Smart Insurance coverage offered by SBI Life Investment Plans

State Bank of India is truly the banker to every Indian. The financial institute, which has been around for many, many years always tries to offer innovative services and products to its customers. The latest offering is the SBI Life Smart Guaranteed Savings Plan. SBI Life offers some of the best insurance plans and the SBI Life Smart Guaranteed Savings Plan is a policy that combines insurance and investment. Read on to know more.

What is the SBI Life Smart Guaranteed Savings Plan?

The Smart Guaranteed Savings Plan from SBI Life is a non-participating investment policy that helps you save a fixed sum of money for a fixed number of years. The plan provides a guaranteed return each year. The return is calculated on the premium paid is in the range of 5.5% to 6%. The return is added to the principal and your money continues to grow. If you happen to die during the policy period, SBI Life pays a death benefit amount to your nominee. In this manner, you can safely invest your money in a non-volatile investment option and also insurance your life along with it. The benefits are twofold and you end up with a great policy.

How does the SBI Life Smart Guaranteed Savings Plan work?

Let us take a detailed look at the plan and understand how it helps in investing your money safely.

• Entry age: Between 18 years and 50 years

• Maturity age: 65 years (maximum)

• Policy period: 15 years

• Premium paying period: 7 years

• Premium frequency: Annual

• Premium amount: Minimum Rs 15,000 and maximum Rs 75,000

• Guaranteed additions (GA): 5.5% of the principal if the premium paid is between Rs 15,000 and Rs 29,000 and 6% if the premium is between Rs 30,000 and Rs 75,000

The plan is a pretty straightforward plan with uncomplicated features. It is easy to understand and even easier to invest in.

What are the advantages of the SBI Life Smart Guaranteed Savings Plan?

The key advantages of the plan are as follows:

• Your nominee gets a death benefit if you die within the policy period.

• You get a sum assured if you outlive the policy period. The sum assured is the maturity benefit and the accumulated GA, calculated together.

• You get a tax benefit on the premiums paid (under Section 80C) and the claim amounts (Under Section 10 (10D)).

The verdict

So as you can clearly see from the points mentioned above, the SBI Life Smart Guaranteed Savings Plan is a wonderful policy. If you are looking for a savings option that allows you to invest in a secured manner and also insures your life along with it, you need not look any further. The Smart Guaranteed Savings Plan from SBI Life is a tailor-made product for you. You can buy the plan via an insurance agent or you can buy it online. So what are you waiting for? Be smart and invest in the SBI Life Smart Guaranteed Savings Plan today!  

Source: Smart Insurance coverage offered by SBI Life Investment Plans

Kotak Life Insurance explains the factors to consider while choosing an online term plan

Buying an online term plan has become very common these days. The main reason behind this is the convenience they offer. The term plans can easily be bought in a short span of time. Additionally, they are less expensive too. These factors make the online terms plans from large insurance providers like Kotak Life Insurance much sought after. However, you must be cautious and keep a few things in mind before you choose an online term plan. Take a look at this article to find out what they are.

Factors to consider when buying an online term plan

Tenure: A term plan is taken to secure the lives of your loved ones if you were to die unexpectedly. As a result, you have to analyze the term for which you want to stay protected. The earnings from a term plan typically work as an income substitute so it makes sense for you to stay protected till an age when you would still be earning. If  you have young children, look to buy a policy that will continue for a longer period and ensure maximum protection  your kids for the longest possible time.

Sum assured: Next, you have to decide the value of the term plan. This is the sum assured that your  will get at the time of a claim. Keep all your expenses, such as the EMIs you pay, the cost of your children’s education, the monthly utility costs, etc in mind when selecting the sum assured. If you were to die, your family members should have enough money to pay off all the liabilities and bills and enjoy a similar lifestyle they did with your income.

Payouts: You can opt for a lump sum payout of the death benefit or you can opt for periodic payouts. This is an important factor to consider. If you have dependent family members, you can choose to divide the death  parts and assure that they get some financial assistance at different life stages. If  you have a specific reason for which you want to take the term plan (protect your  against a large home loan), you can opt for a single payout of the death benefit. This has to be mentioned when you buy the policy.

Cost: An online term plan is much loved because it is comparatively cheaper. So make sure you take the cost of the plan into consideration. Term plans do not give you anything in return if you outlive the policy period. So look to buy a plan that is comprehensive but economical at the same time.

Insurer’s track record: This is an extremely important factor to take into consideration when choosing an online term plan. Do some research and find out what the insurer’s track record in claim settlements is. Opt for the insurance provider who has one of the best claim settlement ratios. If there is a problem at the time of the claim and your  has to suffer because of that, the whole purpose of buying the online term plan will be defeated. And worst of all, you won’t be around to intervene or do anything about it!Keep the points mentioned above in mind and choose a good term plan that’s best suited for you. There are some very good term plans from insurers like Kotak Life Insurance. Go through all the available options and buy the plan that you like the best.  

