Life insurance (Jeevan Bima). Hmare liye jeevan sbse jyda impotant . Hm log pudi jindgi yhi sochte rhte h hme kuchh ho jayega to mera family , hmare bacche ya hmare parents ka kya hoga. Is sb ka sirf ek solution h aap ek achha Life insurance lo le aur aram se jindgi jio .
kaise kam krta h Life Insurance:- Jo Life insurance leta h wo apne ap ko kuchh years(Term) ke liye khud ko insured krta h. Iska mtlb jinte years ka wo term leta h utne years ke bich m use kuch hota(death, disability,accident, retirement etc..) to insurer company uske faimly ko financial support krti h jitne ka usne sumAsured hota h
Types of Life Insurance Policies in India
The life insurance sector is one of the fastest growing finance related segments in India. There are many different products, each with a variety of offerings. Right from fueling investment needs to meeting different financial goals, they come with many objectives for the investor. Here are a few common types of covers, including whole life and term insurance policy.
1. Term Insurance or Term Plan
These are the most basic and affordable form of Life Insurance. Term plans provide life cover with no profits/ savings component. The premiums are much cheaper in a term insurance than other Life Insurance plans. If the policyholder expires during the policy term, a fixed quantum of money (sum assured) is paid to his/ her beneficiaries. If the policyholder survives the entire policy term, no payout will be provided.
An individual non-smoker male who is looking for a term life plan of Rs.1 crore cover, will cost him approximately Rs.6, 800 to Rs.10, 500 per year.
|AGE||TERM||SUM ASSURED||ANNUAL PREMIUM RANGE|
|25 years||40 years||Rs.1 Crore||Rs.6,800 – Rs.10,500|
Best known for: High sum assured (coverage) at a low premium.
Benefit of Term Plan: In case of an untimely death of the breadwinner, family is supported with an enormous amount of money – sum assured, which helps them to replace the loss of the income caused due to the breadwinner’s death. Moreover, the money could be utilized to pay off loan, monthly household expenses, child’s education, child’s marriage, etc.
2. Whole Life Policy
Unlike a term insurance, the policy is not defined in a whole life policy, so the policyholder can enjoy the life cover throughout his/her life. By paying regular premiums, the policyholder gets a complete life cover. The policyholder needs to pay regular premiums until he expires, and upon that total amount, the corpus is paid to his family. The whole life policy expires only when any eventuality occurs as there is no pre-defined tenure.
|PREMIUM PAYING TERM||SUM ASSURED (WITH GUARANTEED MATURITY SUM ASSURED)||ANNUAL PREMIUM RANGE||MATURITY BENEFIT|
|20 years||Rs.3 lakh||Rs.10,000- Rs.15,000||Guaranteed Sum Assured + non-guaranteed bonus (if any) + non-guaranteed terminal bonus (if any)|
Best known for: Life coverage for whole life.
Benefit of Whole Life Plan: Lifelong protection to the insured and an opportunity to leave behind a legacy for heirs.
3. Endowment Plan
An endowment plan is different from a term plan in terms of maturity benefit. Unlike a term plan, an endowment plan pays out the sum assured along with profits in case of an eventuality during the policy term as well as on survival of insured. The profits are the result of investing the premiums in the asset market. Another difference is, endowment plans come with higher fees and premiums for paying out sum assured with profits in both scenarios – death or maturity.
|TERM||SUM ASSURED||ANNUAL PREMIUM RANGE||BONUS|
|30 years||Rs.10 lakh||Rs.20,000 – Rs.25,000||Depending on the Bonus at the time of maturity.|
Best known for: Long-term saving option for people with much lower risk appetite for investment.
Benefit of Endowment Plan: Long-term financial planning and an opportunity to earn returns on maturity.
