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Whole Life Insurance 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

₹ 5000000
₹ 3200
83.00%
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₹ 5000000
Not Available
83.00%
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₹ 1500000
Not Available
83.00%

₹ 1000000
₹ 2000
83.00%

₹ 960000
₹ 40000
83.00%
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₹ 725000
₹ 50000
96.00%

₹ 500000
Not Available
94.00%

₹ 500000
₹ 8500
96.00%
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₹ 300000
₹ 50000
83.00%

₹ 269565
₹ 20000
96.00%
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Whole Life Insurance 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. Whole life insurance is an insurance plan that remains valid for the entire life time of the policy holder. Upon death of the policy holder, his dependents get the death benefit i.e. the assured money stated in the policy. Premiums of whole life insurance remain constant throughout the age of the life insured i.e. they do not increase as per age of the insured. Upon maturity or death of the policy holder, insurance company provides a lump sum amount of money to the life insured or his dependents.

Whole Life Insurance Plans can be used when one requires entire lifetime insurance cover. However if insurance cover for only specific period of time is required, one can use Term Plans. 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 Whole Life Insurance Plans in India are SBI Life Smart Income Protect, Shriram Secure Investment Plan, Star Union Dai ichi Jeevan Ashray, IndiaFirst Simple Benefit Plan, 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. BSLI Vision Life Income Plan, Reliance Whole Life Plan, HDFC Sampoorn Samridhi Plus, etc are some of the whole life insurance plans that are currently available in the market. 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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