Max Life Term Insurance and Investment Plans

Hassle Free Selection of Insurance Plans

Term Insurance	Investment Plans
High life cover at cost-effective premiums	Long term wealth accumulation
Critical Illness Coverage	Guaranteed Payouts
Policy break in case of adverse circumstances	Tax Benefits
Tax Benefits	Financial protection throughout life
Different premium payment option	Life Insurance protection for family

Life Insurance

Life insurance refers to the legally binding contract between a policyholder and an insurance company that provides financial protection to his/her family. The insurer promises to offer the insurance benefit in exchange for regular premiums paid by the life insured. The ‘financial protection’ under life insurance is provided in the form of life cover, also known as sum assured. It is a pre-agreed amount that is payable in case of an untoward incident with the life insured.

For the life insurance contract to be enforceable and life insurance quotes to be accurate, your application must accurately disclose your current and past health conditions. Also, you need to pay a single premium or regular premiums as chosen when buying life insurance. You can estimate the life insurance quotes for your financial profile by using the insurance calculator.

Financial Security

Buying a life insurance plan with an adequate sum assured acts as a financial cushion for your family members. It ensures that they will not need to live a compromised lifestyle or disregard their life goals in your absence. Finding the right life insurance quotes for you and your family will be a wise move in planning your finances.

Child’s Future Planning

With the help of life insurance quotes, you can plan for your children’s future, including their higher education plans. The insurance benefits they will receive after you help them fulfil their dreams just as you have planned for them.

Corpus Over Long Term

Most life insurance policies ask for long-term commitment to pay the premium timely and help create wealth, which can be used to fulfil various life goals. You can also opt for life insurance plans with maturity benefits to enjoy life with financial independence. When you refer to the life insurance quotes for your financial profile, you will get a clearer overview of how this will work.

Disciplined Investments

Putting aside money to be invested in various financial instruments becomes difficult when there are so many financial responsibilities to cater to. Getting the life insurance quotes can help you distribute your investments more effectively. You can enjoy the dual benefits of life cover and investment with certain types of life insurance plans.

Retirement Planning

There are various life insurance plans that you can choose to plan for your retired life. You can select monthly income or lump sum pay-outs with these plans to enjoy your life after retirement without financial worries. Such life insurance quotes will allow you to plan years ahead of your retirement, giving you a sizeable corpus to lead a comfortable life.

Tax Savings

Life insurance policies help you save tax under Section 80C of the ITA (Income Tax Act). The premiums you pay for a life insurance plan makes you eligible for tax deductions of up to Rs. 1,50,000. You can also save more tax under Section 80D on choosing health-related riders with your life insurance plan. Find your life insurance quotes to plan your tax savings effectively.

Tata AIA Life Insurance Sampoorna Raksha

Why Choose Tata AIA Life Insurance Sampoorna Raksha Supreme?

A Non-Linked Non-Participating Individual Life Insurance Plan We all want to ensure that our loved ones have a comfortable life and secured future. We all thrive to provide happiness and security to our family. We want to make sure they are never short in terms of financial resources to live the life of their

dreams, thereby providing a strong 'foundation' of fanancial security for them. Presenting Tata AIA Life Insurance Sampoorna Raksha Supreme Plan, an insurance plan that  provides fanancial protection to your family and offers you the flexibility to choose the plan that suits your need.

• Choose to increase Life Cover at important milestones with Life stage option.
• Ease of payment with Single / Limited / Regular payment options.
• Whole Life Cover till the age of 100*.
• Preferential rate for women

Why choose a Term Life Insurance Plan?

Get Large Cover at Lower Premium : 

When you are young, you have limited responsibilities, and you are just starting your career. As a salaried individual, you should opt for adequate life cover protection for your family in return for affordable premiums that do not burden your earnings.

Early Mover Advantage :

With an increase in age, your premium may also increase. When you buy the term plan at an early age it is more affordable.

Provides Financial Security :

Buying a term life insurance policy is important if you are the sole bread earner in your family. In case of any unfortunate event, term plans help to cover the risk and secure the future of your loved ones.

Avail Tax Benefits :

When you buy our best term insurance policy, you not only protect your loved ones but also enjoy Tax Benefits as per applicable tax laws, helping you save more.

Discover a premium that perfectly aligns with your current income and future goals using our term insurance calculator.

• Illustrated Premium is premium excluding taxes for Standard Life, Non-Smoker, Life Option with Regular Pay. PT 20yrs, PPT 20yrs. Please refer Benefit Illustration for more details.
• All Premiums are subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.

