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GROUP NO. 2
ABHISHEK DAS
INDU SHEKHAR
MANI SHUKLA
SHALEEN AGARWAL
VIKRANT ARORA
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Why term p
Term insurance is the simplest and most fundamental insuraproduct. Term insurance plans are designed to ensure that event of the policyholders death, the family gets the sum a(the cover amount).
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What is term life insura
Term life insurance ensures that your family receives a largesum amount, called the sum assured, in the unfortunate evedeath of the policyholder. By offering this benefit at extremcompetitive rates, Term insurance plans provide an opportuthe protection of insurance cover at extremely affordable pr
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Why do I need term life insura
Increasing liabilities : People today prefer to take loans to fulfilling thei
instead of waiting to save for the future. Indias outstanding credit card d
touched Rs 26,500 crore in May 2008, up by 87% from May 2007. Hence
absence, your family needs to take care of this loan.
Nuclear family structure : Earlier, people could depend on their extend
family system to take care of their near and dear ones in case of their ab
However, the share of families with more than 5 members has come dow
64% in 1990 to 56% in 2005 and is expected to decrease further.**
Increasing lifestyle diseases : The share of lifestyle diseases in India is in
Also, people in senior management are more prone to lifestyle diseases,
ICRIER Study.
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Why should I start planning my lifeneeds
One should have adequate cover for dependents. Its better to be preensure that the financial needs of your loved ones are taken care of, inunfortunate event of death.
With age, the premiums tend to increase and therefore buying term ibecomes more expensive.
Apart from the benefit of protection for your dependents, also enjoy tunder Sec 80C up to Rs. 1,00,000.
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ICICI Term Plans
ICICI Pru I Care
ICICI Pru Pure
ICICI Pru LifeGuard
ICICI Pru Home Assure
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ICICI Pr
Minimum / Maximum age at entry 18 / 65 years (age last birthday)
Minimum Policy term 5 years
Maximum Policy term
Regular Pay: 30 years
One Pay: 10 yearsPolicy term will be in multiples of 5 years
Maximum age at policy expiry 75 years (age last birthday)
Minimum premium Rs. 3,000 (excluding service tax and education c
Accidental Death Benefit
(Only with iCare Option II)Equal to Sum Assured, subject to a maximum o
Minimum Sum AssuredRs. 10 lakhs subject to a minimum premium of
(excluding service tax and cesses, as applicable
Maximum Sum AssuredAge band (last birthday) Maximum Sum Assured
18-50 1.5 crore
51-65 70 lakhs
Premium payment optionRegular Pay. Company may offer One Pay optio
year policy terms.
Mode of premium paymentRegular Pay: Yearly
One Pay: Single
Tax benefitsPremium paid towards the policy will be eligible
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ICICI Pru
ICICI Pru Pure Protect Classic ICICI Pru PurePru Prot
Min / Max Entry Age 18 / 65 years 18 / 65 years
Min / Max Term 10 / 30 years 10 / 30 years
Max. Coverage Age 75 years 75 years
Min. Premium Rs. 2,400 p.a. Rs. 2,400 p.a.
Min. Sum AssuredSubject to minimum
premium as applicableRs. 25,00,000
Max.Sum Assured Rs. 24,99,999
Premium Payment Frequency Yearly / Half Yearly / Monthly
Tax Benefit of the term
insurance plan
Premium paid towards the life insurance
protection policy will be eligible for
tax benefit under Sec 80C , any benefit amount received under th
eligible for the tax benefit under section 10 (10D), as per prevailin
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ICICI Pru Life
Minimum / Maximum premiumAs per the minimum / maximum
S.A. limits
Minimum / Maximum Sum Assured Rs. 2,50,000 / Rs. 10,00,000
Minimum / Maximum age at entry 18 / 55 years
Cover ceasing age 65 years
Policy term 3 / 15 years
Modes of Premium Payment Yearly / Half yearly / Monthly
Minimum Premium Rs. 2,400 p.a.
