SBI Life Smart Wealth Assure Review
SBI Life Smart Wealth Assure Review
Plan Name: Smart Wealth Assure
Insurer: SBI Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
SBI Life Smart Wealth Assure Plan is a Type I ULIP which means that under the death clause, you are entitled to higher of Sum Assured or Fund Value. The minimum death benefit would be 105% of premiums paid.
Smart Wealth Assure has a return guaranteed fund which you can opt in which a minimum NAV is guaranteed.
Benefits of SBI Life Smart Wealth Assure
Maturity: The fund value as on maturity date will be provided to you. If opted for guaranteed fund, higher of fund value or minimum guaranteed NAV fund value will be provided.
Settlement Option: Instead of lump sum amount on maturity, you can choose to receive the amount in installments over the next few years.
Riders: The riders pay additional amount on occurrence of an eventuality. You can opt for Accidental death benefit rider with the plan.
Eligibility for SBI Life Smart Wealth Assure
Minimum Entry Age: 8 Years
Maximum Entry Age: 65 Years
Maximum Age at Maturity: 75 Years
Policy Term: 10 to 30 Years
Premium Paying Term: Single Premium
Minimum Premium: Rs 50,000
Returns in SBI Life Smart Wealth Assure
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.
SBI Life has four 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.
What charges does SBI Life Smart Wealth Assure deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 3% of the single premium amount.
Fund Management Charge: Charge ranging from 1.00% to 1.35% is deducted from the units for fund management.
Policy Administration Charge: These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc. The monthly policy administration charge INR 45 and is deducted for the first five years.
Mortality Charge:These are charges deducted as a part of life cover provided and are recovered through cancellation of units.
Other Charges: There are charges for switches, partial withdrawal after the limited free number have been utilized. There is also a guarantee charge of 0.35% of the fund value.
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.
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. You can make two free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000 and fund value equal to one year annual premium shall always be maintained. One free partial withdrawal can be made per year.
Grace period: Smart Wealth Assure 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: Smart Wealth Assure 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.
How can I buy SBI Life Smart Wealth Assure?
Policybazaar representatives will assist you in buying Smart Wealth Assure.
SBI Life Smart Elite Review
SBI Life Smart Elite Review
Plan Name: Smart Elite
Insurer: SBI Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
SBI Life Smart Elite Plan has two variants:
Gold Option: It is Type I ULIP where under death clause, you will receive higher of Sum Assured or Fund Value
Platinum Option: It is Type II ULIP where under death clause, you will receive both Sum Assured and Fund Value.
There is inbuilt accidental death and accidental total and permanent disability which pays additional Sum Assured if the death occurs as a result of accident.
Benefits of SBI Life Smart Elite
Maturity: The fund value as on maturity date will be provided to you.
Flexible Sum Assured: You can increase or decrease the life cover as per your requirements.
Settlement Option: Instead of lump sum amount on maturity, you can choose to receive the amount in installments over the next few years.
Eligibility for SBI Life Smart Elite
Minimum Entry Age: 18 Years
Maximum Entry Age: 60 Years
Maximum Age at Maturity: 65 Years
Policy Term: 5 to 20 Years
Premium Paying Term: 5/8/10 Years, Single, Policy Term
Minimum Premium: Rs 150,000 Annual Mode
Returns in SBI Life Smart Elite
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.
SBI Life has six 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.
What charges does SBI Life Smart Elite deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 is 3% of annual premium and deducted till the end of 5th year.
Fund Management Charge: Charge ranging from 0.25% to 1.35% is deducted from the units for fund management.
Policy Administration Charge: These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc. The monthly policy administration charge is INR 60.
Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.
Other Charges: There is charge for switches, partial withdrawal after the limited free number have been utilized. Accidental benefit charges are deducted through cancellation of units.
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.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Top-Up premium: Not available
Switch: Switch is made to transfer the fund value from one fund to another. You can make two free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000.One free partial withdrawals can be made per year.
Grace period: Smart Elite 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: Smart Elite 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.
How can I buy SBI Life Smart Elite?
Policybazaar representatives will assist you in buying Smart Elite.