Key Features :

• Flexibility to choose from below Death Benefit options:

    - Life Option

    - Life Plus Option

    - Life Income

    - Credit Protect

• Option for Whole Life coverage (till age 100 years)
• Option to Increase cover at Important milestones with Life stage option
• Option to increase Sum Assured through top-ups
• Option to get Income payouts at age 55, 60 or 65 onwards for a peaceful life
• Flexibility to receive death benefit payout as a Lump sum or Income (up to 60 months) or both
• Inbuilt payor Accelerator benefit that advances 50% of Basic Sum Assured in event of a Terminal illness diagnosis
• Option to avail medical second opinion/medical consultation/ personal medical case management
• Flexibility to choose Policy Term and Premium Paying Term
• Lower premium rate for Female lives
• Enhance your protection with Optional Riders
• Product can be sourced through Point of Sales PoS)
• Tax benefits, as per the applicable Income Tax laws

Following Benefits/Options are not available for PoS:

• Life Income option
• Life Stage option
• Top Up Sum Assured option
• Payor Accelerator Benefit
• Riders

Plan Benefits:

Option 1 : Life Option

This is a pure risk variant wherein customer chooses the Base sum assured at the time of purchase. In case the life assured dies during the policy term, the stipulated death benefit (based on Effective Sum Assured as applicable on the date of death - defined below) less any payout under Payor Accelerated Benefit will be paid out to the nominee (as per the payout plan chosen) and the policy will terminate. The Effective Sum Assured applicable for computation of Death Benefit would include any additional SA purchased by exercising either the Life Stage or the Top-Up SA option as described above along with Base SA This plan has an inbuilt benet called “Payor Accelerator Benefit” wherein the benefit amount equal to 50% of the Base SA is paid out as lump sum on acceptance of Terminal Illness (TI) claim by us. Upon payment of the TI claim, the policy continues and any due premiums continue to remain payable. In case the life assured survives till maturity, no additional benet is payable and the policy terminates.

Option 2: Life Plus Option

This is a protection oriented variant wherein the customer chooses the Base Sum Assured at the time of purchase subject to underwriting eligibility. In case the life assured dies during the policy term, the stipulated death benefit (based on Effective Sum Assured as applicable on the date of death - defined below) less any payout under Payor Accelerated Benefit will be paid out to the nominee (as per the payout plan chosen) and the policy will terminate. The death benefit shall be based on Effective Sum Assured as applicable on the date of death. The Effective Sum Assured applicable for computation of Death Benefit would include any additional SA purchased by exercising either the Life Stage or the Top-Up SA option as described above along with Base SA This plan has an inbuilt benefit called “Payor Accelerator Benefit” wherein the benefit amount equal to 50% of the Base SA is paid out as lump sum on acceptance of Terminal Illness (TI) claim by us. Upon payment of the TI claim, the policy continues and any due premiums continue to remain payable. In case the life assured survives till maturity, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) towards the benefit option shall be payable at the end of the Policy Term, provided the policy is not terminated earlier.

Life Income Option:

This option provides for the Death Benefit along with the regular monthly income. At inception, the policyholder chooses the Base sum assured subject to underwriting eligibility along with Income Start Age and Income Rate. Starting at the end of every month, after Policy Anniversary following attainment of Income Start Age by the Life Assured, the Regular Income shall be paid in arrears until the death of the Life Assured or end of the Policy Term, whichever is earlier. All Regular Income payouts will be paid to the policyholder. In case the life assured dies during the policy term, the stipulated death benefit (based on Effective Sum Assured as applicable on the date of death - defined below) less any payout under Payor Accelerated Benefit will be paid out to the nominee (as per the payout plan chosen) and the policy will terminate. Note, any excess Regular Income payouts will be adjusted from the death benefit in case any payments were made post date of death. At any time period during the policy term, the “Effective Sum Assured” applicable for computation of Death Benefit would be Base SA less total Regular Income payouts due up to that time. This plan has an inbuilt benefit called “Payor Accelerator Benefit” wherein the benefit amount equal to 50% of the Effective SA (as on the date of diagnosis) is paid out as lump sum on acceptance of Terminal Illness (TI) claim by us. Upon payment of the TI claim, the policy continues and any due premiums continue to remain payable. If at any point in time, the stipulated death benefit falls below the Payor Accelerated Benefit already paid, no additional benefit is payable and the policy terminates. In case the life assured survives till maturity, no additional benefit is payable and the policy terminates.

