Insurer: ING Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and periodic returns on investment

• Bonuses
• Limited Pay Option
• Loan facility

Maximum Entry Age: 60 Years

Maximum Age at Maturity: 70 Years

Policy Term: 10- 20, 25 and 30 Years

Premium Payment Term: 5, 7, 10 Years

Minimum Premium: Rs 12,000 per annum

In case of unfortunate death of life insured, Sum Assured along with accrued bonuses will be paid. Additionally, assured income for next 5 years which is equivalent to 120% of Sum Assured becomes payable.

Maturity Benefit:

On maturity, Sum Assured along with accrued bonuses will be paid. Additionally, 10% of Sum Assured will also be payable.

Riders:

You can opt for the following riders- Accidental death, disability, dismemberment rider, additional life cover and critical illness rider.

Loan:

After two policy years, you can avail loan facility.

Are there any tax benefits?

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

Reinstatement: If your policy has lapsed, you can revive within 5 years from the due date of unpaid premium.

Grace period: You can pay due premium within 30 days from renewal date.

Free Look Period: Secure Income Insurance Plus plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

Money Back Life Insurance Plan

Money back plans have always been the preferred life insurance policies by the customers. The reason being simple- you get periodic payouts as well as lump sum benefits. So you can fulfill the expected oncoming financial goals and also end up getting maturity amount for future.

The Good:

What attracts people to money back policies is that they will be getting some amount of money every other year. So the intermediate expenses can be taken care of with the periodic payouts of money back plan.

There is also a lump sum benefit on maturity of money back plan. So one can use that amount as his or her future needs.

Most money back plan being traditional plan, the returns are guaranteed. And looking at the recent history of market ups and downs, the mindset of people is towards being safe than sorry.

The Bad:

Even though money back policies seem like to be excellent options, the reality is pretty different. First that most money back policies are traditional policies which means even though returns are guaranteed, they are low. And observing the rising costs, traditional plans are exactly what the name implies- outdated.

Secondly, if you cancel money back policy, you end up losing most of your basic investment as well. The guaranteed surrender value in most money back traditional plans is 30% of all premiums paid barring first year premium. There is no flexibility of withdrawing money at need. You can opt for loans but the interest rate charged could be more than the growth you might be getting on the money back plan.

Traditional Plans: Need to know

Traditional plans are life insurance plan which are combination of insurance and investment. Recently, you would have observed that there is an increase in the promotion of traditional plans by the insurance agents. The reason is simple. IRDA- government body regulating insurance sector has put a cap on ULIP charges which has resulted in lower sales commission for agents. Therefore traditional plans are being pushed by the agents.

However before you buy traditional plans, there are few things you should know about them:

Guaranteed Returns: In a traditional plan, the returns are guaranteed. At the inception of the plan, the amount at maturity will be provided to you.

Bonus: These are offered by most traditional plans and are non- guaranteed. Bonus is usually calculated as a % of Sum Assured and is payable on death or maturity of the traditional life insurance plan.

Insufficient Life Cover: The life cover in a traditional plan is very low that it does not serve even the minimum needs. You should certainly take a separate term plan to get a sufficient life cover for yourself.

Low Growth: Traditional plans have very low growth. The growth is not in tandem with inflation and as such traditional plans are best avoided as investment tool.

Opaque: Unlike ULIP which are transparent, traditional plan are very unclear as one is not aware of charges or where investment is made.

Inflexible: ULIP’s allow partial withdrawal and management of funds which is not possible in traditional plans.

Surrender: If you cancel traditional plan before the policy term, you lose majority of investment. The surrender charges are very high in traditional life insurance plan.

Sahara Life Amar Jeevan Review

Plan Name: AmarJeevan

Insurer: Sahara Life Insurance

Category: Traditional Plan

Objective: Provides regular income post retirement

Major USP of Sahara Life Amar Jeevan

• Bonus
• Riders available
• Rebates

Eligibility of Sahara Life Amar Jeevan

Minimum Entry Age: 25 Years

Maximum Entry Age:  55 Years

Maximum Age at Maturity: 65 Years

Policy Term: 10 Years to 40 Years

Premium Paying Term: Same as Policy Term

Minimum Age for start of Pension: 50 Years

Premium Payment Frequency: Yearly, Half-Yearly, Quarterly, Monthly

What benefits does Sahara Life Amar Jeevan offer?