SBI Life Unit Plus Super Review
SBI Life Unit Plus Super Review
Plan Name: Unit Plus Super
Insurer: SBI Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
SBI Life Unit Plus Super Plan is a Type I ULIP which means that under the death clause, you are entitled to either Sum Assured or Fund Value whichever is higher. The minimum death benefit would be 105% of all premiums paid.
Benefits of SBI Life Unit Plus Super
Maturity: The fund value as on maturity date will be provided to you.
Guaranteed Additions: A specified % of annual premium amount is added to the fund value every 5 years from 10th policy year onwards.
Flexible Sum Assured: You can increase or decrease the life cover as per your requirements.
Settlement Option: Instead of lump sum amount on maturity, you can choose to receive the amount in installments over the next few years.
Riders: The riders pay additional amount on occurrence of an eventuality. You can opt for Criti Care 13, Accidental Death Benefit, Premium Payor and Income Sustainer rider with the plan.
Eligibility for SBI Life Unit Plus Super
Minimum Entry Age: 7 Years
Maximum Entry Age: 65 Years
Maximum Age at Maturity: 75 Years
Policy Term: 5, 10, 15 to 30 Years
Premium Paying Term: 5/8/10 Years, Policy Term
Minimum Premium: Rs 30,000 Annual Mode
Returns in SBI Life Unit Plus Super
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.
SBI Life has nine 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.
What charges does SBI Life Unit Plus Super deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 vary from 3% to 9% of annual premium.
Fund Management Charge: Charge ranging from 0.25% to 1.35% is deducted from the units for fund management.
Policy Administration Charge: These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc. The policy administration charge is INR 60 from the sixth year onwards.
Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.
Other Charges: There are charges for switches, partial withdrawal after the limited free number have been utilized.
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.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Top-Up premium: Not available
Switch: Switch is made to transfer the fund value from one fund to another. You can make two free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000. One free partial withdrawal can be made per year.
Grace period: Unit Plus Super 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: Unit Plus Super 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.
How can I buy SBI Life Unit Plus Super?
Policybazaar representatives will assist you in buying Unit Plus Super.
Reliance Life Pay Five Review
Reliance Life Pay Five Review
Plan Name: Pay Five
Insurer: Reliance Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
Reliance Life Pay Five Plan is a Type II ULIP which means that under the death clause, you are entitled to both Sum Assured and Fund Value.
There are also many investment options available with the plan. You can choose the required option and balance the risks associated with the equity and debt market.
Benefits of Reliance Life Pay Five
Maturity: The fund value as on maturity date will be provided to you.
Loans: You can avail loans against the policy after completion of two policy years. The maximum loan amount should not exceed 40% 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.
Riders: The riders pay additional amount on occurrence of an eventuality. You can opt for New
Major Surgical benefit, New Critical Conditions, Term life insurance benefit and Accidental death and total and permanent disablement rider with the plan.
Eligibility for Reliance Life Pay Five
Minimum Entry Age: 7 Years
Maximum Entry Age: 65 Years
Maximum Age at Maturity: 75 Years
Policy Term: 10/15 Years
Premium Paying Term: 5 Years
Minimum Premium: Rs 45,000 Annual Mode
Returns in Reliance Life Pay Five
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.
Reliance Life has eight 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.
What charges does Reliance Life Pay Five deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 9.25% for 1st year and 6.50% till 5th year.
Fund Management Charge: Charge ranging from 1.25% to 1.35% is deducted from the units for fund management.
Policy Administration Charge: There are no policy administration charges for premium payment term. Monthly charge of INR 40 will be deducted thereafter.
Mortality Charge:These are charges deducted as a part of life cover provided and are recovered through cancellation of units.
Other Charges: There are charges for switches; partial withdrawal and premium redirection after the limited free number have been utilized.
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.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Top-Up premium: This is the additional premium which can be added above the usual premium to get more units if you think the particular fund is providing good returns. Top-Up can be made after 1st policy year and not in last 5 policy years. The minimum Top-Up in Pay Five is Rs 5,000.
Switch: Switch is made to transfer the fund value from one fund to another. You can make fifty two free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000 and fund value equal to 125% annual premium shall always be maintained.
Grace period: Pay Five 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: Pay Five 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.
How can I buy Reliance Life Pay Five?
Policybazaar representatives will assist you in buying Pay Five.