Modes of Premium Payment Yearly / Half yearly / Monthly
Minimum / Maximum Sum Assured As per min. premium requirements/Rs. 10,00,000
Minimum / Maximum age at entry 18 / 55 years
Cover ceasing age 65 years
Policy term 10 / 30 years
ICICI Pru LifeGuard-Level Term Assurance with Return of Premium
ICICI Pru Life Guard-Single Premium
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ICICI Pru Home A
Minimum Premium Rs. 6,000 p.a.
Modes of Premium Payment Single Premium
Minimum / Maximum Sum Assured Rs.25,000 / No limit
Minimum / Maximum age at entry 18 / 60 years
Maximum cover ceasing age 70 years
Policy Term 2-30 years
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Bajaj Allianz (Term Care)
The Bajaj Allianz Term Care Plan is a term insurance plan. It is aneconomical way of providing for one's life cover and at the sameensuring that the premiums paid are returned at maturity. This pyou the convenience of choosing between two premium paymen
Regular Premium Payment - Premium payment throughout the term.
Single Premium Payment - One time premium payment for the sterm at commencement.
The minimum premium for Single Premium option shall be Rs. 6,
Premium Payment ModePremium can be paid in Half Yearly, Yearly or Single Premium.
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Elig
Parameter Details
Minimum Entry Age 18 years
Maximum Entry Age 50 years
Maximum Age at Maturity 65 years
Minimum Policy Term 5 years
Maximum Policy Term 40 years
Minimum Sum Assured Rs. 1,00,000
Maximum Sum Assured Rs. 10,00,000
Minimum Premium (Rs.) Rs. 1500/- for Yearly, Rs. 1500/- for Half
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Key fea
Tax Exemption u/s 80(C) & 10(10)D Regular and Single Premium payment options.
The only pure term insurance plan in the market to provide Cash Benefit.
Enhanced Protection options available through Additional R
Benefits. Tax benefits on premiums paid and benefits received unde
Policy as per the existing Income Tax Laws
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Be
Death Benefits
Accidental Permanent Total/Partial Disability Benefit
Critical Illness Benefit (CI)
Waiver of Premium Benefit
Hospital Cash Benefit (HCB)
Type of Disability Benefits
Accidental Permanent Partial Disability 50% of Sum Assured *
Accidental Permanent Total Disability 100% of Sum Assured **
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HDFC Life
HDFC Click 2 Protect HDFC assurance plan
HDFC Premium Guarantee Plan
HDFC loan cover term assurance plan
HDFC Home Loan Protection Plan
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HDFC Click 2 Protect
HDFC Life Click 2 Protect is a term insurance plan. This plan
for a payment of a lump sum in the event of your unfortunaduring the policy term.
HDFC Click 2 Protect
Minimum Premiums 2000/-
Entry Age Min. entry age 18 year
Mix. Entry age 55year
Benefit Payment to nominee during the demise
Payment Options Policy term are 10 or 15 or 20 or 25 or 30
year
Sum Assured 10 lakh to 10 Cr.
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HDFC Assurance Plan
Term Assurance plan is designed to help secure your family's financiacase of uncertainties. The plan does this by providing a lump sum to tthe life assured in case of death or critical illness (if option is chosen) oassured during the term of the contract. One can choose the lump sumwould replace the income lost to one's family in the unfortunate evendeath. This helps your family to maintain their financial independencewhen you are not around.
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HDFC Assurance Plan
Policy Term For Regular premium :- min policy ter
max. policy term is 30 year
Single premium :- 2 to 15 years
Plan Choice This plan can be taken on a single life
life basis
Death Benefits Nominee or Assignee will receive the
Assured
Maturity Benefits There are no maturity or survival bene
Entry age Min. age 18 years and max. 60 years
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HDFC Premium Guarantee Plan
HDFC Premium Guarantee Plan is an insurance plan that comes with t
advantage of protection and return of premiums on maturity. So, you life knowing that your familys financial independence is secure even iabsence. And your premiums are yours on your survival at maturity.
Term Minimum term 10 years
Max. term - 30 years
Death Benefit
The plan provides a lump sum to the n
the life assured in case of death of theduring the policy term.
