Term Insurance

Term Insurance at a glance:
TERM INSURANCE: PURE FORM OF LIFE INSURANCE, NO FRILL-PURE VANILA PRODUCT, MOST ECONOMICAL WAY OF BUYING LIFE INSURANCE.

THUMB RULE NO. 1: insurance need is as unique as an individual and depends on various factors. however as simple thumb rule, 7 to 8 times of annual tax-free income should be ideal target for every indivisual’s life cover.

THUMB RULE NO. 2: estimates that minimum 6% of your annual income must be used for life insurance, 1 ~1.5% for health insurance and 2.5 ~3 % for general insurance like car, travel, property etc. overall 10% of your annual income must be spent on insurance. however exact value varies as per age, your accumlated wealth etc. as well.

Example: Your tax-free annual income is 20 lakh/annum

  • A) Your life cover must be between 1.4 crore to 1.6 crore.
  • B) Your income allocation should be in tune of 1.2 lakh/annum for life cover.
  • C) Your income allocation in tune of 20000 ~30000/annum must be spent on health insurance.
  • D) Your all other insurance will be covered by about 50000 ~ 60000/annum.
  • E) If you are focusing on combination of insurance & investment then overall allocation needs to be higher than value mentioned above.

Please review:
AA. Your existing life cover is what multiple of your annual tax-free income?
BB. What is the proportion of your annual tax free income you have allocated for various insurance coverage?

Hereby, we present 5 unique protection product. You will surely find interesting features suiting your special need. For more detailed product suitability please contact 09833295319.

1. KOTAK TERM /PREFERRED TERM PLAN

Kotak Term Plan is a pure risk cover plan(with no maturity benefit) that is truly an economical means of providing you with a high level of financial protection.
Kotak Preferred Term Plan offers special premium rates to non-tobacco users and women, for a sum assured of Rs. 25 lakhs or more.


2. ICICI Pru Pure Protect

ICICI Pru Pure Protect is a term plan (Without Return of Premium) which will be available in two variants:

ICICI Pru Pure Protect Classic: For Sum Assured of up to Rs. 25,00,000
ICICI Pru Pure Protect Elite: For Sum Assured of Rs. 25,00,000 and above.


3. SBI Life – Shield

SBI Life – Shield is a traditional pure risk policy (with no maturity benefits) that offers you a substantial life cover at a very low cost. Different options are:

  • Sum Assured Increases by 5% Per Annum
  • Sum Assured Increases by 50% Every 5 Years
  • Level Cover

ATTRACTIVE PREMIUM FOR FEMALE
ENTRY AGE :18 TO 60 YEAR OF AGE. MAX AGE AT MATURITY 65 YEARS.
COVERAGE FOR 5 YEAR TO 25 YEAR.
COVER VALUE VARIES BETWEEN 3 LAKH TO 25 CRORE

4. BSLI Premium Back Term Plan

BSLI Premium Back Term Plan is a unique, low-cost term plan that offers you an assured peace of mind with premium back on maturity.

ENTRY AGE : MINIMUM 18 , MAXIMUM 55 YEARS
MINIMUM COVERAGE : 2 LAKH
PREMIUM WILL BE RETURNED AT THE END OF TERM WITH 100% & 125% OPTIONS.


5. Kotak Loan Protection Plan

Kotak Loan Protection Plan is a protection plan that helps share the burden of your loan. When you take this plan along with your loan, it serves like a safety net so that you are not worried about your family, and the repayment of your loan in case of untimely death. This plan provides a reducing cover that is matched to your liability with minimum paperwork.
Single premium option is available and in such case it can be surrendered at any point of time.


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