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Shriram New Akshay Nidhi Plan
Shriram New Akshay Nidhi Plan

MET Pension (Par)
MET Pension (Par)



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Shriram New Akshay Nidhi Plan
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MET Pension (Par)

Shriram New Akshay Nidhi and Pension (Par)

1 Details
1.1 Insurance Provider
Shriram Life Insurance Company
Max Life Insurance
1.2 Claim Settlement Ratio
1.2.1 Settlement Ratio (2015-16)
51.21%
Rank: 23 (Overall)
93.59%
Rank: 2 (Overall)
1.2.2 Settlement Ratio
LIC Bhagya Laks..
67.00%
Rank: 15 (Overall)
96.00%
Rank: 2 (Overall)
Edelweiss Tokio My Life Plus
1.2.3 Settlement Ratio (2013-14)
LIC New Jeevan ..
67.69 %
Rank: 23 (Overall)
93.86 %
Rank: 4 (Overall)
DHFL Pramerica Family Income
1.3 Type
Whole Life Insurance Plan
Pension Plan
1.4 Status
In-force
In-force
1.5 Online
29% Whole Life Insurance Plans Life insurance plans have it !
38% Pension Plans Life insurance plans have it !
1.6 Eligibility
1.6.1 Min Entry Age
AEGON Religare ..
0 years
Rank: N/A (Overall)
18 years
Rank: 17 (Overall)
Bajaj Allianz Cash Assure
ADD ⊕
1.6.2 Max Entry Age
ICICI Pru Immed..
60 years
Rank: 18 (Overall)
60 years
Rank: 18 (Overall)
Reliance Classic Plan 2
ADD ⊕
1.6.3 Min Vesting Age
Canara HSBC Sma..
18 years
Rank: 7 (Overall)
45 years
Rank: 27 (Overall)
Shriram Secure Investment Plan
ADD ⊕
1.6.4 Max Vesting Age
Bharti AXA Life..
75 years
Rank: 12 (Overall)
70 years
Rank: 16 (Overall)
LIC New Children Money Back Plan
ADD ⊕
1.7 Policy Term
1.7.1 Min Term
Edelweiss Tokio..
15 years
Rank: 13 (Overall)
10 years
Rank: 8 (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.7.2 Max Term
TATA AIA Fortun..
25 years
Rank: 20 (Overall)
Not Available
Rank: N/A (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.8 Returns
1.8.1 Min Sum Assured
Aviva Life Shie..
₹ 150000
Rank: 42 (Overall)
₹ 50000
Rank: 17 (Overall)
ICICI Pru Immediate Annuity Plan
1.8.2 Min Sum Assured (Variable)
Not Applicable
Not Applicable
1.8.3 Max Sum Assured
IDBI Federal Lo..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Kotak Gratuity Plus Group Plan
1.8.4 Max Sum Assured (Variable)
No Limit
No Limit
1.9 Group Plan
No Whole Life Insurance Plans Life insurance plans has it !
No Pension Plans Life insurance plans has it !
1.9.1 Group Type
Not Applicable
Not Applicable
1.9.2 NEE Size
Metlife Group T..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Reliance Traditional Group Employee Benefit Plan
1.9.3 EE Size
Metlife Complet..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
HDFC Group Term Insurance
2 Premium
2.1 Minimum Premium
2.1.1 Min Premium
Kotak Preferred..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
HDFC Life Group Credit Protect Insurance Plan
2.1.2 Min Premium (Variable)
Depends on the age, sum assured and policy term
Not Available
2.2 Maximum Premium
2.2.1 Max Premium
Metlife Traditi..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana
2.2.2 Max Premium (Variable)
No Limit
Not Available
2.3 Payment Options
Regular Pay
Limited Pay, Regular Pay, Single Pay
2.4 Regular Modes
Annual, Monthly, Quarterly, Semi-Annual
Annual, Monthly, Quarterly, Semi-Annual
2.5 Top Up
Not Allowed
Not Allowed
2.5.1 Top Up Value
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Pension Plus
3 Loan And Benefits
3.1 Loan
59% Whole Life Insurance Plans Life insurance plans have it !
8% Pension Plans Life insurance plans have it !
3.2 Surrender
94% Whole Life Insurance Plans Life insurance plans have it !
83% Pension Plans Life insurance plans have it !
3.2.1 Surrender Value
Depends on the policy year, policy term and the premium paid
Not Applicable
3.3 Benefits
3.3.1 Tax
98% Whole Life Insurance Plans Life insurance plans have it !
92% Pension Plans Life insurance plans have it !
3.3.2 Tax Benefit Amount
Tax benefits under this plan are available as per the provisions of the Income tax Act.
Not Available