Source: Kotak Life Insurance explains the factors to consider while choosing an online term plan

Decoding the best child Plan with Max Life Insurance

Rahil had bought a child plan from Max Life Insurance when his daughter, Ayesha was just two years old. He set up the policy in such a way, that the payouts would happen at regular intervals. The first payout was scheduled for when Ayesha would be three years old and needed to be admitted to the school. The next one was 15 years later when she would need college admission. The final one was scheduled for when she would turn 25 years old, and she could utilize the money either to set up a business or to get married. Rahil made a good move as unfortunately, when Ayesha was 10 years old, Rahil lost his life in a road accident. The child plan however continued and took care of Ayesha’s education and well being.

What is a child plan and how does it work?

A child plan is a kind of life insurance policy where the child is the nominee. This means that the life of the parent is insured in the interest of the child. When you buy a child plan, it gives you two advantages:

1. Life cover
2. Periodic payouts

The first component is easy to understand. If you suddenly die during the policy period, your nominee gets a lump sum amount of money to deal with the immediate requirements. This is similar to a regular life insurance policy. However, unlike a regular plan, a child plan doesn’t end when the policyholder dies. The premiums are waived off and the insurer continues to keep the fund afloat and make the periodic payouts as promised in the bond. This helps the child to continue with his or her education and lifestyle needs even in the absence of an earning parent.

What are the best child plans in India?

There are some very good child plans available in India today. Among them is the Max Life Shiksha Plus Super plan. Here, you get the following benefits:

• Death benefit.

• Income replacement where 10% of the sum assured is paid every year to the nominee for the entire policy period.

• It is a ULIP so a part of the money stays safely invested and the other part grows in the financial markets.

• Minimum entry age is 0 month and maximum entry age is 18 years. This is a wide range and no matter how old your minor son or daughter is, you can enroll him or her in the plan.

• The premium paid is tax deductible (under section 80C) and the claim amount is also tax-free under section 10 (10D) of the Indian Income Tax Act.

The bottom line

With the costs of education rising and the health risks increasing too, it is vital for every parent to secure their child’s future. You can do so with the Max Life Insurance child plans. These plans provide the best insurance cum investment options for your child’s benefit. So what are you waiting for? Speak to your insurance agent today or go online and buy a good child plan right away.   

Source: Decoding the best child Plan with Max Life Insurance

EDELWEISS TOKIO LIFE INSURANCE EXPLAINS ALL YOU NEED TO KNOW ABOUT LIFE INSURANCE

Edelweiss Tokio Life Insurance is the joint collaboration between the Japan-based Tokio Marine Holdings Inc. and the Indian counterpart, Edelweiss Financial Services Group. The company was established in 2011 in Mumbai and is a leading player in the life insurance domain in India. Currently, they are operating PAN India and have over 60 branches and over 1500 strong employee base. Edelweiss Tokio Life Insurance has the diverse range of insurance products that cater the need of a wide variety of people from different walks of life and people at different ages and stages of lives.

Their product range, combined with customized financial services, high returns and different benefits for young and aged customers make them the organization of choice when it comes to buying term insurance and related products. In the year 2015-16, Edelweiss Tokio Life Insurance achieved 85.11% Claim Settlement Ratio and 99.09% resolution of grievances.

Products of Edelweiss Tokio Life Insurance

A variety of products is offered by the company. Typically the age of entry is 18 to 60 years. Along with the pure term plan, which offers the benefits only in the event of the death of the insured and during the term of the policy, Edelweiss Tokio Life Insurance offers different term plans to take care of the needs for child, retirement, pension and ULIP like add-ons to customize.

(1) Edelweiss Tokio Life Protection Plans

These are the pure term plans with normal payment of premiums. These assure high sums to the beneficiary in case of death of the insured. There are several options to choose from and based on the option chosen, the payout to the beneficiary could be a one-time lump sum amount or in installments or a combination of both. The payout amount or sum assured also varies for different plans depending on entry and maturity age, term, premium amount, non-user of tobacco and so on.

One plan under this category is designed to cover people in rural areas and is micro term policy known as Raksha Kavach Plan. This provides competitive sum assured with a lower premium. The premium could be paid once or throughout the duration of the plan.

(2) Edelweiss Tokio Life Savings Plans

This is the additional payout plans on top of regular death benefit plans. These plans engage in investments in debt instruments and mutual funds bringing interest income and other financial benefits. Wealth Enhancement Plan and Wealth Accumulation Plan are the two categories under these plans which bring one-time lump sum, short term or long term payments to the beneficiary depending on the plan chosen.

(3) Edelweiss Tokio Life Retirement Plans

Under these plans, one can secure the financial benefits post retirement with fixed payments and cash protection. Based on the plan you can get annuity income, guaranteed money-back and probably an additional bonus income which serves great post retirement for a predetermined period (e.g., till you are 100 years old, or annuity for 20 years etc.)

(4) Edelweiss Tokio Life Child Plans

This plan offers financial assistance to the child of the deceased insured. The plan supports the continuity of education in the field of choice of the child in an attempt to secure the future. The benefits that are pre-defined, are paid up to a period of 5 years.