4. Unit Linked Insurance Plan
Unit Linked Insurance Plan (ULIP) is linked to markets and thus, it is a form of the traditional endowment plan in which the sum assured is paid on death/maturity. However, in ULIP, you have the liberty to choose the investments’ allocation in stock/debt markets and its value is captured by the net asset value (NAV). Also, ULIP is a combination of insurance and investment, whereas mutual fund is a pure investment avenue.
|TERM||SUM ASSURED||ANNUAL PREMIUM||FUND VALUE|
|20 years||Rs.2 lakh||Rs.20,000||Depending on the fund value at the time of maturity.|
Best known for: Long-term investment option with much more flexibility to invest.
Benefit of ULIP: Invest money as per your risk appetite. You have the option to invest either in equity, debt or in hybrid funds through the life insurance company with complete transparency.
5. Money Back Policy
This policy too is a form of the endowment plan, however, it gives periodic payments to the beneficiary over the policy term. The insurer pays a portion of the sum assured at regular intervals. In case of policyholder’s death over the term of the policy, the full sum assured is given to the beneficiary. If the policyholder survives the policy term, he/ she receives the balance sum assured.
|TERM||SUM ASSURED||ANNUAL PREMIUM RANGE||PERIODIC RETURNS||MATURITY BENEFIT|
|20 years||Rs.5 lakh||Rs.20,000 – Rs.25,000||A percentage of Sum Assured paid on regular intervals||Accrued bonuses/Guaranteed Money Back + Coverage|
Best known for: Short-term investment product to meet short-term financial goals.
Benefit of Money Back Plan: Short-term financial planning and an opportunity to earn returns on maturity.
6. Children’s Policy
These policies can be obtained in the name of the policyholder’s child. It is beneficial only for the child and provides a financial assistance to the parents when their child reaches a particular age of his/ her life.
|TERM||SUM ASSURED||ANNUAL PREMIUM RANGE||PERIODIC RETURNS||MATURITY BENEFIT|
|20 years||Rs.18 lakh||Rs.1 lakh||Lump sum payouts on regular interval||Maturity benefit + guaranteed returns + non-guaranteed accumulated bonus (if any)|
Best known for: Building funds for your child’s future.
Benefit of Child Plan: Helps in fulfilling your child’s dream.
7. Annuity Plan
It is similar to a term insurance policy and aims at covering policyholder’s income loss. Post-retirement, the regular income source ceases to exist for an individual (mainly for private job holders) and it doesn’t take long to exhaust benefits like gratuity or provident funds. At that time, annuity plan provides regular income in the form of pension to the policyholder for safeguarding his/ her retirement. To enjoy financial freedom post-retirement, it is best to get an annuity plan.
In case of an unfortunate event, life assured passes away during the policy term – immediate payment is payable to the nominee by the insurance company. Death benefit will be higher of coverage or fund value or 105% of premiums paid. Vesting Benefit will be payable if the life assured survives the maturity age. In which case, payout will be fund value which has to be utilized for buying an annuity.
Best known for: Long-term savings and retirement planning.
Benefit of Retirement Plan: Helps in building corpus for retirement.