Death benefit:

If the life insured passes away, the Sum Assured along with vested bonuses will be paid to the nominees. Also if the policy has been in force for 15 years or more, terminal bonus if any will also be payable.

Maturity Benefit:

The Sum Assured along with vested bonuses will be payable at the end of policy term. Also if the policy has been in force for 15 years or more, terminal bonus if any will also be payable. The policyholder has option to take one third of the maturity amount in lump sum while the rest of the amount must be used to purchase annuity.

Discount:

For Sum Assured equal and above Rs 200,000, rebate on premium will be given.

Riders:

By paying additional nominal premium, you can add Accidental benefit & accidental total & permanent disability and critical illness benefit rider.

What will be my returns from Sahara Life Amar Jeevan?

Illustration:

Mr. Singla aged 35 invests Rs 12,077 annually for policy term of 25 years.

Death Benefit: If Mr. Singla passes away after 13 years, his wife will get the Sum Assured along with vested bonuses. In this case, his wife will get Rs 300,000 as death benefit apart from bonuses.

Maturity Benefit:

At maturity, the guaranteed returns are Rs 806,250 assuming bonus of 10%.

Are there any tax benefits?

Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

What else should I know about?

Paid-up Value: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured vested bonuses will be paid.

Grace period: Amar Jeevan can be renewed within 30 days from due date for yearly, half yearly and quarterly. Grace period of 15 days is for monthly mode.

Free Look Period: Amar Jeevan plan can be cancelled within 15 days of receiving the policy

contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

How can I buy Sahara Life Amar Jeevan?

Policybazaar representatives will assist you in buying AmarJeevan.

What’s Policybazaar opinion on Sahara Life Amar Jeevan?

Sahara life primary is a traditional pension plan which provides Sum Assured and bonuses. The plan has very essential rider which you can add. Also you get discount on premium for large Sum Assured.

Insurer: Shriram Life Insurance

Category: Traditional Plan

Objective: Financially Securing Child’s Future

Comprehensive death benefit

Premium Rebate

Accidental Rider available

Loan facility

Maximum Entry Age: 50 Years

Maximum Age at Maturity: 70

Policy Term: 10 Years

Premium Payment Frequency: Yearly, Half Yearly, Quarterly

The accumulated amount is paid to the policyholder.

Death Benefit:

In the case the life insured passes away during the policy term, Sum Assured with vested bonuses will be paid. Also 1% of Sum Assured monthly payouts will be paid till the end of policy term.

Guaranteed Benefit: If the life insured dies or survives, 25% of Sum Assured will be paid during the last 4 consecutive years of the policy term.

Maturity Benefit: The vested bonuses will be paid at the end of policy term.

Riders: The riders add extra layer of protection for your child. You can add Accidental death benefit rider with the plan.

Discount: If you opt for Sum Assured equal and above Rs 100,000, rebate on base premium will be given.

Loan: You can apply for loan against the policy, the maximum loan amount you can get is 90% of surrender value.

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

Surrender Value: In case you want to cancel Shri Vidya after 3 years, the minimum guaranteed surrender value will be paid which is equivalent to 30% of all premiums paid barring the first year premium.

Free Look Period: WealthOne plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

Insurer: Shriram Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and returns on investment

Riders available

Loan facility

Maximum Entry Age: 65 Years

Maximum Age at Maturity: 75 Years

Policy Term:  7 Years - 25 Years

Premium Payment Frequency: Yearly, Half Yearly, Quarterly

What benefits does Shri Life offer?

Death benefit:

In case of unfortunate death of the life insured, Sum Assured along with vested bonuses will be paid.

Maturity Benefit:

At the end of policy term, Sum Assured with vested bonuses will be paid.

Riders:

You can opt for the following riders with the plan- Accidental death benefit and family income benefit rider.

