Insurer: Bajaj Allianz Life Insurance 

Category: Single Premium Unit Linked Insurance Plan

Objective: Financial protection of family and good return on investment

Option to decrease Sum Assured

Unlimited free switches

Optional Riders

Maximum Entry Age: 65 Years

Minimum Age at Maturity: 18 Years

Maximum Age at Maturity: 75 Years

Policy Term: 10/15/20/25 Years

Premium Paying Term: Single

Minimum Premium: Rs 50,000

In case of death of the life insured, higher of Sum Assured or fund value shall be payable.

Maturity Benefit:

The fund value as on maturity date is paid to the policyholder.

Guaranteed Addition:

A certain % of single premium will be added as follows:

Decrease Sum Assured:

You can decrease Sum Assured if required subject to the minimum cover allowed in the plan.

Riders:

Riders add more financial security to the base plan. The riders available with Flexi Advantage are:

- Accidental Death Benefit Rider

- Accidental Permanent/Total/Partial Disability Rider

- Critical Illness Rider

- Hospital Cash benefit Rider

- Family Income Benefit Rider

- Term Rider

Bajaj Allianz has seven funds available ranging from conservative to aggressive. If you have higher risk appetite and are for long term you can opt for aggressive fund. On the other hand, if you have limited investment period, you should go for conservative Secure Fund.

In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

Sanjeev aged 30 invests Rs 1 lacs as a single premium. The policy term is 20 years. He opts for insurance cover of Rs 5 lacs.

Assume fund value after four years is Rs 1.3 lacs.

Death Benefit: If Sanjeev passes away after four years, his wife will get fund value.

Maturity Benefit: He gives in total amount of Rs 100,000 to Bajaj Allianz. At maturity, assuming growth of 10% only, fund value would be approximately Rs 427,869. The maturity amount could be more depending on the money market scenario. Longer terms typically provide good returns.

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

Premium Allocation Charges: These charges are deducted as percentage of premium. Insurer deducts these charges on account of expenses incurred by the company – medical examination, policy issuance, underwriting bills. Premium allocation charge is 10% of the single premium.

Fund Management Charge: These are the charges levied as a percentage of fund value to manage the funds. The premium paid is allocated into different portfolio of funds. The charges are 1.35% for Equity Growth Fund II, Accelerator Mid-Cap Fund II, Pure Stock Fund; 1.25% for Asset Allocation fund, Equity Index Fund II; 0.95% for Bond Fund and Liquid Fund.

Policy Administration Charge: These are monthly deductions by the insurer for maintaining the policy- paperwork, work force etc.  They are recovered through cancellation of units. Flexi Advantage has no administration charges.

Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.

What else should I know about?

Switch: Switch is made to transfer the fund value from one fund to another. The minimum amount to be switched is Rs 5000. You can make as many switches as you want and are free of cost.

Partial Withdrawal: If policyholder is above 18 years, partial withdrawal can be made subject to minimum of Rs 5,000.

Free Look Period: Flexi Advantage 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: DLF Pramerica Life Insurance

Category: Unit Linked Insurance Plan

Objective: Financial protection of family and good return on investment

Maximum Entry Age: 50 Years

Maximum Age at Maturity: 70 Years

Policy Term: 15, 20 Years

Minimum Premium: Rs 25,000 Annual Mode

Premium Payment Frequency: Annual

Returns in DLF Pramerica EZee Wealth +

Any ULIP’s performance is directly dependent on the performance of the fund which in turn depends upon equity and debt market. If the market is rising, it will automatically reflect on your returns.

DLF Pramerica has 4 funds available ranging from conservative to aggressive. If you have higher risk appetite and are for long term you can opt for aggressive fund. On the other hand, if you have limited investment period, you should go for conservative fund.

In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

Premium Allocation Charges: The premium allocation charge is 9.5% for the 1^st policy year. No charges from 2^nd year onwards.

Fund Management Charge: The FMC for debt fund is 1.20% while for other funds, charge is 1.35%.

Policy Administration Charges: Policy administration monthly charges range from 0.55% to 0.50%.

Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.

