Traditional Insurance


Traditional Insurance Plans
These are the oldest types of insurance plans available. These plans cater to customers with a low risk appetite. Some of the common features of traditional plans are:
1) Steady Investment:

  • Major chunk of investible funds are in debt instruments.
  • Steady and almost assured returns over the long term.

2) Features:

  • Death benefit is Sum Assured + guaranteed & vested bonus.
  • Helps in asset creation as they are for a long tenure.
  • Premium to Sum Assured ratios are fixed for each plan and age.
  • Generally withdrawals are not allowed before maturity.


1. KOTAK ENDOWMENT PLAN

Overview
To provide your family the financial security in case of unfortunate contingencies, you require a plan that offers you life cover along with the ability to grow your savings.
Kotak Endowment Plan is a participating endowment plan that provides you an avenue for long term regular investments to accumulate a lump sum on maturity.
This plan is ideal for you…

  • If you are looking for regular investment over a long term and would want to receive a lump sum on maturity.
  • If you are unsure of your future stream of income or would like to pay up all your premiums over a short period of time and enjoy benefits of the policy for the entire policy term.

Advantages

  • Dual benefit of insurance and accumulating investments.
  • Earn bonuses on the plan.
  • Limited premium payment – if you are unsure of your future stream of income or would like to pay up all your premiums over a period of time and enjoy benefits of the policy for the entire policy term.

Eligibility

Entry Age Min 18 years, Max 65 years
Term Min 10 years, Max 30 years
Maturity Age Max 75 years
Minimum Premium excluding Policy Fee Yearly-Rs. 4000, Half Yearly- Rs. 2055 Quarterly- Rs. 1060
Policy Fee Half Yearly-Rs.15, Quarterly-Rs.20


2. ICICI LifeGuard

Protect your family with ICICI Prudential’s LifeGuard. LifeGuard acts as a shield that safeguards your loved ones from financial insecurity, at all times.
A cost-effective plan, LifeGuard comes in two variants: LifeGuard with Return of Premium (life cover with maturity benefit), and LifeGuard Single Premium (premium at policy inception, cover till policy matures). Invest in a plan that best suits your requirements and guarantee your family lifelong comfort and security.
Read more about the features & benefits of this life insurance policy.

Plan Minimum Sum Assured Policy Terms Premium Installments
LifeGuard with Return of Premium (UIN 105N006V02) Rs 5 Lakhs Between 10 & 30 years Monthly, half-yearly or annually
LifeGuard Single Premium (UIN 105N007V02) Rs 2.5 Lakhs Between 3 & 15 years Single Premium plan


Features and Benefits of LifeGuard
LifeGuard offers a choice of 2 life insurance plans: LifeGuard with Return of Premium and LifeGuard Single Premium. Take a look at the features and benefits of the plans:
Death benefit: Provide for your beneficiary to receive the Sum Assured should something happen to you.
Extended life cover: Invest in LifeGuard with Return of Premium plan and safeguard your family with an additional cover—at 50% of the original Sum Assured—for 5 years after your policy terminates.
Additional riders: Protect your family from accidents and disability by adding on the Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider (WOPR).

  • ADBR: The rider benefit amount will be paid to your family in the event of death or disability due to an accident.
  • WOPR: In the case of total and permanent disability due to an accident, all further premiums will be waived and policy benefits will continue.
  • Tax benefits: Receive tax deductions on premiums paid (u/s 80 C). Enjoy tax exemptions on maturity proceeds and death benefits [u/s 10 (10 D)] as per prevailing Income Tax laws.
    Maturity benefit: Invest in LifeGuard with Return of Premium plan and receive all the premiums you have paid, when your policy matures.

    3. SBI LIFE SUBH NIVESH

    Introduction:
    SBI Life Shubh Nivesh is an Endowment product with an option of Whole Life coverage. The basic purpose is to provide Savings, Income and Protection to you and your family. Not only you can save regularly for your future but you also have the flexibility to receive the maturity amount as a lump sum or as a regular income for a chosen period, depending upon your needs.
    Key Features:

    • A unique Savings cum Protection Plan with the flexibility of Whole Life option as an add-on.
    • Triple benefits of Wealth Creation, Regular Income and Protection under a single plan.
    • Convenience of premium payment options – Single Premium and Regular Premium.
    • Comprehensive risk coverage through 3 Riders:
      • Preferred Term Rider.
      • Accidental Death Benefit Rider.
      • Accidental Total & Permanent Disability Rider.
    • Option to receive the Basic Sum Assured at regular interval over a stipulated time period of 5/10/15/20 years.
    • Tax benefits as per prevailing norms under the Income Tax Act, 1961.

    Shubh Nivesh at a Glance

    Minimum Years Maximum Years
    Entry Age 18 years 60 years
    Maturity Age 23 years 65 years
    Policy Term 5 years 30 years
    Sum Assured Rs.75,000 No limit

    Mode of Premium Payment: Yearly, Half-Yearly, Quarterly, Monthly & Single Premium.
    These are only the brief features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.


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