Important Points to Consider

However, while buying the policy, certain things need to be brought under consideration like:

• Decide the right coverage amount by considering the income, age, the family members and the liabilities that need to be covered in case of any eventuality

• Check the need of your family by considering the financial capability of family members to sustain the present lifestyle and the income support that they can get

Edelweiss Tokio Life Insurance has customizable Riders to offer that cover Additional Death Benefit, Critical Illness, Accidental Permanent and Total Disability. The specific exclusion from the policies is the death due to suicide that happens within first twelve months of the enrollment.

Edelweiss Tokio Life Insurance offers an array of products along with life insurance term benefits to the nominee. These benefits are for funding education, retirement, living with disability and impaired health, income replacement, wealth accumulation, wealth enhancement and so on.

So, based on the benefits of the offer and the PAN India presence of the company, Edelweiss Tokio Life Insurance is rapidly growing in its sector and becoming a major contender while it comes to choosing an insurer to cater the diverse requirements of customers in India.

Source:  EDELWEISS TOKIO LIFE INSURANCE EXPLAINS ALL YOU NEED TO KNOW ABOUT LIFE INSURANCE

THE PIONEER IN LIFE INSURANCE, HDFC STANDARD LIFE INSURANCE UNFOLDS THE 5 REAL REASONS TO BUY LIFE INSURANCE

We all put efforts to make future secured and safe but none of us are sure what is stored for us in future, even in the near most moments to come. While this poses a huge uncertainty, we still can have some plans for future to cope up and sustain through the unforeseen situation that might arise, however much tough it might be. An unexpected death of the earning member of the family brings the functionality of the family to a collapse due to the financial dependence on that person. To reduce these types of adversities, life insurances with its different customer-friendly variants come as a much-needed relief to the immediate family of the deceased person.

HDFC Standard Life Insurance is the joint collaboration between Indian company HDFC Limited and the United Kingdom counterpart of Standard Life Group. Since its inception in 2000, HDFC Standard Life Insurance has managed to grow tremendously and attained a significant position in the insurance market in India. It operates through 568 branches and caters 700 cities across India. The company offers a diverse range of life insurance plans, either individual or group insurances which can very well cater the diverse needs of the customers like Protection, Retirement, Health, child and Investment plans.

5 Types of Insurance Plans that you must have:

Diverse Product Ranges of life HDFC Standard Life Insurance covers 5 important aspects of life. These are:

1.  Protection Plan – this includes two comprehensive term products:

• HDFC Life Click 2 Protect 3D Plus – This covers 3 ‘D’s– death, disease, and disability and there are nine options to select from. It gives protection for major milestones at different stages of life
• HDFC Life Click 2 Protect Plus – Affordable life coverage with 4 options to select. It has add-on riders

Both the plans are having Tax Benefits under Section 80C and 10D

2.  Retirement Plans – this has three products to reach the retirement goals with different options:

• HDFC Life Click 2 Retire – It is a Unit-linked plan for pension and available online. Entry and Maturity ages are 18 and 45 years respectively. This plan has tax benefit under Section 80C and 10A 
• HDFC Life Guaranteed Pension Plan – the lump sum amount of vesting benefit could be availed as well as the assured benefit upon death. The premium could be paid for 5, 7 or 10 years term. This product has tax benefit under Section 80CCC 
• HDFC Life Personal Pension Plus – This is the conventional Pension Plan that has tax benefits under Sections 80C and 10A. Customer can choose the term as well as the frequency of premium payment

3.  Health Plans – include two products to support in emergencies:

• HDFC Life Easy Health – This is a fixed benefit plan for health insurance that covers 18 illnesses and 138 surgical procedures with the benefits of daily hospital costs for individual or group health plans 
• HDFC Life Cancer Care – This has three options to select from. This gives lump sum benefit as well as tax benefit under Section 80D

4.  Child Plan – Two products under this is designed to support the child of the insured for any future eventuality.

• HDFC Life YoungStar Udaan — This plan is ideal if parents keep the academic plan of the child in mind. The plan has options for 3 maturity benefits and two death benefits to select from and has tax benefit under Section 80C and 10D 
• HDFC Life YoungStar Super Premium – this is the unit-linked plan that helps to build savings for the education and marriage of the child. There are 4 plans to choose from and gives flexible sum assured benefit and tax benefit under Sections 80C and 10D 

5. Investment Plans – Three different plans with multiple options in each plan to select and this gives the investment and saving benefits for the insured.

• HDFC Life Click 2 Invest ULIP – Online plan linked with market returns. This has minimal charges and gives 8 options to choose from with flexibility of policy terms and premium payment terms. Tax benefit under Sections 80C and 10D 
• HDFC Life Uday – gives guaranteed bonuses and additions along with lump sum benefits in case of death. Comes with option of multiple terms 
• HDFC Life Sampoorn Samridhi Plan – Having options for maturity benefits and premium payments. Tax benefits under Section 80C and 10D

These aforementioned plans cover the five most important aspects of life. These along with some combo plans and plan targeted specifically for women makes the HDFC Standard Life Insurance a unique provider to consider. Their multichannel network like Bancassurance partners, agents, brokers, direct channels and online presence makes it highly customer friendly and a pioneer in the insurance industry.