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

Switch: Switch is made to transfer the fund value from one fund to another. 4 switches are free of charge.

Partial Withdrawal: If policyholder is above 18 years, he can withdraw a portion of amount. One free partial withdrawal is allowed in a policy year.

Grace period: EZee Wealth + can be renewed within 30 days from the premium due date.

What to do?

To Cancel Policy: EZee Wealth + 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.

If you want to cancel policy after the initial period of 15 days, you can do it but the amount will be paid only after lock in period years. If you cancel policy within 5 years from inception, the amount will grow at interest rate equal to interest rate savings account of State Bank of India. After five years, if you cancel the policy, there will be no cancellation charges and amount will be paid immediately.

Insurer: Star Union Dai-ichi Life Insurance

Category: Unit Linked Insurance Plan

Objective: Financially Securing Child’s Future

• Monthly Payout in case of death
• Inbuilt Waiver of Premium
• Limited Premium payment term
• Riders and loan available

Maximum Entry Age: 13 Years (Child), 52 Years (Life Assured)

Maturity Age: 25 Years (Child), 52 Years (Life Assured)

Policy Term: 12-25 Years

Premium Payment Term: 5/7/10 Years, Policy Term

Minimum Premium: Rs 24,000 per annum

The fund value will be paid to the policyholder.

Death Benefit:

In case the life insured passes away, the Sum Assured will be paid to the nominee.

Monthly Income Benefit equal to 1% of Sum Assured will be payable every month.

The future premiums are waived off and will be added by the insurer to the fund value. The fund value will be paid at the end of policy term.

Riders:

By paying additional nominal premium, you can add the following riders with the plan to increase the financial security- Accidental Death and Total & Permanent Disability and Critical Illness.

Loan Facility:

You can apply for loans against the policy after completion of 3 policy years.  Depending on the fund allocation, the maximum loan amount that can be sanctioned is 40%-50% of the surrender value.

Settlement Option: Instead of lump sum amount on maturity, you can choose to receive the amount in installments over the next few years.

Returns in SUD Prabhat Tara 3

Any ULIP’s performance is directly dependent on the performance of the fund which in turn depends upon equity and debt market. If the market is rising, it will automatically reflect on your returns.

SUD has 4 funds available ranging from conservative to aggressive. If you have higher risk appetite and are for long term you can opt for aggressive fund. On the other hand, if you have limited investment period, you should go for conservative fund.

In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

Are there any tax benefits?

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

What are the charges in SUD Prabhat Tara 3?

Premium Allocation Charge:

The premium allocation charge for Prabhat Tara 3 is 6% of annual premium for the first 5 years and 5% from 6^th year onwards.

Fund Management Charge (FMC):

These are the charges levied as a percentage of fund value to manage the funds. The premium paid is allocated into different portfolio of funds. The annual FMC charge is 1% for all funds.

Policy Administration Charge:

These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc.  The annual policy administration charge is Rs 360 for the 1^st policy year increasing every policy year by 5% per annum.

Mortality Charge:

These are charges deducted as a part of life cover provided and are recovered through cancellation of units. Mortality charge is dependent on the risk cover taken along with age, gender and health condition.

Other Charges:

For benefits like premium waiver and monthly benefit, charges will be deducted through cancellation of units. The charge will depend on Sum Assured opted.

Switch: You can switch from one fund to another and only 1 switch is free of cost in a policy year. The minimum switch amount should be Rs 10,000.

Partial Withdrawal: If policyholder is above 18 years, you can withdraw some amount from the fund value. The minimum partial withdrawal amount is Rs 10,000. One partial withdrawals is free of cost.

Grace period: Prabhat Tara 3 Plan can be renewed within 30 days from the premium due date. For monthly mode, grace period is 15 days.

Insurer: Canara HSBC Oriental Bank of Commerce Life Insurance

Category: Unit Linked Insurance Plan

Objective: Financial protection of family and good return on investment

Maximum Entry Age: 65 Years

Maximum Age at Maturity: 99 Years

Policy Term: Whole Life

Premium Paying Term: 10 Years (Minimum)

Minimum Premium: Rs 25,000 Annual Mode

Returns in Canara HSBC Grow Smart

Any ULIP’s performance is directly dependent on the performance of the fund which in turn depends upon equity and debt market. If the market is rising, it will automatically reflect on your returns.

