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Endowment Plans

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Settlement Ratio (2015-16)





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Life insurance plans
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Fixed returns do not vary according to the plan chosen or premium amount paid. This is the minimum amount of money you get against your investment.
Min Sum Assured
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Minimum premium that you are supposed to pay. Fixed premium means that the premium value does not depend upon the chosen sum assured.
Min Premium
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Tax benefit indicates if the premiums that you pay are eligible for deduction on tax returns. Sometimes, a part of the money you get after maturity is also eligible for tax benefit.
Tax
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Maturity benefit is the total amount of money you receive along with the acquired bonuses, at the end of the policy term.
Maturity
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In event of unfortunate demise of the policy holder before the end of the policy term, his nominee will receive a lump sum amount of money.
Death
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Claim settlement ratios mentioned here are as published by IRDA for 2014-15.
Settlement Ratio

₹ 500000
₹ 21258
83.00%

₹ 483630
₹ 30000
57.00%

₹ 400000
₹ 40000
57.00%

₹ 400000
₹ 40000
57.00%

₹ 350000
Not Available
86.00%

₹ 350000
₹ 50000
57.00%

₹ 300000
Not Available
98.00%

₹ 300000
Not Available
94.00%

₹ 264000
₹ 24000
57.00%
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₹ 250000
₹ 40000
95.00%
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Endowment Plans in India

A life insurance plan is a contract between policy holder and the insurance company so as to provide life cover to the policy holder. Endowment plan is a type of life insurance plan where in the policy holder gets lump sum money on his death or maturity of the policy whichever comes first. Endowment plan is applicable only for a specific period of time. The policy holder gets sum assured along with acquired bonus. Upon maturity or death of the policy holder, insurance company provides a lump sum amount of money to the life insured or his dependents.

ULIPs can be considered as a variant of Endowment Plans. Only difference between the two plans is that performance of Endowment Plans is not linked to the market. Insurance policies are especially beneficial in case of death of the insured, critical illness or some form of accident of the policy holder. Such conditions wherein the insured will be unable to pay the premiums of the policy are covered in riders. Some of Endowment Plans in India are Metlife Endowment Savings Plan, Shriram Life Assured Income Plus, Star Union Dai ichi Assured Income Plan, DHFL Pramerica Smart Assure, etc.

Types of life Insurance Policies

There are eight major types of life insurance policies. Compare all types of insurance plans on life.indiainsured.com. An endowment plan combines benefits of insurance and investment. In an endowment plan, if a policyholder dies during policy term then beneficiaries will get the benefits in the form of sum assured or bonuses. A Unit Linked Insurance Plan(ULIP) is a type of an insurance policy which gives benefits of both insurance and investment to the investor. In ULIP, investment is associated with the capital market.

Group insurance covers insurance for defined groups such as members of society or a professional association. Term insurance gives benefits to family members of an insured person after his death. Whole life insurance plan, pension plan and money back insurance plan fall under investment policies as policy terms for these plans is longer. Annuity plans can be utilized for deferred or immediate income.

Key Benefits of Life Insurance Policies

Different key benefits of life insurance policies are death benefit, maturity benefit, tax benefit etc. Annuity benefit, accidental death benefit, benefits in critical illness are some additional advantages that may be provided in some insurance policies. Provisions like policy switching, online buying, policy renewal, etc. are also available for a life insurance policy.

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