Discuss Products of Life Insurance within the Innovations in banking and insurance. forums, part of the Upload / Download Banking and Insurance Projects and Notes category; Products of Life Insurance Life Insurance products are usually referred to as ‘plans’ of insurance. These plans have two basic ...
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Products of Life Insurance
Products of Life Insurance - September 10th, 2010
Products of Life Insurance
Life Insurance products are usually referred to as ‘plans’ of insurance. These plans have two basic elements, one is the “Death Cover” providing for the benefits being paid on the death of the insured person within a specified period. The other is the “Survival Benefit” providing for the benefit being paid on survival of a specified period.
• Plans of insurance that provide only death cover are called “Term Assurance” Plans.
• Plans of insurance that provide only survival benefits are called “Pure Endowment” Plans.
Term Life Insurance
Term Life Insurance provides protection for a specified period of time. A death benefit is paid to the beneficiary if the insured dies within a specified period of time while the policy is still in force.
Whole Life Insurance
Whole Life insurance is a permanent life insurance and provides protection for life. As long as premiums are paid, a death benefit is paid to the beneficiary.
A ULIP is a life insurance which provides a combination of Life Insurance protection and investment. Money can be invested in the following fund:- Equity Fund, Debt Fund, Money Market Fund (Liquid Fund) and Balance Fund.
Annuities are practically the same as pension. Pension provides periodical payments to the employees, who have retired. They are paid as long as the recipient is alive. Annuities are called the “reverse” of Life Insurance.
Solutions for Individuals - RGI
Taking time out from your daily schedule to plan your future is a necessary task. You could do with some help, but who can help you? Reliance Life Insurance is here with Solutions for Individuals, a series of plans that will help you make wise investments, protect your family, secure your child’s future and even chalk out a plan for your retirement.
• Protection Plans
Protect your family even when you’re not around by investing in Reliance Protection Plans. Choose a limited period plan or a lifetime protection plan depending on your needs. The latest Protection Plans are as below…
1. Reliance Term plan
2. Reliance Simple Term plan
3. Reliance Special Term plan
4. Reliance Credit Guardian plan
5. Reliance Special Credit Guardian plan
6. Reliance Endowment plan
7. Reliance Special Endowment plan
8. Reliance Connect 2 Life plan
9. Reliance Whole Life plan
10. Reliance Wealth + Health plan
11. Reliance Cash Flow plan
• Savings & Investment Plans
Reliance Savings & Investment Plans help you to set aside some money to achieve specific goals in life, which means that you can enjoy life and provide for your family’s daily needs. The savings and investment Plans are as below…
1. Reliance Total Investment Plan Series I - Insurance
2. Reliance Wealth + Health plan
3. Reliance Automatic Investment plan
4. Reliance Money Guarantee plan
5. Reliance Cash Flow plan
6. Reliance Market Return plan
7. Reliance Endowment plan
8. Reliance Special Endowment plan
9. Reliance Whole Life plan
10. Reliance Golden Years Plan
11. Reliance Golden Years Plan Value
12. Reliance Golden Years Plan Plus
13. Reliance Connect 2 Life plan
• Retirement Plans
Invest today in Reliance Retirement Plans and save money to enjoy life even after retirement. You will never have to depend on another person or make any compromises to maintain your current lifestyle. The latest Retirement Plans are as below…
1. Reliance Total Investment Plan Series II – Pension
2. Reliance Golden Years Plan
3. Reliance Golden Years Plan Value
4. Reliance Golden Years Plan Plus
5. Reliance Wealth + Health plan
6. Reliance Automatic Investment Plan
7. Reliance Money Guarantee Plan
• Child Plans
Save systematically and secure your child’s future needs by investing in Reliance Child Plans. You can always be there for your child when he or she needs you. The Childs plans are as below…
1. Reliance Child plan
2. Reliance Secure Child plan
3. Reliance Wealth + Health plan
Market Return Plan
Under This plan the investment risk in the investment portfolio is borne by the policyholder.
• Twin benefit of market linked return and insurance protection
• A unit linked plan, different from traditional life insurance products with maximum maturity age of 80 years.
• Option to create your own portfolio depending on your risk appetite.
• Choose from four different investment funds
• Flexibility to switch between funds
• Option to pay regular as well as single premium & top- ups
• Option to package your policy with accidental rider
• Flexibility to increase the sum assured
• Liquidity through partial withdrawals
How does this plan work
The premium paid by the client net of premium allocation charges is invested in fund/funds of your choice and units are allocated depending on the price of units for the fund/funds. The fund value is the total value of units that you hold in the fund/funds. The mortality charges and policy administration charges are ducted through cancellation of units whereas the fund management charge is priced in the unit value.
Life cover Assured: in case of unfortunate loss of life, the beneficiary will get sum assured or fund value, whichever is higher. The client can choose the basic sum assured within the minimum and maximum levels mentioned below.
Minimum sum Assured:
• Regular premium: annualized premium for 5 years or annualized premium for half the policy term, whichever is higher.
• Single premium: 125% of the single premium.
Maximum sum Assured
No limit (50000 for age up to 12 years)
On survival to maturity the fund value on maturity will be paid out.
The Client can add the Accidental Death & Total and Permanent Disablement Benefit Rider (available only with the regular premium option).
This benefits doubles the life coverage in case of accidental death or accidental total and permanent disablement at a very nominal additional cost. The maximum cover is Rs. 50,00,000 per life.
In case of accidental death of the life assured during the policy term, the accident benefit sum assured will be paid immediately in a lump sum.
In case of accidental total and permanent disablement, 1/10th of the accident benefit sum assured will be paid at the end of each year for ten years. If the total and permanent disablement has commenced, the accidental death benefit cover ceases.
In case of maturity or on death of the life assured before payment of all installments of accidental total and permanent disablement benefits, the remaining unpaid installments of any will be paid in one lump sum along with death or maturity benefit.
Accidental total and permanent disablement means disability caused by bodily injury, which causes permanent inability to perform any occupation or to engage in any activities for remuneration or profits. This disability should last for at least 6 months before being eligible for accidental total and permanent disablement benefits.
Accidental total and permanent disablement includes loss of both arms or both legs or one arm and one leg or of both eyes. Loss of arms or legs means dismemberment by amputation of the entire hand or foot. Loss of eyes means entire and irrecoverable loss of sight.
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