Life insurance comparison
Whole life policies are issued for life. It means that the policy amount will be paid at the death of the life assured. The life assured, cannot get the policy amount during his life time. Only his dependants will get the advantage of this policy. The whole life policies can be effected either by payment of single premium, continuous premium or limited premium. The single premium payment is not very common. In continuous premium payment, premium is to be paid up to the life of the policy holder. This method is not favoured by the policyholders, because only the dependants of the life assured get the benefit though the policy holder makes payment till death.
The limited premium payment is the most popular form of whole life policies, because it is convenient to the policy holder to arrange the payment of premium during his income earning period. If the policy holder survives the premium paying period, the policy continues in full force, though no further premium is required to be paid. If death occurs within the premium paying period, his dependants will receive the policy amount and no further premium is required to be paid.
This particular insurance is called a two year temporary policy. The sum assured will be payable only in the event of the life assureds death occurring within two years from commencement of policy. A single premium is required to be paid at the beginning. The policy is not entitled to any surrender value and no loan can be granted on the security of the policy. This policy is beneficial to the dependants who are required to pay estate duty and to those persons who are given charity or donation of fixed property.
RENEWABLE TERM POliCIES
These policies are renewable at the expiry of term for an additional period without medical examination, but the premium rate will be altered, according to the age attained at the time of renewal. This policy is beneficial to those whose health are deteriorating and will be uninsurable at an advanced age. With the help of this policy, they continue to enjoy the insurance benefit without going through fresh medical examination. However, the premium rate will be increasing according to the attained age. Payment is made only in the event of death.
The sum assumed is payable on the life assureds surviving the endowment term. In the event of his death within the term, premiums paid may be returned. The pure endowment policy is the opposite of term policy, because the insured is paid if he survives in pure endowment whereas if he dies in term policy. Pure endowment policy is for the benefit of the policy holder and term policy is or the benefit of others. This is beneficial to those who for reasons of health would be unacceptable for life insurance on standard premium. It is sort of compulsory saving for old age.
MONEY B ACK POliCY WITH PROFITS
The money back policy is useful who resides desiring to provide for their old age and family, feel the need for lump sum benefits at periodical intervals. For a policy with a term of 12 years, 1/5th of the sum assured becomes payable on the life assureds surviving 4 years, a further 1/5 of the sum assured becomes payable on his surviving of years and balance 3/5th of the sum assured becomes payable on his surviving to the end of the term of 12 years.
For a policy with a term of 15 years, 1/4th of the sum assured becomes payable on the life assureds surviving 5 years, a further 1/4th of the sum assured becomes payable on his surviving 10 years and the balance ? of the sum assured becomes payable on his surviving to the end of the term of 15 years.
For a policy with a term of 20 years, 1/5th of the sum assured becomes payable on the life assureds surviving 5, 10 and 15 years and the balance 2/5th of the sum assured becomes payable on his surviving the end of the term is 20 years.
However, in the event of death of any time within the selected term, the full sum assured is payable without any deduction or adjustment for the amount that may have been paid earlier by way of survivance benefit. The bonus addition to the policy will be reckoned on the full sum assured and are payable at the end of the selected term of years or at the life assured?s death, if it occurs earlier.
CHILDRENS DEFERRED ENDOWMENT ASSURANCE POliCY
As parent or guardian or a near relative of a child may take this policy, under which the proposer pays the premium during the first few years and by the life assured there after. The low premium rate under this plan is a great attraction. A parent can help his children by taking policy at a rate which is considerable lower then what they would be called upon to pay when they attain majority another advantage of this policy is that the habit of thrift is developed among young children.
CHILDREN ANTICIPATED POliCY WITH PROFITS
This policy can be taken by the parent or legal guardian or any relative on the life of child on whose life, risk will commence at the age of 18 years or 21 years as required by the proponent. The policy will automatically vest in the child at the end of the deferment period, namely, on the date of commencement of risk on the child?s life. Half of the premiums paid during this period will be paid to him in lump sum. Risk will commence on the deferred date and full sum assured will be payable or survival of the life assured to the date of maturity or on his death, if occurred earlier. The policy will attach bonus from the deferred date at the endowment assurance rate. Policies under this scheme will not be issued for deferment period of less than 4 years.
Jeevan Sakthi is the new joint life plan with a difference. The plan is designed to give total protection to the working couple. The basic sum assured together with vested bonuses are payable in the event of survival to maturity of either or both of the couple. In the event of the first death of anyone of the lives assured, the survivor gets the basic sum assured. Again, basic sum assured with bonuses is payable to the nominee in the event of premature death of the second life partner. The premiums under this policy cease on the first death and the surviving partner need to pay any more premium. In spite of such non payment of premium after the first death, the policy will continue to participate, sum assured and the bonuses will accrue till the final settlement.
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