Maturity Benefit
On maturity of the policy, the risk cove
we will return you all premiums paid o
of the policy.
Entry ageMin.- 18 years
Max.- 55 years
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HDFC (Advan
Buy this plan at click of button , anytime & anywhere.
High cover at a very nominal cost.
Flexibility to choose the Sum Assured and policy term.
Attractive premium rates for Non tobacco user and those whealthier lifestyle.
Tax benefits under sections 80Cand 10(10D) of Income Tax A
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Comparison of Term Plans betweedifferent companies
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Product Name New Risk Care II iCare
Premium (Inclusive of Service Tax) in Rs. Rs.2,669.00 Rs.2,427.00
Age 22 22
BENEFITS
Income Tax Benefit
Tax benefit under Sec. 80c and Sec. 10(10D) of
the Income Tax Act 1966
Tax benefit un
Sec. 80c and S
10(10D) of thIncome Tax A
1961
Terrorism Cover Included included
Maturity Benefit Nil Nil
Surrender value No No
Loan No No
PRODUCT FEATURES
Grace Period 30 days 30 days
Minimum Premium (P.A.) in Rs. 1200
Rs. 3000/-
(excluding ser
tax and educa
cess)
Minimum Age at Entry 18 yrs. 18 yrs.
Maximum Age at Entry 60 yrs. 65 yrs.
Maximum Age at Maturity 65 yrs. 75 yrs.
Policy Term 5 - 40yrs 5-30 Years
Premium Frequency Anually Annual Conversion Option N/A Not Available
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Whole Life Insurance
It provides life insurance cover for the entire life of the insuror up to a specified age (age varies form company to compagenerally pay the same premium amount throughout your l
Some whole life policies let you pay premiums for a shorter such as 15, 20 or 25 years
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Advan
Whole life are guaranteed death benefits; guaranteed cash vfixed and known annual premiums, and that mortality and echarges will not reduce the cash value shown in the policy.
The whole life are premium inflexibility, and the internal ratin the policy may not be competitive with other savings alte
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Max New York Life Whole Life Insuran
POLICY - Whole Life Insurance
Features :
Whole Life Cover
Many riders available
Loans available
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ELIGIBILIT
Minimum Entry Age 91 Days
Maximum Entry Age 70 Years
Maturity Age 100 Years
Minimum Sum Assured Rs 100,000 per annum
Premium Payment Mode Yearly, Half Yearly, Quarterly or M
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Benefits of Max New York Life WhoIns
Death benefit
Maturity Benefit
Terminal Illness
Riders - You can opt for personal accident rider, term rider, term renewconvertible rider, waiver of premium rider, dread disease rider and pawith the plan.
Loans Tax benefits - Under Section 80C you can avail tax benefit, yearly prem
more than 1lac) will be deducted from taxable income.
-Under Section 10(10D) death claim is completely tax free.
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ICICI Prudential
Plan name: ICICI Pru Whole Life
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Elig
Minimum Maxim
Sum Assured (in Rs.) 1,00,000 No Li
Policy Term (in years) Whole Life
Premium Payment Term (in years) 30 70
Entry Age of Life Insured (in years) 0 60
Age at end of Premium Paying Term
(in years)30 70
Premium (in Rs.) 6,000 p.a. No Li
Payment modes Yearly, Half-Yearly and Monthly
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Be
Life cover
Wealth creation
Survival benefit
Additional life cover
Enhanced coverage through riders
Avail of tax benefit
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Fea
Survival benefit: Create a corpus to meet your desired goal at th
chosen premium paying term. You are entitled to the chosen Sumand all the bonuses declared, if any, during the premium paying
Life cover benefit: In case of your untimely demise during your ppaying years, your family would receive twice the Sum Assured aall bonuses accumulated during the premium paying term of the
Whole life cover benefit: You are also entitled to an additional SAssured payable in case death occurs after the completion of thepaying term or on completion of 100 years of age, whichever is eallowing you to leave a legacy to your dear ones