Discount:

For Sum Assured equal and above Rs 100,000, rebate on base premium will be given

Loans:

You can get loan up to 90% of the surrender value.

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

Surrender Value: In case you want to cancel Shri Life after 3 years, the minimum guaranteed surrender value will be paid which is equivalent to 30% of all premiums paid barring the first year premium.

Free Look Period: Shri Life plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

Insurer: Shriram Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and periodic returns on investment

Accidental Rider

Large Sum Assured  Rebate

Maximum Entry Age:  60 Years

Maximum Age at Maturity: 75 Years

Policy Term:  15 Years to 20 Years

Premium Payment Frequency: Yearly, Half Yearly, Quarterly

In case the Life Assured passes away during the policy term, Sum Assured with the vested bonuses will be paid to the nominee.

Money Back Benefit:

Depending on policy term, a % of Sum Assured is paid on 5^th policy year and every 5 years thereafter.

Maturity Benefit:

A % of Sum Assured is paid on maturity.

Riders: 

Accidental Death benefit rider can be opted with Shriram Akshay Nidhi plan.

Discount:

For Sum Assured equal and above Rs 200,000, discount on premium will be provided.

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

Surrender Value: In case you want to cancel Shriram Akshay Nidhi plan after 3 years, the minimum guaranteed surrender value will be paid which is equivalent to 30% of all premiums paid barring the first year premium.

Free Look Period: Akshay Nidhi plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

Plan Name: Raksha

Insurer: Shriram Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and returns on investment

• Bonuses
• Riders available
• Large Sum Assured Rebate
• Loan facility

Maximum Entry Age: 65 Years

Maximum Age at Maturity: 75 Years

Premium Paying Term: 10 Years- 25 Years

Premium Payment Frequency: Yearly, Half Yearly, Quarterly

What benefits does Shri Raksha offer?

Death benefit:

In case of unfortunate death of the life insured during the premium paying term, double the Sum Assured along with vested bonuses will be paid. If death occurs after the premium paying term, Sum Assured along with vested bonuses will be paid.

Maturity Benefit:

At the end of policy term, Sum Assured with vested bonuses will be paid.

Discount:

For Sum Assured equal or above Rs 100,000, rebate on premium will be made.

Riders:

By paying additional nominal premium, you can opt for the following riders- Accidental benefit rider, family income benefit rider and extra insurance rider.

Loans:

You can get loan up to 90% of the surrender value.

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

Free Look Period: Raksha plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

Insurer: Shriram Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and returns on investment

• Bonuses
• Inbuilt family income rider
• Accidental Rider available
• Loan facility

Maximum Entry Age: 50 Years

Maximum Age at Maturity: 75 Years

Policy Term:  7 Years - 25 Years

Premium Payment Term: Policy Term

Premium Payment Frequency: Yearly, Half Yearly, Quarterly

What benefits does Shri Vivah offer?

Death benefit:

In case of unfortunate death of the life insured, Sum Assured along with vested bonuses will be paid. 1% of Sum Assured will be paid monthly till the end of policy term. At the end of policy term, Sum Assured will be paid again.

Maturity Benefit:

At the end of policy term, Sum Assured with vested bonuses will be paid.

Discount:

For Sum Assured equal or above Rs 100,000, rebate on premium will be made.

Riders:

By paying additional nominal premium, you can opt for the Accidental death benefit rider.

Loans:

You can get loan up to 90% of the surrender value.

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

Free Look Period: Vivah plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

Insurer: Shriram Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and returns on investment

• Single Premium plan
• Bonuses
• Riders available
• Loan facility

Maximum Entry Age: 65 Years

Maximum Age at Maturity: 75 Years

Policy Term:  5Years - 25 Years

Premium Payment Term: Single Premium

What benefits does Shri Laabh offer?

Death benefit:

In case of unfortunate death of the life insured, double the Sum Assured along with vested bonuses will be paid.

Maturity Benefit:

At the end of policy term, Sum Assured with vested bonuses will be paid.

Riders:

You can opt for the following riders with the plan- Accidental death benefit and family income benefit rider.

Loans:

You can get loan up to 10% of the surrender value.

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

Free Look Period: Laabh plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.