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Traditional Insurance policies gain larger share

Mon, 10/26/2009 - 13:00 — admin

ULIPs have been seeing a decline in their share of new policies issued, for the last two years. This is due to a gradual & steady increase in the volumes of traditional insurance products like - term plans, endownment policies, money back plans & retirement plans.

With new & rigourous IRDA guidelines on ULIPs, agents have also started re-focusing on the traditional plans as the incentives are not capped here.
For the insurance companies also, a higher share of traditional plans gives a healthier portfolio and a higher valuation.

In the past the buoyant economy & stock markets provided insurance companies an easy tool to ride the wave- in the form of ULIPs. But lately they have realised that long term predictability of premium inflow is a critical aspect of valuation.

Birla Sun Life Insurance

Birla Sun Life Insurance (BSLI) is one of the leading Life Insurance companies of India.
It has an impressive product portfolio.You can read about a few of the prominent policies here:

Term plans from Birla Sun Life

Insurance Dream Plan

MoneyBack Plan

Premium back term plan

Term Plans

If you are looking for a pure insurance policy, then a Term plan is the best option. Term plans are basically pure risk cover plans. In a Term plan you get a high cover for a low premium paid. In the event of a death of the policy holder his dependents will get the benefit of the sum assured. This plan helps securing the future of your loved ones. But if the policy holder survives policy tenure then he does not get any maturity benefit.

MetLife-Term Plan

MetLife Offers a special Plan

Term and Permanent Life Together

If you want life insurance for a limited time — long enough to meet your anticipated responsibilities to those who depend on you, but not longer — Term Life Insurance may be right for you.
If you value-added security, flexibility, cash value and lifetime coverage, some form of Permanent Life Insurance may be right for you.

Term Life Basics
•Provides coverage for a specified period
•Easy to understand
•Affordable way to get maximum coverage
•Becomes expensive after the specified period
•You build no equity

Permanent Life Basics
•Protection for your whole life, as long as sufficient premiums are paid

Term Covers to become cheaper with IRDA reducing Capital Requirements

Fri, 08/29/2008 - 10:13 — admin

IRDA's reducing the Capital Requirements for Insurance companies to sell term policies will result in an immediate fall in the rates of term plans, making them much cheaper than the current prices.
While a few Insurers like Kotak & Religare have already revised the rates downwards , most others are expected to follow suit, soon.

Experts say that the similar trend would be seen in the Endowment policies also, but with a certain lag.

Compare Term plans | Don't Know about the Types of Life Insurance Policies? Read here

Insurance for Education Loans

Higher education has become costlier and this means that many of us would need some kind of financial support to provide for that degree in India or abroad.

Most of the banks offer education loans to students to cover their tuition fees and certain other expenses while pursuing the college degrees. While the re-payment of the loan can start once the student has graduated and found himself a suitable job, most banks require the applicant to take a Life Insurance policy for the total loan amount (& the interest that would accrue).

Bajaj Allianz Life Insurance Term Plans

Bajaj Allianz offers two Term Plans
1. New Risk Care Plan
2. Term Care Plan

New Risk Care Plan
Features
• It is a non-participating traditional Term Assurance plan.
• Higher insurance coverage at Low premium.
• Regular/Single Premium payment options.
• Enhanced Protection options available through Additional Rider Benefits.
• Rebates on premium in-case of high sum assured

Rider Benefits
a. Accidental Death Benefit: It covers you against Accidental Protection.
b. Accidental Permanent Total/Partial Disability Benefit: It covers against Disability protection.
c. Critical Illness Benefit: It covers you against 11 defined critical diseases.

What are the types of Life Insurance Policies available

Life Insurance Policies are of various types and a good understanding of their features is a must before you can figure out which product makes most sense for your specific need.

One way of classifying Life Insurance policies is based on how the premium is invested and (sum assured) returned back:

- Term Insurance
Term Insurance is a simple insurance plan that covers the life for a specific "term". Death benefit is paid only if the person dies within this covered period. Since its a no-frills product, it is also the cheapest amongst the Life Insurance Products.

- Unit linked Policy

Reliance Life Insurance Term Plans

Reliance Life Insurance offers 3 Term Plans
1. Reliance Term Plan
2. Reliance Simple Term Plan
3. Reliance Special Term Plan

1. Reliance Term Plan
It is a pure life insurance plan that offers you comprehensive and affordable coverage for a limited period of time to suit your needs

Features
• Optional Accidental and Disablement Rider to enhance protection
• Economical way to protect your family against financial liabilities like loss of income and outstanding loans etc.
• Discount on premium rates for women
• Suitable for business owners who want to cover the life of their key Employees

Benefits

LIC Term Plans

LIC offers 4 different Term Plans
1. Anmol Jeevan-I
2. The Convertible Term Assurance Policy
3. Two Year Temporary Assurance Policy
4. Amulya Jeevan-I

1. Anmol Jeevan I

Anmol Jeevan is the most sold Plan in Term Plan, have a look at its features & benefits:

Benefits
Survival Benefits: There are no Survival Benefits
Death Benefit: Before the Policy expires the sum assured is paid to the life insured in the event of death.

Eligibility
Age at entry: Minimum and maximum age at entry are 18 yrs respectively & 55 yrs

Age at maturity: Your maximum age at maturity should be 65 yrs
Term (benefit period): Minimum & maximum term are 5 yrs & 25 yrs respectively
Coverage Amount (Sum Assured): The minimum & maximum sum assured are Rs.5, 00,000 & Rs. 3, 00, 00,000 respectively
Mode of Premium payment: You can opt for Yearly, Half- Yearly and Single premium