Canara HSBC has 5 funds available ranging from conservative to aggressive. If you have higher risk appetite and are for long term you can opt for aggressive fund. On the other hand, if you have limited investment period, you should go for conservative fund.

In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

Premium Allocation Charges: These charges are deducted as percentage of premium. Insurer deducts these charges on account of expenses incurred by the company – medical examination, policy issuance, underwriting bills. Premium allocation charges range from 5.40% to 8.40% of annual premium in the first 10 policy years. There are no premium allocation charges thereafter.

Fund Management Charge: The annual charge is 1.35% for all funds except liquid fund where the charge is 0.80% per annum.

Policy Administration Charges: The monthly charge is 0.05% of annual premium for the first 5 policy years and will increase by 20% every 5 years.

Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.

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

Switch: Switch is made to transfer the fund value from one fund to another. Six switches are free of charge in a policy year.

Partial Withdrawal: If policyholder is above 18 years, you can make partial withdrawal and the minimum amount is Rs 10,000. First 4 partial withdrawals are free in a policy year.

Grace period: Grow Smart can be renewed within 30 days from the premium due date.

What to do?

To Cancel Policy: Grow Smart 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.

If you want to cancel policy after the initial period of 15 days, you can do it but the amount will be paid only after lock in period years. If you cancel policy within 5 years from inception, the amount will grow at interest rate equal to the minimum guaranteed interest rate of State Bank of India. After five years, if you cancel the policy, there will be no cancellation charges and amount will be paid immediately.

Insurer: Canara HSBC Oriental Bank of Commerce Life Insurance

Category: Unit Linked Insurance Plan

Objective: Financial protection of family and good return on investment

Maximum Entry Age: 60 Years

Maximum Age at Maturity: 80 Years

Policy Term: 20 Years

Premium Paying Term: 10 Years, Policy term

Minimum Premium: Rs 25,000 Annual Mode

Returns in Canara HSBC Dream Smart

Any ULIP’s performance is directly dependent on the performance of the fund which in turn depends upon equity and debt market. If the market is rising, it will automatically reflect on your returns.

Canara HSBC has 5 funds available ranging from conservative to aggressive. If you have higher risk appetite and are for long term you can opt for aggressive fund. On the other hand, if you have limited investment period, you should go for conservative fund.

In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

Premium Allocation Charges: These charges are deducted as percentage of premium. Insurer deducts these charges on account of expenses incurred by the company – medical examination, policy issuance, underwriting bills. Premium allocation charges range from 5.40% to 8.40% of annual premium in the first 10 policy years. There are no premium allocation charges thereafter.

Fund Management Charge: The annual charge is 1.35% for all funds except liquid fund where the charge is 0.80% per annum.

Policy Administration Charges: The monthly charge is 0.05% of annual premium for the first 5 policy years and will increase by 20% every 5 years.

Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.

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

Switch: Switch is made to transfer the fund value from one fund to another. Six switches are free of charge in a policy year.

Partial Withdrawal: If policyholder is above 18 years, you can make partial withdrawal and the minimum amount is Rs 10,000. First 4 partial withdrawals are free in a policy year.

Grace period: Dream Smart can be renewed within 30 days from the premium due date.

What to do?

To Cancel Policy: Dream Smart 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.

If you want to cancel policy after the initial period of 15 days, you can do it but the amount will be paid only after lock in period years. If you cancel policy within 5 years from inception, the amount will grow at interest rate equal to the minimum guaranteed interest rate of State Bank of India. After five years, if you cancel the policy, there will be no cancellation charges and amount will be paid immediately.

Insurer: Bajaj Allianz Life Insurance 

Category: Unit Linked Insurance Plan

Objective: Financial protection of family and good return on investment

Maximum Entry Age: 50 Years

Maximum Age at Maturity: 60 Years

Policy Term: 10 Years

Minimum Premium: Rs 5,000

Premium Paying Term: Single Premium

Returns in Bajaj Allianz Guaranteed Maturity

Any ULIP’s performance is directly dependent on the performance of the fund which in turn depends upon equity and debt market. If the market is rising, it will automatically reflect on your returns.