Here: 

• “Income Start Age” means the age of the life insured at which the regular monthly income, if applicable, starts. The choices available are 55, 60 and 65 years, last birthday and this needs to be selected by the policyholder at the time of purchase of the policy. Once selected, it can’t be changed. 
•  “Income Rate” is a xed rate of the Base SA which is used to determine the quantum of regular income payable to the policyholder, if applicable. The rate can be any percentage between 0.01% to 0.15%, in increments of 0.01%, and this needs to be to be selected by the policyholder at the time of purchase of the policy. Once selected, it can’t be changed.
• “Regular Income” is the amount of monthly income payable from the Income Start Age and is set as Income Rate multiplied by Base SA.

Credit Protect Option: 

This is a pure risk variant wherein the policyholder chooses the Base SA at the time of purchase subject to underwriting eligibility. In case the life assured dies during the policy term, the stipulated death benefit (based on Effective Sum Assured as applicable on the date of death) less any payout under Payor Accelerated Benefit will be paid out to the nominee and the policy will terminate. 

This plan has an inbuilt benefit called “Payor Accelerator Benefit” wherein the benefit amount equal to 50% of the Effective Sum Assured (as on the date of diagnosis) is paid out as lump sum on acceptance of Terminal Illness (TI) claim by us. Upon payment of the TI claim, the policy continues and any due premiums continue to remain payable. If at any point in time, the Effective Sum Assured falls below the Payor Accelerated Benefit already paid, the policy will terminate. 

In case the life assured survives till maturity, no additional benefit is payable and the policy terminates. For further details, please refer Policy Document/Benefit illustration

Death Benefit :

In case of death of the life assured for an in-force policy (all due premiums have been paid), the death benefit payable to the nominee is as outlined below:

Life/Life Plus/Life income options -- 

Highest of

• 1.25 x Single Premium or Death Benet multiple1 x Annualized Premium2 ;
• 105% of Total Premiums Paid (excluding loading for modal premiums) up to date of death; or
• An absolute amount assured to be paid on death

In case of death of the life assured during the Grace Period but before the payment of the premium then due, the policy will still be valid and the benefits shall be paid after deductions of the said unpaid premium and also the balance premium(s), if any, falling due from the date of death and before the next policy anniversary. In case of death of the life assured after a valid claim under the Payor accelerator benefit, the above benefit payable on death would be reduced by the amount already paid under Payor accelerator benefit

1 Death Benefit multiple is 7 in case of Life Option and 11 in case of Life Plus and Life income option 2 in aggregate for Base SA and all tranches of Additional Sum Assured 

3 The absolute amount assured to be paid on death is the Effective Sum Assured applicable as on the date of death 

The “Base SA” of the policy would be the sum of the amount payable as lump sum and discounted value of the income stream, as computed using the discount factor mentioned above as at policy inception.. 

“Annualized Premium” shall be the premium payable in a year under a non-single pay option chosen by the policyholder, excluding the taxes, discounts, rider premiums, underwriting extra premiums, loading for modal premiums, if any.

“Single Premium” shall be the premium payable under a single pay option chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums, if any. “Total Premium Paid” means total of all the premiums received, excluding any extra premium, any discounts, any rider premium and taxes.

Credit Protect option - Effective Sum Assured as on the date of death. 

At the time of purchase, the policyholder may stipulate that the nominee named in the policy receive a chosen portion (up to 100%) of the death benefit as lump sum and remaining as a staggered benefit stream over a pre-decided staggered period. The nominee also has an option to receive the commuted value of the future staggered benefit stream as a lump sum. 

Upon payment of entire sum of the death benefit, the policy terminates and no further benefits are payable. 

In case of death of the life assured during the Grace Period but before the payment of the premium then due, the policy will still be valid and the benefits shall be paid after deductions of the said unpaid premium and also the balance premium(s), if any, falling due from the date of death and before the next policy anniversary. In case of death of the life assured after a valid claim under the Payor Accelerator Benefit, the above benefit payable on death would be reduced by the amount already paid under Payor Accelerator Benefit. 