List of Life Insurers
|S.No.||NAME OF THE COMPANY||NAME OF PRINCIPAL OFFICER||NAME OF APPOINTED ACTUARY||TELEPHONE NO./FAX No./|
|1||Bajaj Allianz Life Insurance Co. Ltd.||Mr. Tarun Chugh||Mr. Dhulipala Saisrinivas||Tel : 020-66026773|
|GE Plaza, Airport Road , Yerawada Pune 411 006||MD & CEO||Fax : 020 -66026789|
|2||Aditya Birla Sun Life Insurance Co. Ltd||Mr. Pankaj Razdan||Mr. Anil Kumar Singh||Tel: 022-43569000|
|Reg. Office: One India Bulls Centre, Tower 1, 16th Floor, Jupiter Mill||MD & CEO||Fax:022-56783377|
|Compound, 841 , Senapati Bapat Marg, Elphinstone Road,Mumbai-400013.||Toll Free:1-800-270-7000|
|3||HDFC Standard Life Insurance Co. Ltd||Mr. Amitabh Choudhary||Mr. Srinivasan Parthasarathy||Tel : 022-67516666|
|19th Floor, Lodha Excelus,Apollo Mills Compound,||Fax:022-6751 6550|
|N.M. Joshi Road,Mahalaxmi,Mumbai – 400 011|
|4||ICICI Prudential Life Insurance Co. Ltd||Mr. Sandeep Bakhshi||Ms. Asha Murali||Tel : (022) 40391992|
|ICICIPrulifeTowers , 1089, Appasaheb Marathe Marg,||Fax no.: (022) 66622031|
|Prabhadevi, Mumbai 400 025.|
|5||Exide Life Insurance Co. Ltd.||Mr.Kshitij Jain||Mr. B.N.Rangarajan||Tel:080-25328000|
|3rd Floor, JP Techno Park,No.3/1, Millers Road, Bengaluru – 560 001.||MD & CEO||Fax:080-25559764|
|6||Life Insurance Corporation of India||Mr. V.K Sharma||Mr. Dinesh Pant||Tel : 022- 66598000|
|Yogakshema, Jeeva Bima Marg,||Fax:022-22028600|
|Post Box No. 19953 Mumbai 400 021|
|7||Max Life Insurance Co. Ltd||Shri Rajesh Sud||Mr. Jose Chathuparambil John||Tel : 0124-2561717|
|11th Floor, DLF Square , Jacaranda Marg, DLFCity ,||Ext-1321|
|Phase-II, GURGAON 122 002.|
|8||PNB Metlife India Insurance Co. Ltd.||Mr.Ashish Kumar Srivastava||Mr. P.K.Dinakar||Tel : 080-6630982|
|Unit No. 101, 1st Floor,Techniplex-1,||MD & CEO||Fax: 080-26521970|
|Techniplex Complex,Veer Savarkar Flyover||Toll Free No. 1800-425-6969|
|Off S V Road Goregaon (West),|
|9||Kotak Mahindra Life Insurance Company Ltd||Mr. G. Murlidhar||Mr. Sunil Sharma||Tel:022- 66057652/6605777|
|2nd Floor, Plot No: C – 12, G- Block,||MD & CEO||Fax: 022 6742 5650|
|Bandra Kurla Complex, Bandra (East),|
|Mumbai – 400 051|
|10||SBI Life Insurance Co. Ltd||Mr. Sanjeev Nautiyal||Mr. Subhendu Bal||Tel : 022-61910000|
|Natraj, M.V.Road & Western Express Highway Junction,||MD & CEO||Fax: 022 61910012|
|Andheri (East), Mumbai-400069|
|11||Tata AIA Life Insurance Co. Ltd.||Mr. Naveen Tahilyani||Mr. Prithesh Chaubey||Tel :022-66479000|
|14th Floor, TOWER – A, Peninsula Business Park||MD & CEO||Fax : 022-66550711|
|Senapati Bapat Marg Mumbai 400013|
|12||Reliance Nippon Life Insurance Co. Ltd.||Mr. Ashish Vohra||Tel: 022 3000 2000|
|9th floor & 10th floor, Building No. 2, R-Tech Park, Nirlon Compound,||ED & CEO||Fax: 022 3000 2222|
|Next to Hub Mall, Behind I – Flex Building, Goregaon (East), Mumbai – 400 063|
|13||Aviva Life Insurance Company India Limited||Mr.Trevor Bull||Mr. Sanjeeb Kumar||Tel: 0124-2709000/01|
