INSURANCE INSIGHTS
|
JULY 2017
6
7
JULY 2017 |
INSURANCE INSIGHTS
Insurer Name
TATA AIA 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
TATA AIA Life Insurance Smart Income
Plus
HDFC Life Sanchay
BSLI Secure Plus
TATA AIA Life Insurance Gold Income
Plan
BSLI Income Assured Plan
Premium p.a. (for a 35
year old Male, non-
smoker, for SA of Rs. 8
Lakh)
(Excluding taxes, sur-
charge & cess)
R
73,000
PPT - 10 years, PT - 21 years, Regular
Income Option
1
R
1,14,888
PPT - 10 years, PT - 15 years
R
50,000
PPT - 12 years, PT - 13 years, Option B
R
96,000
PPT- 12 years, PT - 15 years
2
R
1,27,221.90
PPT - 10 years, PT - 20 years, Option B
Illustrative Maturity
Benefit at 4% and
8% return for above
premium and Sum
Assured (as per
insurer's illustration)
R
12,48,884
R
17,60,000
R
12,00,000
R
21,14,743
R
24,32,000
Key Plan Features
Non-participating, Endowment Assurance
Plan that offers guaranteed income with an
option to choose from 2 plan options.
Non-participating Limited pay Savings Plan that provides
guaranteed Maturity Benefit of 220% to 325% of Sum As-
sured on Maturity as per the selected Plan Option.
Non–participating insurance plan with
flexibility to choose the amount you wish to
pay every year and Inbuilt Accidental Death
Benefit.
Non-participating, Endowment Assurance
Plan that offers Guaranteed increasing
income.
Non-participating insurance plan that
provides Assured income and Guaranteed
Additions.
Entry Age(Min/Max)
3/50 years
30 days/45 years
5/50 years
6/65 (5 Pay), 3/55 years (12 Pay)
8/60 years
Maturity Age(Min/Max)
18/65 years (PT-15 years), 71 (PT-21
years), 75 years (PT-25 years)
18/70 years
18/63 years
18/77 (5 Pay), 18/70 years (12 Pay)
23/75 years
Premium paying
options
Limited Pay
Limited Pay
Regular Pay
Limited Pay
Limited Pay
Premium Paying
Term(PPT)/Policy
Term(PT)
7/15, 10/21, 12/25 years
5, 8,10/15 to 25 years
12/13 years
5/12, 12/15 years
5/15, 7/17, 7/22, 10/20, 10/25 years
Premium mode
Annual, Half-yearly, Quarterly, Monthly
Annual, Half-yearly, Quarterly, Monthly
Annual
Annual, Half-yearly, Quarterly, Monthly
Annual, Half-yearly, Quarterly, Monthly
Sum assured (Min/Max)
R
1,98,000/No Limit (Option 1)
R
3,96,000/No Limit (Option 2)
R
1,05,673/No Limit
R
7,25,000/No Limit
R
1,15,000/No Limit (PT-12 years)
R
87,000/No Limit (PT-15 years)
R
1,00,000/No Limit
Minimum Annual
Premium
R
18,000 (Option 1)
R
30,000
R
50,000
R
50,000 (5 Pay),
R
36,000 (12 Pay)
R
16,338
3
Plan options
Option 1 - Regular Income Plan
Option 2 - Endowment Plan
Not Available
Not Available
Not Available
Not Available
Maturity Benefit*
Guaranteed Maturity Payout plus Additional
Benefits depending on the plan option
chosen.
Survival Benefit - Available
Sum Assured on Maturity plus Accrued Guaranteed
Additions
Commuted value of the Income Benefit as
a lump sum.
100% of Basic Sum Assured as lump sum
+ Guaranteed Income of 12% of Basic
Sum Assured, from end of following year
which increases annually, for 10/15 years
(based on income term chosen).
Income Boosters: Guaranteed increase in
income (5% - 10%) per year basis premium
and PPT.
- Sum Assured plus
- Guaranteed Additions Accrued
- Increased Assured Income is paid if opted.
Death Benefit*
Highest of:
- 11 times Annualised Premium
- 105% of all the premiums paid as on date
of death
- Minimum guaranteed Sum Assured on
Maturity
- Basic Sum Assured
Higher of:
- Sum Assured on Death + Accrued Guaranteed Additions
- 105% of Premiums Paid
Higher of:
- 10 times of the annual premium
- 105% of the total premiums paid as on
the date of death
- Maturity Sum Assured
- Sum Assured
Highest of:
- 11 X Annualised Premium
- 105% of the all the premiums paid,
- Guaranteed Sum Assured on Maturity
- Absolute amount assured to be paid on
death
Sum Assured plus
Guaranteed Additions accrued till date of
death
Increased Assured Income is paid if opted.
*Please refer to the Product Brochure for more details.
SP - Single Pay, RP - Regular Pay, LP - Limited Pay, AP - Annualised Premium
^The minimum death benefit will be at least 105% of the premiums paid, #Different for other PT - Please refer product brochure.
1
Here, Sum Assured is
R
8,03,000,
2
Here, Sum Assured is
R
8,07,360,
3
For a 8 year old Male, Sum Assured –
R
1 lakh, PPT - 10 years, PT - 20 years,
4
For a 14 year old Male, Sum Assured –
R
1 lakh, PPT - 12 years PT - 25 years,
5
Subject to underwriting policy
SAVINGS PLANS (TRADITIONAL)
SAVINGS PLANS (TRADITIONAL)