3.3.3 Service Tax
Applicable
Applicable
3.3.4 Maturity
89% Whole Life Insurance Plans Life insurance plans have it !
79% Pension Plans Life insurance plans have it !
3.3.5 Maturity Benefit Amount
Accrued reversionary bonuses + Terminal bonus
Following will be receivable: Sum assured plus guaranteed additions plus compounded reversionary bonuses.
3.3.6 Death
99% Whole Life Insurance Plans Life insurance plans have it !
96% Pension Plans Life insurance plans have it !
3.3.7 Death Benefit Amount
Sum assured on death + Accrued reversionary bonus + Terminal bonus
Death benefit of return of premium with reversionary bonuses if any.
3.3.8 Annuity
No Whole Life Insurance Plans Life insurance plans has it !
75% Pension Plans Life insurance plans have it !
3.4 Bonus
Interim Bonus, Reversionary Bonus, Terminal Bonus
Not Available
4 Provisions
4.1 Renewal
76% Whole Life Insurance Plans Life insurance plans have it !
92% Pension Plans Life insurance plans have it !
4.1.1 Renewal Period
Bajaj Allianz R..
2 years
Rank: 3 (Overall)
3 years
Rank: 2 (Overall)
HDFC Life Group Unit Linked Pension Plan
4.2 Riders
4.2.1 Accidental Death
51% Whole Life Insurance Plans Life insurance plans have it !
17% Pension Plans Life insurance plans have it !
4.2.2 ADBR Description
Available as an optional cover
Provides for the payment of an additional amount should death occur as result of an accident by outward,violent and visible means before age 60 years
4.2.3 Critical Illness
29% Whole Life Insurance Plans Life insurance plans have it !
8% Pension Plans Life insurance plans have it !
4.2.4 CI Description
Available as an optional cover
Provides payment of an additional amount on diagnosis of any of the predecided critical conditions.
4.2.5 Term Rider
11% Whole Life Insurance Plans Life insurance plans have it !
12% Pension Plans Life insurance plans have it !
4.2.6 TR Description
Not Applicable
Allows the payment of an additional amount should death of the life insured occur before 60 years.
4.2.7 Permanent Disability
30% Whole Life Insurance Plans Life insurance plans have it !
8% Pension Plans Life insurance plans have it !
4.2.8 PD Description
Not Applicable
Not Applicable
5 Terms and Conditions
5.1 Grace Period
LIC Jeevan Raks..
30 Days
Rank: 1 (Overall)
30 Days
Rank: 1 (Overall)
HDFC Group Term Insurance
ADD ⊕
5.2 Free Look Period
Mera Term Plan
15 Days
Rank: 2 (Overall)
Not Available
Rank: N/A (Overall)
Reliance Online Term
ADD ⊕
5.3 Exclusion On Base Policy
Suicide Clause
Not Available
5.4 Charges
5.4.1 Premium Allocation
4% Whole Life Insurance Plans Life insurance plans have it !
42% Pension Plans Life insurance plans have it !
5.4.2 Premium Allocation Charge
Not Available
Not Available
5.4.3 Policy Administration
2% Whole Life Insurance Plans Life insurance plans have it !
42% Pension Plans Life insurance plans have it !
5.4.4 Policy Administration Charge
Not Available
Not Available
5.4.5 Fund Management
2% Whole Life Insurance Plans Life insurance plans have it !
46% Pension Plans Life insurance plans have it !
5.4.6 Fund Management Charge
Not Available
Not Available
5.4.7 Mortality
6% Whole Life Insurance Plans Life insurance plans have it !
21% Pension Plans Life insurance plans have it !
5.4.8 Mortality Charge
Not Available
Not Available
5.4.9 Switching
Not Allowed
Not Allowed
5.4.10 Switching Charge
Reliance Group ..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus
5.4.11 Partial Withdrawal
Not Allowed
Not Allowed
5.4.12 Partial Withdrawal Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Aviva Live Smart Plan
5.4.13 Premium Redirection
Not Allowed
Not Allowed
5.4.14 Premium Redirection Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus
5.5 Group Members
5.5.1 Addition
Not Allowed
Not Allowed
5.5.2 Deletion
Not Allowed
Not Allowed
5.6 Medical Examination
78% Whole Life Insurance Plans Life insurance plans have it !
29% Pension Plans Life insurance plans have it !