Reliance Life Classic Review
Reliance Life Classic Review
Plan Name: Classic
Insurer: Reliance Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
Reliance Life Classic Plan is a Type II ULIP which means that under the death clause, you are entitled to both Sum Assured and Fund Value.
In case of accidental death, an additional amount equal to base Sum Assured will be paid as well.
There are also many investment options available with the plan. You can choose the required option and balance the risks associated with the equity and debt market.
Benefits of Reliance Life Classic
Maturity: The fund value as on maturity date will be provided to you.
Loans: You can avail loans against the policy after completion of two policy years. The maximum loan amount should not exceed 40% 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.
Riders: The riders pay additional amount on occurrence of an eventuality. You can opt for New Major Surgical benefit, New Critical Conditions and Term life insurance benefit rider with the plan.
Eligibility for Reliance Life Classic
Minimum Entry Age: 7 Years
Maximum Entry Age: 65 Years
Maximum Age at Maturity: 75 Years
Policy Term: 10-30 Years
Premium Paying Term: Single Premium, Policy Term
Minimum Premium: Rs 20,000 Annual Mode (Regular Premium)
Returns in Reliance Life Classic
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.
Reliance Life has nine 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.
What charges does Reliance Life Classic deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 vary from 5% to 7% of annual premium.
Fund Management Charge: Charge ranging from 1.25% to 1.35% is deducted from the units for fund management.
Policy Administration Charge: There are no policy administration charges for regular premium policies. Monthly charge of INR 40 will be deducted for single premium policies.
Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.
Other Charges: There is charge for switches after the limited free number have been utilized.
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.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Top-Up premium: This is the additional premium which can be added above the usual premium to get more units if you think the particular fund is providing good returns. Top-Up can be made after 1st policy year and not in last 5 policy years. The minimum Top-Up in Classic is Rs 5,000.
Switch: Switch is made to transfer the fund value from one fund to another. You can make fifty two free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000 and fund value equal to 125% annual premium shall always be maintained.
Grace period: Classic 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: Classic 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.
How can I buy Reliance Life Classic?
Policybazaar representatives will assist you in buying Classic.
Future Generali Wealth Protect Review
Future Generali Wealth Protect Review
Plan Name: Wealth Protect
Insurer: Future Generali Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
Future Generali Wealth Protect Plan is a Type I ULIP which means that under the death clause, you are entitled to either Sum Assured or Fund Value or 105% of premiums paid whichever is higher.
Benefits of Future Generali Wealth Protect
Maturity: The fund value as on maturity date along with loyalty additions will be provided to you.
Loyalty Addition: As per the premium amount, a specified % of first year premium is added to fund value on maturity.
Decrease Life Cover: You can decrease the Sum Assured subject to the minimum limit under the policy.
Settlement Option: Instead of lump sum amount on maturity, you can choose to receive the amount in installments over the next few years.
Riders: The riders pay additional amount on occurrence of an eventuality. You can opt for Accidental death, Accidental total and permanent disability, life guardian rider, critical illness rider with the plan.
Eligibility for Future Generali Wealth Protect
Minimum Entry Age: 7 Years
Maximum Entry Age: 60 Years
Maximum Age at Maturity: 75 Years
Policy Term: 15 to 40 Years
Premium Paying Term: Policy Term
Minimum Premium: Rs 25,000 Annual Mode
Returns in Future Generali Wealth Protect
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.
Future Generali 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 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.
What charges does Future Generali Wealth Protect deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 vary from 2% to 5% of annual premium.
Fund Management Charge: Charge ranging from 1.10% to 1.35% is deducted from the units for fund management.
Policy Administration Charge: These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc. The policy administration charge is dependent on the premium band.
Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.
Other Charges: There is charge for switches after the limited free number have been utilized.
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.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Top-Up premium: Not available
Switch: Switch is made to transfer the fund value from one fund to another. You can make twelve free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000 and fund value equal to one year annual premium shall always be maintained. Four partial withdrawals can be made per year and are free.
Grace period: Wealth Protect 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: Wealth Protect 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.
How can I buy Future Generali Wealth Protect?
