevan Samriddhi whole life plan, and Wealth+ Ace unit-linked plan. Additionally, it discusses research methodology used in a study about customer satisfaction with DHFL Pramerica Life Insurance policies.
This document provides information about Unit Linked Insurance Plans (ULIPs). It discusses that ULIPs focus on both risk coverage and investments. A portion of ULIP premiums goes towards life insurance coverage, while the remaining amount is invested in funds consisting of stocks and bonds. ULIPs offer flexibility to switch funds and alter life coverage amounts. Charges are deducted from ULIP premiums and ongoing fund values. Overall, ULIPs provide both insurance protection and investment opportunities for long-term goals.
Exide Life categorizes its products into 3 major categories: retirement and pension plans, savings and investment plans, and plans to meet one's life goals. The document provides details about Exide Life's Golden Years Retirement Plan, a traditional pension plan that helps build a retirement corpus that grows over time to ensure one enjoys their golden years. It also summarizes the key features and benefits of the plan, including capital guarantee, loyalty benefits, flexibility, tax benefits, and a life cover.
Ultimate Guide For Buying ULIPs | Canara HSBC Life InsuranceSamJackson99
Learn How To Get Maximum Benefits From ULIPs. Know More About ULIP - Unit Linked Insurance Plan With This Guide Provided By Canara HSBC Life Insurance.
This document provides information about various types of life insurance plans offered in India, including traditional plans like term insurance, endowment plans, money back plans, and whole life insurance. It also discusses unit linked insurance plans (ULIPs). Term insurance is described as the simplest form of life insurance that offers life coverage for a specified term. Endowment plans provide a lump sum payment at maturity. Money back plans offer regular returns or a lump sum during the policy period. Whole life insurance provides lifetime coverage. ULIPs combine investment and insurance, with the premium split between coverage and investment in funds with market risks.
1. Icealion Life Assurance Company Limited is a member of the First Chartered Securities Group, a leading local investment and trading group controlling enterprises in finance, insurance, manufacturing, and agriculture with total assets of Kshs.39.66 billion and annual turnover exceeding Kshs.9 billion.
2. The document discusses Icealion's various financial products including unit linked investment plans, children's education plans, endowment plans, anticipated endowment plans, retirement savings/pension plans, and personal/family insurance covers.
3. Icealion aims to help customers achieve financial goals like retirement, children's education, savings, loans, and insurance protection through customized financial plans.
Life Insurance is a form of risk management primarily used to transfer the risk of uncertain loss.
It provides compensation for financial loss only not profit.
Life insurance is a protection against the RISK of financial loss that would result from the premature death of an insured. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The death benefit is paid by a life insurer in consideration of premium payments made by the insured.
ULIP - Buy High Return ULIP Policy Online in India | HDFC LifeLisaDavid26
This document summarizes a unit-linked insurance plan from HDFC Life. Key highlights include:
- The plan offers three options - Invest Plus, Premium Waiver, and Golden Years Benefit.
- Premiums can be paid regularly or as a lump sum. Fund value grows based on investment performance.
- Death benefit is highest of sum assured, fund value, or total premiums paid. Premium waiver option waives future premiums on proposer's death.
- Plan has lock-in period of 5 years during which partial withdrawals and policy discontinuance rules apply.
ULIP - Buy High Return ULIP Policy Online in India | HDFC LifeLisaDavid26
Click2Wealth is a high return ULIP plan by HDFC Life which offers premium waiver benefit, tax benefits and whole life coverage with golden years benefit option. Buy Now!
An endowment policy is basically a life insurance policy which, apart from covering the life of the insured, helps the policyholder to save regularly over a certain time, so that he/she gets a lump sum amount on the policy maturity in case he/she lasts the policy term.
A life insurance endowment policy pays the complete sum assured to the beneficiaries if the insured expires during the policy term or to the policyholder on the maturity of the policy if he/she survives the term. Hence, it fulfills the dual necessity for savings and life cover under a common plan.
This document discusses the advantages of life insurance. It explains that life insurance can protect families, leave a legacy, pay off debts, and provide tax-free retirement planning and portfolio diversification. There are two main types - term insurance, which provides coverage for a set term, and permanent insurance, which provides lifelong coverage if premiums are paid. Permanent policies like whole, universal, variable, and index universal life build cash value over time. Index universal life ties cash value growth to stock market indexes with floors and caps. Overall, life insurance provides financial flexibility, living benefits, and leaves a tax-free legacy for loved ones.