|AvivaTower, Sector Road, Opposit Golf Course,||MD & CEO||Fax: 0124-270 9007.|
|DLF-Phase V, Sector-43,Gurgaon – 122 003|
|14||Sahara India Life Insurance Co. Ltd.||Mr. Sanjay Agarwal,||Mr. Dhiraj Goel||Tel:0522-2337777|
|#1, SaharaIndia Bhawan,Kopoorthala Complex, Lucknow 226024||CEO & WTD||Fax:0522-2378200|
|15||Shriram Life Insurance Co. Ltd.||Mr. Casparus Jacobus Hendrik Kromhout||Mr. I Sambasiva Rao||Tel:040-23434466-72|
|Ramky Selenium, Plot No 31 & 32 Beside Andhra Bank Training Centre,||MD & CEO||Fax: 040-23434488|
|Financial District, Gachibowli,Hyderabad – 500032|
|16||Bharti AXA Life Insurance Co. Ltd.||Mr. Vikas Seth||Mr. Mudit Kumar||Tel: 022 – 40306300/6301|
|Unit No. 1904, 19th Floor,Parinee Crescenzo, ‘G’ Block,Bandra Kurla Complex, BKC Road,||MD & CEO||Fax: 022 – 40306347|
|Behind MCA Ground, Bandra East, Mumbai – 400051.|
|17||Future Generali India Life Insurance Co. Ltd.||Mr. Munish Sharda||Mr. Bikash Choudhary||Tel: 022-40976666|
|6th Floor, Tower – 3, Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Eliphinstone Road(W),||MD & CEO||Fax:022-40976600|
|Mumbai – 400013.|
|18||IDBI Federal Life Insurance Co. Ltd.||Mr. Vighnesh Shahane||Mr. Shivank Chandra||Tel.022-24908109/10|
|22nd Floor, A Wing, Marathon Futurex,||MD & CEO||Fax.022-24941016|
|, N M joshi Marg, Lower Parel – East|
|Mumbai – 400013|
|19||Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.||Mr. Anuj Mathur||Mr. Akshay Dhand||Tel:0124-4535500|
|Unit No.208, 2nd Floor, Kanchenjunga Building, 18 Barakhamba Road,||MD & CEO||Fax:0124-4535999|
|New Delhi – 110 001|
|20||AEGON Life Insurance Co. Ltd.||Mr. Vineet Arora||Mr. Souvik Jash||Tel:022 6729 2929|
|Building No 3, Third floor, Unit No.1 Nesco IT Park,||MD & CEO||Fax:022 672 9333|
|Western Express Highway, Goregaon(E), Mumbai – 400063|
|21||DHFL Pramerica Life Insurance Co. Ltd.||Mr. Anoop Kumar Pabby||Mr. Ajay Chaturvedi||Tel.0124-4697000|
|4th Floor Tower B, Building No.-9, DLFCyberCity, Phase-III, Gurgaon-122002.||MD & CEO||Fax.0124-4697100/200|
|22||Star Union Dai-ichi Life Insurance Co. Ltd.||Mr. Girish Pandurang Kulkarni||Mr. Abhay Tewari||Tel: 022-39546200|
|11th Floor, Raghuleela Arcade, IT Park,||MD & CEO||Fax:022-39546311|
|Sector-30A, Opp. Vashi Railway Station, Vashi, Navi|
|23||IndiaFirst Life Insurance Co. Ltd.||Ms. R. M. Vishakha||Ms. Peuli Das||Phone: 022 39418700|
|301, ‘B’ Wing, The Qube, Infinity Park, Dindoshi – Film City Road,||MD & CEO||Fax: 022 33259500|
|Malad (East), Mumbai – 400 097.|
|24||Edelweiss Tokio Life Insurance Co. Ltd.||Mr. Deepak Mittal||Mr. Subhrajit Mukhopadhyay||Tel: 022-4063 5599|
|Edelweiss House, off C.S.T. Road, Kalina, Mumbai : 400 098||MD & CEO||Fax: 022-4227 3838|
IRDA Claim Settlement Ratio 2016-17
Green-Claim Settlement Ratio from 95% to 100%
Yellow-Claim Settlement Ratio from 90% below 95%
Red-Claims below 90%.