Life Insurance

Children's Policy

Children's insurance includes policies through which parents or legal guardians can provide for life insurance for their child from birth.

The risk cover commences from the child attaining the age of 12 / 17 / 18 / 21 (known as the Date of Risk), and will vest itself on the child upon his or her attaining majority on completion of age 21, if the case demands so.

Endowment Policy

Endowment policies cover the risk for a specified period at the end of which the sum assured is paid back to the policyholder along with all the bonus accumulated during the term of the policy.

It is this feature - the payment of the endowment to the policyholder upon the completion of the policy’s term - which rightly accounts for the popularity of endowment policies.
Group Schemes

Group (Term) Insurance Scheme provides life insurance protection to groups of people. Administration of the scheme is on group basis and cost is very low.

Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence.
High Net Worth Individual Plans

These are Endowment Assurance plans offering the choice of many convenient premium paying terms.

They provide financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term.
Health Plans

It is a unit linked Health Insurance plan which provides for insurance cover against following health risks:

  • Hospital Cash Benefit (HCB)
  • Major Surgical Benefit (MSB)
  • Joint Life Policy

    Joint life policies are similar to endowment policies in as much as these policies also offer maturity benefits to the policyholders, apart form covering the risks as all life insurance policies.

    But these are categorized separately as these cover two lives together thus offering a unique advantage in some cases; notable, for a married couple or for partners in a business firm.
    Plans for the Handicapped

    To mitigate some of this uncertainty, the Life Insurance Corporation of India (LIC) has come out with two policies for guardians of handicapped persons who wish to provide them financial security in the event of their (guardians') death.

    Jeevan Vishwas and Jeevan Aadhar are two plans for the handicapped introduced by Life insurance corporation of India. These plans help to decide on a level of financial security for the handicapped dependents.

    Money Back Policy

    Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, money back policies provide for periodic payments of partial survival benefits during the term of the policy, of course so long as the policy holder is alive.

    An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which may have already been paid as money-back components. Similarly, the bonus is also calculated on the full sum assured.

    Pension Plan and Annuities

    An annuity is an investment that you make, either in a single lump sum or through installments paid over a certain number of years, in return for which you receive back a specific sum every year, every half-year or every month, either for life or for a fixed number of years.

    After the death of the annuitant, or after the fixed annuity period expires for annuity payments, the invested annuity fund is refunded, perhaps along with a small addition, calculated at that time.

    Social Security Schemes

    Disabled person who is poor and not able to maintain himself with food clothing and shelter and could not meet other basic needs is given monthly

    maintenance allowance of Rs.400 per month Around 4.00 lakhs plus persons with disabilities are getting this benefit and Annual budgetary burden on the exchequer is around Rs.200 crores.
    Special Plans

    Special plans, are insurance policy plans available from the national insurance providers to serve the needs of citizens that cannot be commonly classified or segregated.

    These special plans are designed to satisfy needs ranging from debt-clearance in event of the death of the insured to financial aid in the event of a medical mishap.
    Special plans also provide financial assistance for handicapped dependants as well as emergency surgery required if and when a medical condition arises.

    Unit-Linked Insurance Plans (ULIP)

    Unit Linked Insurance Plans are long term investment cum protection plans that offer you an opportunity of availing market linked returns while providing life insurance protection.

    Depending on your risk appetite, you have the option of choosing from host of funds having varied degree of risk exposure. Flexibility and transparency are some of the other attractive features that make ULIPs an attractive long term investment option.

    Whole Life Policy

    A typical whole life policy runs as long as the policyholder is alive. In other words, the risk is covered for the entire life of the policyholder, which is why they are know as whole life policies.

    The policy monies and the bonus are payable only to the nominee of the beneficiary upon the death of the policyholder. The policyholder is not entitled to any money during his or her own lifetime, i.e. there is no survival benefit.

    Women's Policy

    Womens policy provides funds in times of need like education, marriage or sickness with Guaranteed And Loyalty Additions during the policy term period and after maturity.

    Presently the sole women's policy available in the market is Jeevan Sneha.