Compare Shriram New Akshay Nidhi and Pension (Par)

Compare Shriram New Akshay Nidhi and Pension (Par) on basis of policy details, premium details, eligibility etc. Shriram New Akshay Nidhi is provided by Shriram Life Insurance Company. Pension (Par) is provided by Max Life Insurance. Former policy comes under Whole Life Insurance Plans and latter policy comes under Pension Plans. Online buying option is not available for first insurance policy and online buying option is available for second policy.

Minimum entry age for Shriram New Akshay Nidhi Plan is 0 years and maximum entry age for the same policy is 60 years. Similarly for MET Pension (Par), minimum entry age is 18 years and maximum entry age is 60 years. Depending upon the selected plan, the premium amount and payment options may be different. Premium is the amount you pay to the insurance company in exchange of life cover. Premium payment option/s for former policy: Regular Pay and premium payment option/s for latter policy: Limited Pay, Regular Pay and Single Pay. In regular pay mode, you are supposed to pay this money at fixed intervals throughout the policy term whereas for limited pay mode, you are supposed to pay money only for a limited number of years.

Benefits of Shriram New Akshay Nidhi and Pension (Par)

Benefits of Shriram New Akshay Nidhi and Pension (Par) consist of maturity benefit, tax benefit, death benefit etc. Some Shriram New Akshay Nidhi Plan and MET Pension (Par) Provisions are made for a policy holder. Loan is one such provision. For first plan, a person can apply for loan and second plan does not provide loan facility. Following are the benefits under these insurance policies.

For Shriram New Akshay Nidhi Plan:

  • Tax benefit: Available.
  • Maturity benefit: Available.
  • Death benefit: Available.

For Shriram New Akshay Nidhi Plan:

  • Tax benefit: Available.
  • Maturity benefit: Available.
  • Death benefit: Available.

If the policy has tax benefit, it means that the premium you pay for the policy is eligible for deduction in tax returns along with a part of money you receive on maturity of the policy. If the policy has death benefit, in event of death of the policy holder, all the money paid as premium shall be returned to his family. Even bonus is added to this money for some policies. Thus his family can stay financially secure. Maturity benefit is the money you get at the end of the policy term. This is the total of all the premiums you have paid along with applicable bonus.

Provisions under Shriram New Akshay Nidhi and Pension (Par)

Provisions under Shriram New Akshay Nidhi and Pension (Par) mainly include policy renewal and different types of riders. For Shriram New Akshay Nidhi Plan, policy renewal is allowed Policy renewal is allowed for MET Pension (Par). Different riders such as accidental death benefit rider, critical illness rider etc. are provided for an insurance policy. Riders are special clauses in an insurance policy that cover cases when you won't be able to pay premium. Accidental death benefit rider is available for first policy and it is available for second policy.Critical illness rider is available for former policy and it is available for second policy.Term rider is not available for first insurance policy and this rider is available for second policy.

Terms and Conditions For Shriram New Akshay Nidhi and Pension (Par)

Terms and conditions for Shriram New Akshay Nidhi and Pension (Par) includes the grace period, free look period, exclusions, riders etc. for both the policies. Grace period can be utilized for paying unpaid premiums. Grace period for these insurance plans is 30 Days. Free look period of plan 1 is 15 Days whereas for plan 2, it is Not Available.

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