Bancassurance State Life National Bank Product LearningM.Noshad Siddiqui
This document provides an overview of bancassurance and State Life Insurance Company of Pakistan's (SLICP) products that will be offered through National Bank of Pakistan. It begins with learning objectives for a bancassurance training course and introduces SLICP, noting its market leadership, strong financial position, and social mission. Several SLICP life insurance products are then summarized, including endowment assurance, three payment plan, and Sadabahar plan. Key features like guaranteed returns, bonuses, and riders are highlighted. The document promotes bancassurance as a way to fulfill customers' various financial needs.
Survivor universal life insurance 4088541883 san jose california connie dello...Connie Dello Buono
connie dello buono 4088541883 san jose california ca life ins lic 0G60621 on page 3 is about preserving your heir's inheritance, charitable gifts, key person coverage and wealth transfer
Life insurance provides essential financial protection for loved ones in the event of death. There are different types of life insurance, like term and permanent policies, that offer varying levels of protection and benefits. Determining the appropriate amount of coverage requires a comprehensive needs analysis that considers income needs, cash needs, existing assets and other factors. Permanent life insurance is suitable for long-term needs while term is for temporary protection. Working with a financial professional can help identify the best strategies and products for an individual's specific situation.
Kotak e-Invest - a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and requirements. Click here to know more about it.
This document provides an overview of Unit Linked Insurance Plans (ULIPs) offered by Life Insurance Corporation of India (LIC) and compares charges in ULIP plans between LIC and other life insurers. It discusses LIC's New Endowment Plus plan (T-935), including its key features, benefits, fund options, charges and unique selling points. It also reviews LIC's Nivesh Plus and SIIP plans, outlining their benefits, eligibility criteria, charging structure and commission structure. Maximum charges permitted by insurance regulator IRDAI are also stated. Mortality charges of LIC plans are compared to other insurers like SBI Life and HDFC Life.
Money Plant Financial Services provides various financial planning services including insurance planning, tax planning, investment planning, retirement planning, and more. It aims to provide optimal financial solutions to individuals. The company represents clients, not any specific fund houses or insurance companies. It assists clients in developing financial goals and implementing financial plans through products like life insurance, health insurance, mutual funds, fixed deposits, bonds, and real estate investments. The document provides details on various financial products and services offered by the company.
The document discusses the features and benefits of Tata AIG Life's InvestAssure Flexi unit linked insurance plan (ULIP). It offers flexibility in terms of premium payment terms, policy terms, investment fund choices, ability to make top-ups, switch funds and redirect premiums. The plan also allows partial withdrawals and provides a maturity bonus. The flexibility allows customers to customize the plan based on their protection and investment needs.
The document provides an overview of life insurance policies and concepts. It discusses the different types of life insurance policies including whole life, term life, endowment, money back, children's policies, and ULIPs. It also outlines factors that determine insurance premiums such as age, gender, health, profession, and policy details. The roles and functions of actuaries in assessing risk for insurance companies are described. Finally, it provides a brief history of life insurance in India and details about the Life Insurance Corporation of India (LIC).
This document summarizes an insurance policy that allows policyholders to bear the investment risk of the investment portfolio. It offers a savings and protection plan with multiple investment choices and life insurance coverage to protect goals in case of death. The key points are:
- The policyholder bears the investment risk of the investment portfolio, which consists of various funds across risk levels.
- Policyholders cannot withdraw or surrender their investment for the first 5 years.
- The plan provides life insurance coverage and allows policyholders to continue their savings for goals even if they die, by waiving future premiums.
- Policyholders can choose their investment portfolio strategy between a fixed portfolio strategy with various fund options, or a life-
This document summarizes a non-participating unit linked single premium life insurance plan called the Wealth Builder Plan offered by SUD Life. Key highlights include:
- The plan allows investment in 4 different funds with minimum allocation of 10% to each fund.
- Benefits include life insurance coverage and potential returns on investment in funds.
- Single premium amount ranges from Rs. 100,000 to Rs. 100 crores. Sum assured is a multiple of premium amount depending on entry age.
- Plan offers partial withdrawals, fund switching, and top-up options to enhance flexibility.
5. CHILDREN PLAN
• Children's Plans helps you save so that you can
fulfill your child's dreams and aspirations.
•These plans go a long way in securing your child's
future by financing the key milestones in their lives
even if you are no longer around to oversee them.
•For example, with the high and rising costs of
education, if you are not financially prepared, your
child may miss an opportunity of a lifetime.
6. TYPES OF CHILDREN PLAN
1 . JEEVAN ANURAG:
• This is a with-profits plan specifically designed to take
care of educational need of children
• The minimum age of the life assured under the basic
plan is 20 to 60 years. this plan also provides for an
immediate payment of basic sum assured amount on
death of the life assured during the term of the policy.
