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Shriram Group Term Life Insurance
Shriram Group Term Life Insurance

HDFC Life Group Unit Linked Pension Plan
HDFC Life Group Unit Linked Pension Plan



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Shriram Group Term Life Insurance
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HDFC Life Group Unit Linked Pension Plan

Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension Benefits

1 Loan And Benefits
1.1 Loan
5% Group Life Insurance Plans Life insurance plans have it !
5% Group Life Insurance Plans Life insurance plans have it !
1.2 Surrender
66% Group Life Insurance Plans Life insurance plans have it !
66% Group Life Insurance Plans Life insurance plans have it !
1.2.1 Surrender Value
Not Applicable
Not Applicable
1.3 Benefits
1.3.1 Tax
94% Group Life Insurance Plans Life insurance plans have it !
94% Group Life Insurance Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
Tax benefits under this plan are available as per the provisions of the Income tax Act.
Applicable as per tax laws.
1.3.3 Service Tax
Not Applicable
Applicable
1.3.4 Maturity
11% Group Life Insurance Plans Life insurance plans have it !
11% Group Life Insurance Plans Life insurance plans have it !
1.3.5 Maturity Benefit Amount
Not Applicable
Not Available
1.3.6 Death
91% Group Life Insurance Plans Life insurance plans have it !
91% Group Life Insurance Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
Sum Assured will be paid to the nominee
Benefit is payable in accordance with the scheme rule of the employer; subject to maximum of the Fund Value or Assured Benefits
1.3.8 Annuity
12% Group Life Insurance Plans Life insurance plans have it !
12% Group Life Insurance Plans Life insurance plans have it !
1.4 Bonus
Not Available
Not Available

Availability of Loan

One can compare benefits of both policies based on aspects like availability of loan, surrender value, tax benefits, death benefits, etc. for Shriram Group Term Life Insurance and HDFC Life Group Unit Linked Pension Plan. For an insurance policy, loan option may or may not be provided. For first policy, a person cannot apply for loan and second policy does not provide loan facility.Loan is a facility that is provided by the insurance companies so that in case of emergencies, you can borrow money against your life insurance policy. If loan is provided by an insurance company, its value is usually deducted from your fund value i.e. the amounts of premiums that you've paid up to the time of money borrow. Also some companies specify the period of time when the loan has to repaid.

Benefits Under Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension

Benefits Under Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension can an important point of comparison between the two plans.

For Shriram Group Term Life Insurance:

  • Tax Benefit: Available
  • Maturity Benefit: Not Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

For HDFC Life Group Unit Linked Pension Plan:

  • Tax Benefit: Available
  • Maturity Benefit: Available
  • Death Benefit: Available
  • Annuity Benefit: Available

Tax benefit implies that a part of one's fund value and the premium that one pays against his insurance plan are eligible for deduction on tax returns. Maturity benefit can be availed at the end of the policy term of your plan. It is paid along with the sum assured. Death benefit is an amount of money paid to the family of the life insured in event of his demise before the end of the policy term. Annuity benefit offers you an opportunity to convert your funds at end of policy term to annuity. Annuity is a type of plan where you pay a lump sum amount at once and reap its benefits after your retirement.

Surrender Value of Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension

Surrender value of Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension is the amount of money that will be provided by the insurance company in case you want to surrender the policy before maturity. Surrender may not be allowed for all types of insurance policies. Shriram Group Term Life Insurance does not allow policy surrender before end of term. HDFC Life Group Unit Linked Pension Plan allows surrender of policy.

Bonuses Available for These Plans

Bonuses available for these plans include terminal bonus, reversionary bonus, interim bonus etc. Bonus is an important part of Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension benefits. Terminal bonus is provided by the insurance company to reflect the overall performance of your chosen policy. Reversionary bonus is an amount of money added to your returns on maturity. Terminal bonus is usually announced twice a year. If your policy matures at a date between these two bonus days, you may get an interim bonus.

  • Bonus provided under Shriram Group Term Life Insurance: No bonus is provided.
  • Bonus provided under HDFC Life Group Unit Linked Pension Plan: No bonus is provided.

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