Payor Accelerator Benefit Under this benefit a Lump sum payout equal to

Life/Life Plus: 50% of Base Sum Assured 

Life Income/Credit Protect: 50% of effective SA It is made on conrmed diagnosis of terminal illness. This is an acceleration of the death benefit wherein the amount stipulated above is payable post acceptance of claim. Upon payment of the terminal illness benefit, the policy continues for the remaining Sum Assured and any due premiums continue to remain payable. Payor Accelerator benefit is not available if product is bought under PoS

Terminal Illness is defined as an advanced or rapidly progressing incurable and un-correctable medical condition which, in the opinion of two (2) independent Medical Practitioners specializing in treatment of such illness, has greater than 50% chance of death of the Life Assured within 6 months of the date of diagnosis of Terminal Illness. The Company reserves the right for independent assessment of the Terminal Illness.

Maturity Benefit : Under Life/Life Income/Credit Protect Options, no additional benet is payable if the life assured survives till maturity. Under Life Plus Option, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier. 

Survival Benefit : Survival Benefit is payable only for life income option For an in-force policy (all due premiums have been paid), the following are the benefits payable:

• Starting at the end of every month, after Policy Anniversary following attainment of Income Start Age by the Life Assured, the Regular Income shall be paid in arrears until the death of the Life Assured or end of the Policy Term, whichever is earlier.
• A lump sum equal to Paid-up Terminal Value is payable at maturity, provided the life assured survives till that point.

 

ICICI Pru Term Insurance Plan

 

What is a Term Plan?

Term Insurance plan is a simple and pure risk cover form of life insurance. It provides financial protection to your family against a fixed premium paidfor a specified term. You can get a large amount of term insurance cover (sum assured) at affordable premiums. The nominee receives the term insuranceamount in case of death of the policyholder.

When should I buy a term plan?

The earlier you buy a Term Plan, the better it is as the premiums are lower when you are young. Also, with current lifestyles and increasing instances of illnesses, it may become difficult to get a term plan

later, as you grow older.

Who should buy a term plan?

Parents

If you have children or dependent adult family members and are responsible for paying for their

needs and upkeep then you must buy a term plan.

Young individuals

The premium for term insurance increases with age. So it makes smart sense for young

professionals without financial liabilities to buy term plan early & this way they get lower premium rates and the rates will not increase over time.

Newly married couples

A term plan can help you create a financial safety net for your growing family so that their dreams are

never compromised, even when you are not around.

Home loan repayment

In case of an unfortunate incident, the responsibility of paying the outstanding loans should not fall on

your loved ones. In case of your unfortunate demise, the death benefit payout from the term plan

can be used by your family to repay your loans.

How much term insurance cover do I need?

The term insurance cover you need depends on your current annual income. We recommend that a term

insurance cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family. If budget is a problem, you can go for a monthly premium payment option over a yearly commitment. However, it is important to have a sufficient term insurance cover so that your family's financial security is not compromised. A term insurance premium calculator

will help you in choosing the term insurance cover well suited to your budget.

What is limited pay option?

With the limited pay option, you can pay premiums for a specific pre-agreed period of time (5, 7 or 10 years) and enjoy the term insurance cover for the whole policy duration, irrespective of the premium payment period. You can save up to 65%* over the entire policy duration with this option.

Which payout option should I choose?

Our Term Insurance Plan has four payout options:

1. Lump sum - 

The entire life cover is payable as a lump sum (single payment).

2. Regular income - 

10% of the life cover is payable every year for 10 years. This is paid in equal monthly installments.

3. Increasing Income - 

The life cover is payable in monthly installments for 10 years starting with 10% of the life cover in the first year. The income amount will increased by 10% per annum thereafter.

4. Lump sum + Income - 

You have the flexibility to split the life cover amount that you want your nominee into two parts - one part of the life cover as a lump sum and the remaining life cover will be paid in equal monthly payments for 10 years. 

What are the benefits of a term insurance premium calculator?

1. Flexibility to customise - The term insurance calculator gives you the flexibility to design your term plan as per your needs. You can pick and choose your own life cover amount, choose to strengthen your coverage by adding riders, choose the premium payment term and payout method as per your financial plan.

2. Efficient - The term insurance premium calculator can generate a customised quote for you within 2 minutes And all of this is free of charge.

Claim Settlement Process :

Step 1 :

Report Claim You can report your claims online, at our branches, at our central office, on our central ClaimCare helpline, through SMS or e-mail.

Step 2 :

Process, Our special ClaimCare team will assess your claim, and inform you in case any further documents need to be submitted.

Step 3 :

Settle, Once your claim is intimated. and we receive all the relevant documents, we will settle your claim.