7. CONT……
2. MARRIAGE ENDOWMENT OR EDUCATION ANNUITY PLAN
• This is an endowment assurance plan that provides for
benefits on or from the selected maturity date to meet the
marriage educational expenses of the named child.
3. JEEVAN KISHORE:
• This is an endowment assurance plan available for children
of less than 12 years of age the policy may be purchased
by any of the parent grandparent.
8. CONT……
4. JEEVAN CHHAYA:
• This is an endowment assurance plan that provides
financial protection against death throughout the
term of the plan this is a with-profits plan and
participates in the profits of the corporation’s life
insurance business.
9. TERM INSURANCE
• Simplest and cheapest insurance policy.
• After maturity no eligibility of profits or allowances.
• Policy available for 5, 10, 15, 20 or 30 years.
• Only lump sum amount paid in case of death of
policyholder.
10. SOME TERM INSURANCE PLANS
1. TWO – YEAR TEMPORARY ASSURANCE POLICY
• Risk coverage for 2 years.
• Single premium
• No loan granted against plan
• Proposer has to pay examination fees, age proof
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2. ANMOL JEEVAN
• Category I & category II people are eligible
• Minimum age 18 yrs. & maximum 50 yrs.
• Maximum age at the time of maturity is 60 yrs.
• Minimum sum assured is 3 lacs & maximum 5 lacs.
12. LIFE INS. CO. OFFERING TERM INS. PLANS
Life Insurance Companies Policies
ICICI Prudential I-protect
HDFC Life Term assurance Plan
LIC Anmol Jeevan
13. ENDOWMENT ASSURANCE PLAN
• Best saving plan
• Moderate premium, high bonus , high liquidity
• After maturity added benefit like bonus and profits.
• Plan will have maturity of 10, 15 & 20 years.
14. JEEVAN SARAL ENDOWMENT PLAN
• Minimum for 10 yrs. & maximum for 55 yrs
• Sum Assured= Monthly Premium* 250 Time Risk
Coverage
• Risk Coverage= 250* Monthly Premium (natural)
• Accidental Coverage= 500* Monthly Premium
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• Loan granted against plan
• Swap of premium after 3 yrs
• Partial Withdrawal Benefit
After 3 yrs (80% of paid up premium)
After 4 yrs (90% of paid up premium)
After 5 yrs. to 9 yrs 11 months 29 days (100% of paid up
premium)
After 10 complete yrs (100% of paid up premium + Loyal
Addition)
16. DOCUMENTS
• Self Attested Photograph
• Residence Proof
• Photo- ID Proof
• Income Proof
17. COMPANIES PROVIDING ENDOWMENT PLANS
Life Insurance Companies Policies
Met Life Met Suvidha
SBI Life SBI Life Sudarshan
LIC Jeevan Saral
19. ULIP
ULIP stands for Unit Linked Insurance Plans.
As we know that insurance is for protecting our life from any
uncertain events like death or accident.
The purpose of the normal insurance plan is just protecting
the life but not ensuring any savings for the future.
Many people wanted plan which gives protection as well as
the returns for their investment.
So, insurance companies come up with the ULIP plan
where the premium amount is invested in the stock market.
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In ULIPs, a part of the investment goes towards
providing you life cover.
The residual portion of the ULIP is invested in a
fund which in turn invests in stocks or bonds; the
value of investments alters with the performance of
the underlying fund opted by you.
21. TABLE OF INVESTMENT OPTIONS
General description Nature of investment Risk
category
Equity funds Primarily invested in company Medium to
stocks with general aim of High
capital appreciation
Income, fixed interest Invested in corporate bonds, Medium
& bonds funds Government securities & other
fixed income instruments
Cash funds Also known as money market Low
funds-
Invested in cash, bank
deposits and money market
instruments
Balanced funds Combining equity investment Medium
with fixed interest instruments
22. MUTUL V/S ULIP
In structure both ULIP and Mutual Funds looks similar.
But, in objective they are different. Because of the high first-year
charges, mutual funds are a better option if you have a five-year horizon.
But if you have a horizon of 10 years or more, then ULIPs have an edge.
To explain this further a ULIP has high first-year charges towards
acquisition (including agents’ commissions).
As a result, they find it difficult to outperform mutual funds in the first five
years. But in the long-term, ULIP managers have several advantages
over mutual fund managers.
Since policyholder premiums come at regular intervals, investments can
be planned out more evenly.
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Mutual fund managers cannot take a similar long-term view
because they have bulk investors who can move money in and
out of schemes at short notice.