Policybazaar representatives will assist you in buying Wealth Protect
Future Generali Bima Advantage Review
Future Generali Bima Advantage Review
Plan Name: Bima Advantage
Insurer: Future Generali Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
Future Generali Bima Advantage Plan is a Type I ULIP which means that under the death clause, you are entitled to either Sum Assured or Fund Value or 105% of premiums paid whichever is higher.
Benefits of Future Generali Bima Advantage
Maturity: The fund value as on maturity date will be provided to you.
Enhanced Cover: You can opt for increasing the life cover at the inception of policy. The enhances sum assured could be equal or less than the basic sum assured.
Eligibility for Future Generali Bima Advantage
Minimum Entry Age: 7 Years
Maximum Entry Age: 65 Years
Maximum Age at Maturity: 75 Years
Policy Term: 10 to 30 Years
Premium Paying Term: Policy Term
Minimum Premium: Rs 15,000 Annual Mode (for term of 15 years and more)
Returns in Future Generali Bima Advantage
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.
Future Generali has six 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.
What charges does Future Generali Bima Advantage deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 vary from 3% to 6% of annual premium.
Fund Management Charge: Charge ranging from 1.10% to 1.35% is deducted from the units for fund management.
Policy Administration Charge: These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc. The policy administration charge is 2% of basic premium for the first 5 years and inflating 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.
Other Charges: There is charge for switches, partial withdrawal after the limited free number have been utilized.
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.
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. You can make twelve free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000 and fund value equal to one year annual premium shall always be maintained. Four partial withdrawals can be made per year and are free.
Grace period: Bima Advantage 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: Bima 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.
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.
How can I buy Future Generali Bima Advantage?
Policybazaar representatives will assist you in buying Bima Advantage.
MetLife Smart Platinum Review
MetLife Smart Platinum Review
Plan Name: Smart Platinum
Insurer: MetLife Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
MetLife Smart Platinum Plan is a Type I ULIP which means that under the death clause, you are entitled to either Sum Assured or Fund Value or 105% of premiums paid whichever is higher.
Smart Life is a whole life platinum plan which matures when the life insured attains age of 99.
There are also many investment options available with the plan. You can choose the required option and balance the risks associated with the equity and debt market. There are no charges for partial withdrawal and premium redirection.
Benefits of MetLife Smart Platinum
Maturity: The fund value as on maturity date will be provided to you.
Flexible Sum Assured: You can increase or decrease the Sum Assured as per your needs and requirements.
Flexible Premium Payment Term: If you have opted for 5 Pay, you can increase the premium paying term to 10 years.
Loans: You can apply for loans against the policy and the maximum amount is 50% of surrender value.
Riders: The riders pay additional amount on occurrence of an eventuality. You can opt for Accidental death and Critical Illness rider with the plan.
Eligibility for MetLife Smart Platinum
Minimum Entry Age: 7 Years
Maximum Entry Age: 70 Years
Maximum Age at Maturity: 99 Years
Policy Term: Whole Life
Premium Paying Term: 5, 10, Policy Term
Minimum Premium: Rs 20,000 Annual Mode
Returns in MetLife Smart Platinum
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.
MetLife has six 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.
What charges does MetLife Smart Platinum deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 vary from 2.5% to 6% of annual premium.
Fund Management Charge: Charge ranging from 1.00% to 1.25% is deducted from the units for fund management.
Policy Administration Charge: These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc. The policy administration charge is Rs 35/Rs 40 depending on the premium mode opted.
Mortality Charge:These are charges deducted as a part of life cover provided and are recovered through cancellation of units.
Other Charges: There is charge for switches after the limited free number have been utilized.
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.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Top-Up premium: This is the additional premium which can be added above the usual premium to get more units if you think the particular fund is providing good returns. Top-Up can be made after 1st policy year and not in last 5 policy years. The minimum Top-Up in Smart Platinum is Rs 5,000.
Switch: Switch is made to transfer the fund value from one fund to another. You can make four free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000 and fund value equal to 120% of annual premium shall always be maintained. One partial is free in a year.
Grace period: Smart Platinum 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: Smart Platinum 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.
How can I buy MetLife Smart Platinum?
Policybazaar representatives will assist you in buying Smart Platinum.
MetLife Easy Super Review
MetLife Easy Super Review
Plan Name: Easy Super
Insurer: MetLife Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
MetLife Easy Super Plan is a Type I ULIP which means that under the death clause, you are entitled to either Sum Assured or Fund Value or 105% of premiums paid whichever is higher.