Bajaj Allianz Guaranteed Maturity has just one fund- Guarantee bond fund which is of medium risk profile.

In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

Premium Allocation Charges: There are no premium allocation charges.

Fund Management Charge: The annual fund management charge is 1.00% for guarantee bond

fund.

Guaranteed Charge: 2% of the regular premium paid.

Policy Administration Charge: These are deductions which start from first month and are for maintaining the policy- paperwork, work force etc. For 1^st five policy years, 1.85% per annum of total single premium is deducted. Thereafter, 0.70% per annum of total single premium amount is deducted.

Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.

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

Partial Withdrawal: If policyholder is above 18 year, you can make partial withdrawals.

Grace period: Guaranteed Maturity can be renewed within 30 days from the premium due date. Additional 30 days are given after notice has been sent to revive or discontinue the policy.

What to do?

To Cancel Policy: Guaranteed Maturity 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.

If you want to cancel policy after the initial period of 15 days, you can do it but the amount will be paid only after lock in period years. If you cancel policy within 5 years from inception, the amount will grow at interest rate of 3.5% compounded annually. After five years, if you cancel the policy, there will be no cancellation charges and amount will be paid immediately.

Insurer: Birla Sun Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and returns on investment

Accidental death rider available

Loan facility

Maximum Entry Age: 60 Years

Policy Term:  20 Years

Monthly Base Premium: Rs 400- Rs 5,000

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

What benefits does Birla Sun Life Bachat Endowment offer?

Death benefit:

In case of unfortunate death of the life insured, higher of Sum Assured or premiums paid are payable. Additionally, Bachat additions and loyalty additions are also payable.

Maturity Benefit:

At the end of policy term, base premium paid along with Bachat additions earned and loyalty additions will be paid.

Bachat Addition:

These are added at the end of every policy year.

Bachat Addition= Sum of all monthly base premium paid x Bachat addition rate

The bachat addition rate will be declared every year.

Loyalty Addition:

These will be added on maturity or death of life insured.

Riders:

You can opt for the Accidental death benefit rider with the plan.

Loans:

You can apply for loans against the policy from 3^rd policy year onwards. You can get maximum of 90% of the surrender value.

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

Reinstatement: You can revive lapsed policy within 2 years from due date of the first unpaid premium.

Surrender Value: You can surrender the policy after 1^st policy year. The guaranteed surrender value will be equivalent to 35% of all premiums paid less the first years’ premium.

Free Look Period: Bachat Endowment 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: Birla Sun Life Insurance

Category: Unit Linked Insurance Plan

Objective: Provides regular income post retirement

Maximum Entry Age: 60 Years

Policy Term: Whole life

Vesting Age: 55, 60, 65, 70

Premium Paying Term: 5, 10, 15, 20 Years

Minimum Premium: Rs 12,000 Annual Mode

Premium Payment Frequency: Annual, Semi-Annual, Quarterly, Monthly

Returns in Birla Sun Life Dream Life

Any ULIP’s performance is directly dependent on the performance of the fund which in turn depends upon equity and debt market. If the market is rising, it will automatically reflect on your returns.

In Birla Sun Life, amount is invested in Enhancer fund which is a medium risk fund.

In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

Premium Allocation Charges: These charges are deducted as percentage of premium. Insurer deducts these charges on account of expenses incurred by the company – medical examination, policy issuance, underwriting bills. The premium allocation charge range from 5% to 7.5% of annual premium.

Fund Management Charge: The annual charge 1.25% for Enhancer fund.

Investment Guarantee Charge: This is equal to 2% of basic premium.

Policy Administration Charges: This charge equals Rs 20 per month for the first five policy years and inflates at 5% per annum thereafter.

Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.

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

Partial Withdrawal: If policyholder is above 18 years, you can make partial withdrawal. The minimum partial withdrawal is Rs 5,000 and you can make as many withdrawals as you want.

Grace period: Dream Life can be renewed within 30 days from the premium due date.