From October 2009, IRDA has set the maximum fees amount
to be levied against the ULIP policies. Which makes the ULIP
more compete against the mutual funds.
24. WHAT SHOULD I VERIFY BEFORE SIGNING THE
PROPOSAL?
All the charges deductible under the policy
Features and benefits
Limitations and exclusions
Lapsation and its consequences
Other disclosures
Illustration projecting benefits payable in two scenarios of 6%
and 10% returns as prescribed by the life insurance council.
What will my family receive if something happens to me?
Investment returns from ULIP may not be guaranteed.” In unit linked
products/policies, the investment risk in investment portfolio is borne by
the policy holder”. Depending upon the performance of the unit linked
fund(s) chosen; the policy holder may achieve gains or losses on his/her
investments. It should also be noted that the past returns of a fund are
not necessarily indicative of the future performance of the fund.
25. EXPENSES CHARGED IN A ULIP
Premium Allocation Charge:
A percentage of the premium is appropriated towards charges initial
and renewal expenses apart from commission expenses before
allocating the units under the policy.
Mortality Charges:
These are charges for the cost of insurance coverage and depend
on number of factors such as age, amount of coverage, state of
health etc.
Fund Management Fees:
Fees levied for management of the fund and is deducted before
arriving at the NAV.
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Administration Charges:
This is the charge for administration of the plan and is levied by
cancellation of units.
Surrender Charges:
Deducted for premature partial or full encashment of units.
Fund Switching Charge:
Usually a limited number of fund switches are allowed each year without
charge, with subsequent switches, subject to a charge.
Service Tax Deductions:
Service tax is deducted from the risk portion of the premium.
27. MONEY BACK POLICY
Plan is an excellent plan with good return on reinvestment, best suited
for businessmen and professionals.
Money is available at regular intervals in future to meet the specific
expenses such as children's education or marriage.
At the same time, the policy provides insurance protection for the family
as well as old age provision.
28. SALIENT FEATURES
A policy where lump sum amounts are paid to the life assured at periodic
intervals on survival.
In case of death of the life assured within the term, the total sum insured
is paid to the nominee, irrespective of earlier survival benefits.
Bonus is payable under this scheme.
Premiums are to be paid regularly to get survival benefits.
Premiums cease at death or on expiry of term whichever is earlier.
This plan can be availed of for terms 20 or 25 years .
29. ON DEATH
Full sum assured is payable at death of the life assured within
the term, without any deduction of earlier survival benefits.
(For example, suppose a person takes a Rs.1,00,000/- policy for
20 years. At the end of the 5th and 10th year he receives
Rs.20,000/- each as survival benefit. If he happens to die in the
12th year, the nominee of the life assured will receive full
Rs.1,00,000/-, irrespective of the earlier benefits of Rs.40,000/-)
30. ON SURVIVAL
Terms At the Amount of money back For example on
end rupees
1,00,000/- policy
For 5th 20% of sum assured 20,000/-
20 10th 20% of sum assured 20,000/-
years 15th 20% of sum assured 20,000/-
Plan 20th 40% of sum assured 40,000/- + Bonus
5th 15% of sum assured 15,000/-
For 10th 15% of sum assured 15,000/-
25 15th 15% of sum assured 15,000/-
years 20th 15% of sum assured 15,000/-
Plans 25th 40%of sum assured 40,000/- + Bonus
31. ADVANTAGES OF LIFE INSURANCE
Mental peace
Financial security
Loan in case of need
Cover for whole life
Tax free source of savings
Maintenance of living standard
Assured income through annuites
32. TAILOR MADE
Life Stage Primary Need Life Insurance Product
Young & Single Asset creation Wealth creation plans
Young & Just Wealth creation and mortgage
Asset creation & protection
married protection plans
Children's education, Asset Education insurance, mortgage
Married with kids
creation and protection protection & wealth creation plans
Middle aged with Planning for retirement & Retirement solutions & mortgage
grown up kids asset protection protection
Across all life- Health plans Health Insurance
stages
33. DISADVANTAGES OF LIFE INSURANCE
Expensive
Irrelevant in case of no family person
Increasing premium
No benefit in case of long life
36. QUESTIONNAIRE
How do you formulate the policies ?
Which policies are sold the most ?
How to apply for any policy(Eligibility criteria) ?
Documents required(taking policy) ?
Tax exemption ?
Criteria of settlement of claim ?
How you create awareness among customer ?
What are documents required for settlement of
claim ?
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What are the penalties levied on non-payment
of premium ?
What are the target to be achieved ?
What is settlement done during emergencies ?
What are the challenged faced ?
Do you have any tie-up ?
How life ins is different from health ins ?