INSURANCE INSIGHTS
|
JULY 2017
22
23
JULY 2017 |
INSURANCE INSIGHTS
Insurer Name
HDFC Standard Life Insurance
Company Ltd.
HDFC Standard Life Insurance
Company Ltd.
Birla Sun Life Insurance Company Ltd.
TATA AIA Life Insurance
Company
Ltd.
Birla Sun Life Insurance Company
Ltd.
Product name
HDFC Life Personal Pension Plus Plan HDFC Life Guaranteed Pension Plan
BSLI Vision LifeIncome Plan
TATA AIA Life Insurance Freedom BSLI Immediate Annuity Plan
Premium p.a. (for a 40 year old Male,
non-smoker, for SA of
R
5 Lakh)
(Excluding taxes, surcharge & cess)
R
38,319
PPT - 15 years, PT - 15 years
R
70,126
PPT - 10 years, PT - 15 years
R
50,000
PPT - 15 years, PT - whole life (till age
100)
R
56,205
PPT - 10 years, PT - 15 years
Purchase Price -
R
5,00,000 (SP)
Illustrative Maturity/Vesting Benefit
at 4% and 8% return for above
premium and Sum Assured (as per
insurer's illustration)
R
6,67,650 (at 4%)/
R
9,07,347 (at 8%)
R
9,50,000
R
22,15,445 (at 4%)/
R
37,34,925 (at 8%)
R
6,56,940 (at 4%)/
R
9,39,149 (at
8%)
Life Annuity at Uniform rate -
R
27,388 p.a.
Key Plan Features
Participating Regular Premium Payment
Non-linked Pension plan with an
Assured Death Benefit of 101% of all
regular premiums.
Non-Participating Pension plan with
guaranteed & vesting additions.
Provides 5% of the Sum Assured
guaranteed plus bonus every year after
the Premium Paying Term.
Flexibility to Plan Retirement & 10%
Guaranteed Addition of Annualised
Premium.
Provides guaranteed income over your
entire life and no medical tests required
to purchase this plan.
Entry Age(Min/Max)
18/65 years
35/65 years
1/60 years
25/45 years (Option 1), 25/50 years
(Option 2)
30/90 years
Maturity/Vesting Age(Min/Max)
55/75 years
55/75 years
Whole Life
55 years (Option 1),
60 years (Option 2)
-
Premium paying options
Regular Pay
Limited Pay, Regular Pay
Limited Pay
Limited Pay
Single Pay
Premium Paying Term(PPT)/Policy
Term(PT)
10 to 40 years
10 to 20 years
5 to 40 years
1
/Whole Life (till age100)
7, 10 Pay/10 to 14 years
7,10,15 Pay/15 years and above
(Option 1: 55 – Age at entry; i.e. 10 to
30 years
Option 2: 60 – Age at entry, i.e. 10 to
35 years)
Single Pay
Premium mode
Annual, Half-yearly, Quarterly, Monthly
Annual, Half-yearly, Quarterly, Monthly
Annual, Half-yearly, Quarterly, Monthly
Annual, Half-yearly, Monthly
Annual
Sum assured (Min/Max)
R
2,04,841/No Limit
R
81,145/No Limit
R
2,00,000/No Limit
R
2,00,000/No Limit
2
NA
Minimum Annual Premium
R
24,000
R
24,000
R
18,000
R
15,278
R
2,00,979
3
Plan options
-
-
-
Option 1: Maturity age of 55 years
Option 2: Maturity age of 60 years
-
Maturity Benefit*
Higher of :
- Sum Assured on vesting plus accrued
bonuses
- Assured Benefit of 101% of all regular
premiums paid till date
Sum Assured on vesting + Guaranteed
Additions + Vesting Addition
Sum Assured + Terminal Bonus (if any)
Basic Sum Assured+ Compound
Reversionary Bonus +Terminal Bonus
Survival Benefit - Available
Convenient annuity payout modes
- monthly, quarterly, half-yearly and
annually from date of purchase.
Death Benefit*
^
Assured Death Benefit of 101% of
all regular premiums paid to date +
Accrued bonuses.
^
Assured Death Benefit of total
premiums paid to date accumulated at
a guaranteed rate of 6% per annum
compounded annually.
^
Death during premium paying term - Sum
Assured + Vested regular bonuses +
Terminal bonus (if any)
Death after premium paying term - Sum
Assured + Bonus from current year +
Terminal Bonus (if any)
^
*Sum Assured on death + Accrued
Guaranteed Additions till death +
vested Compound Reversionary Bonus
and Terminal Bonus, (if any)
NA
RETIREMENT PLANS (TRADITIONAL)
RETIREMENT PLANS (TRADITIONAL)
*Please refer to product brochure for more details.
^The minimum level of death benefit at all times will be 105% of the premiums paid (including top-up).
1
Attained age at the end of PPT must be 18 to 75 years
2
subject to underwriting policy
3
For a 40 year old Male, Annuity – 12,000 p.a., Lifetime annuity with uniform rate, Annuity Mode – Annual