What to do?

To Cancel Policy: Dream 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.

If you want to cancel policy after the initial period of 15 days, you can do it but the amount will be paid only after lock in period years. If you cancel policy within 5 years from inception, the amount will grow at interest rate of 3.5% compounded annually. After five years, if you cancel the policy, there will be no cancellation charges and amount will be paid immediately.

Insurer: Birla Sun Life Insurance

Category: Unit Linked Insurance Plan

Objective: Provides regular income post retirement

Maximum Entry Age: 60 Years

Policy Term: Whole life

Premium Paying Term: 5, 10, 15, 20 Years

Minimum Premium: Rs 25,000 Annual Mode

Premium Payment Frequency: Annual, Semi-Annual, Quarterly, Monthly

Returns in Birla Sun Life Classic Life

Any ULIP’s performance is directly dependent on the performance of the fund which in turn depends upon equity and debt market. If the market is rising, it will automatically reflect on your returns.

Birla Sun Life has 10 funds available ranging from conservative to aggressive. If you have higher risk appetite and are for long term you can opt for aggressive fund. On the other hand, if you have limited investment period, you should go for conservative fund.

In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

Premium Allocation Charges: These charges are deducted as percentage of premium. Insurer deducts these charges on account of expenses incurred by the company – medical examination, policy issuance, underwriting bills. The premium allocation charge range from 5% to 7.5% of annual premium.

Fund Management Charge: The annual charge range from 1.00% to 1.35% for different funds.

Policy Administration Charges: This charge equals Rs 20 per month for the first five policy years and inflates at 5% per annum thereafter.

Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.

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

What else should I know about?

Switch: Switch is made to transfer the fund value from one fund to another.

Partial Withdrawal: If policyholder is above 18 years, you can make partial withdrawal. The minimum partial withdrawal is Rs 5,000 and you can make as many withdrawals as you want.

Grace period: Classic Life can be renewed within 30 days from the premium due date.

What to do?

To Cancel Policy: Classic 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.

If you want to cancel policy after the initial period of 15 days, you can do it but the amount will be paid only after lock in period years. If you cancel policy within 5 years from inception, the amount will grow at interest rate of 3.5% compounded annually. After five years, if you cancel the policy, there will be no cancellation charges and amount will be paid immediately.

Insurer: Birla Sun Life Insurance

Category: Unit Linked Insurance Plan

Objective: Financial protection of family and good return on investment

Maximum Entry Age: 65 Years

Maximum Age at Maturity: 75 Years

Policy Term: 10, 15, 20, 25 and 30 Years

Premium Paying Term: 5, 10, 15, 20 Years, Policy Term

Minimum Premium: Rs 12,000 Annual Mode

Premium Payment Frequency: Annual, Semi-Annual, Quarterly, Monthly

Returns in Birla Sun Life Dream Endowment

Any ULIP’s performance is directly dependent on the performance of the fund which in turn depends upon equity and debt market. If the market is rising, it will automatically reflect on your returns.

In Birla Sun Life Dream Endowment, the amount is invested in Enhancer fund which balances the risk between equity and debt.

In a typical scenario, you will be able to get at least 10% return on investment. The investment risk is borne by the policyholder.

Premium Allocation Charges: These charges are deducted as percentage of premium. Insurer deducts these charges on account of expenses incurred by the company – medical examination, policy issuance, underwriting bills. The premium allocation charge range from 5% to 7.5% of annual premium.

Fund Management Charge: The annual charge range is 1.25% for the fund.

Policy Administration Charges: This charge equals Rs 20 per month for the first five policy years and inflates at 5% per annum thereafter.

Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.

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

Grace period: Dream Endowment can be renewed within 30 days from the premium due date. Additional 30 days are given after notice has been sent to revive or discontinue the policy.

What to do?

To Cancel Policy: Dream Endowment 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.

If you want to cancel policy after the initial period of 15 days, you can do it but the amount will be paid only after lock in period years. If you cancel policy within 5 years from inception, the amount will grow at interest rate of 3.5% compounded annually. After five years, if you cancel the policy, there will be no cancellation charges and amount will be paid immediately.