Children's insurance includes policies through which parents or legal guardians can provide for life insurance for their child from birth. The risk cover commences from the child attaining the age of 12 / 17 / 18 / 21 (known as the Date of Risk), and will vest itself on the child upon his or her attaining majority on completion of age 21, if the case demands so.
Endowment policies cover the risk for a specified period at the end of which the sum assured is paid back to the policyholder along with all the bonus accumulated during the term of the policy. It is this feature - the payment of the endowment to the policyholder upon the completion of the policy’s term - which rightly accounts for the popularity of endowment policies.
Group (Term) Insurance Scheme provides life insurance protection to groups of people. Administration of the scheme is on group basis and cost is very low. Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence.
The restrictions under a Group Term Insurance Scheme mainly relate to size of the group, amount of cover allowable, minimum and maximum age limit for eligibility of cover (18 & 60), participation of minimum percentage (75%) of eligible members of the group at inception and compulsory participation of all new members.
It is a unit linked Health Insurance plan which provides for insurance cover against following health risks:
i) Hospital Cash Benefit (HCB)
ii) Major Surgical Benefit (MSB)
iii) Domiciliary Treatment Benefits (DTB)
These are inbuilt fixed benefits. HCB is on per day basis whereas MSB shall be a percentage of sum assured depending on the type of surgical procedure. Besides these, the policy shall also provide for reimbursement of domiciliary treatment expenses.
Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, money back policies provide for periodic payments of partial survival benefits during the term of the policy, of course so long as the policy holder is alive.
An annuity is an investment that you make, either in a single lump sum or through installments paid over a certain number of years, in return for which you receive back a specific sum every year, every half-year or every month, either for life or for a fixed number of years.
ANXIETY about the future of ours, and that of our dependents is a key investment motivator.
In these competitive times when jobs are no longer as
secure, there is extra urgency and tension about the future.
Disabled person who is poor and not able to maintain himself with food clothing and shelter and could not meet other basic needs is given monthly maintenance allowance of Rs.400 per month Around 4.00 lakhs plus persons with disabilities are getting this benefit and Annual budgetary burden on the exchequer is around Rs.200 crores.
A Term plan is designed to meet the needs of people who are initially unable to pay the larger premium required for a whole life or an endowment assurance policy, but they hope to be able to pay for such a policy in the near future. Hence, it may be desirable to leave the final decision regarding the plan to a later date when a better choice could be made.
Unit Linked Plans are investment plans for those who realise the worth of hard-earned money. These plans help you to see your savings yield rich benefits and help you save tax even if you don't have consistent income.