There are also many investment options available with the plan. You can choose the required option and balance the risks associated with the equity and debt market.
There are no policy administration charges in Easy Super.
Benefits of MetLife Easy Super
Maturity: The fund value as on maturity date will be provided to you.
Loan: You can apply for loan against Easy Super after two policy years. The maximum loan that can be applied is 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.
Riders: The riders pay additional amount on occurrence of an eventuality. You can opt for Accidental death benefit rider with the plan.
Eligibility for MetLife Easy Super
Minimum Entry Age: 18 Years
Maximum Entry Age: 60 Years
Maximum Age at Maturity: 75 Years
Policy Term: 15, 20 Years
Premium Paying Term: Policy Term
Minimum Premium: Rs 12,000 Annual Mode
Returns in MetLife Easy Super
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.
MetLife has six 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.
What charges does MetLife Easy Super deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 vary from 5% to 9.15% of annual premium.
Fund Management Charge: Charge ranging from 1.00% to 1.25% is deducted from the units for fund management.
Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.
Other Charges: There are charges for switches, partial withdrawal, premium Redirection after the limited free number have been utilized.
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.
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. You can make four free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000 and fund value equal to 120% of annual premium shall always be maintained. One partial withdrawal is free per year.
Grace period: Easy Super 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: Easy Super 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.
How can I buy MetLife Easy Super?
Policybazaar representatives will assist you in buying Easy Super.
Tata AIG Lakshya Supreme Review
Tata AIG Lakshya Supreme Review
Plan Name: Lakshya Supreme
Insurer: Tata AIG Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Financial protection of family and good return on investment
Tata AIG Lakshya Supreme Plan is a Type I ULIP which means that under the death clause, you are entitled to either Sum Assured or Fund Value or 105% of premiums paid whichever is higher.
There are also many investment options available with the plan. You can choose the required option and balance the risks associated with the equity and debt market. There are no charges for partial withdrawal and premium redirection.
Benefits of Tata AIG Lakshya Supreme
Maturity: The fund value as on maturity date will be provided to you.
Settlement Option: Instead of lump sum amount on maturity, you can choose to receive the amount in installments over the next few years.
Riders: The riders pay additional amount on occurrence of an eventuality. You can opt for Accidental death benefit rider with the plan.
Eligibility for Tata AIG Lakshya Supreme
Minimum Entry Age: 4 Years
Maximum Entry Age: 55 Years
Maximum Age at Maturity: 75 Years
Policy Term: 20/25/30 Years
Premium Paying Term: Policy Term
Minimum Premium: Rs 20,000 Annual Mode
Returns in Tata AIG Lakshya Supreme
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.
Tata AIG 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 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.
What charges does Tata AIG Lakshya Supreme deduct and how much?
The premium amount paid by you is not invested directly. Initially, some charges are deducted and then units of the fund are bought. The rest of charges are deducted by cancellation of the units.
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 vary from 3% to 1% of annual premium.
Fund Management Charge: Charge ranging from 0.65% to 1.20% is deducted from the units for fund management.
Policy Administration Charge: These are monthly deductions which start from first month and are for maintaining the policy- paperwork, work force etc. The policy administration charge is dependent on the premium band.
Mortality Charge: These are charges deducted as a part of life cover provided and are recovered through cancellation of units.
Other Charges: There is charge for switches after the limited free number have been utilized.
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.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Top-Up premium: This is the additional premium which can be added above the usual premium to get more units if you think the particular fund is providing good returns. Top-Up can be made after 1st policy year and not in last 5 policy years. The minimum Top-Up in Lakshya Supreme is Rs 5,000.
Switch: Switch is made to transfer the fund value from one fund to another. You can make twelve free switches per year.
Partial Withdrawal: If policyholder is above 18 years partial withdrawal can be made and the minimum amount is Rs 5,000 and fund value equal to one year annual premium shall always be maintained. Four partial withdrawals can be made per year and are free.
Grace period: Lakshya Supreme 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: Lakshya Supreme 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.
How can I buy Tata AIG Lakshya Supreme?
Policybazaar representatives will assist you in buying Lakshya Supreme.
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