GROUP NO.

ABHISHEK DAS INDU SHEKHAR MANI SHUKLA SHALEEN AGARWAL VIKRANT ARORA

Why term plans ?

Term insurance is the simplest and most fundamental insurance product. Term insurance plans are designed to ensure that in the event of the policyholders death, the family gets the sum assured (the cover amount).

What is term life insurance ?

Term life insurance ensures that your family receives a large lump sum amount, called the sum assured, in the unfortunate event of death of the policyholder. By offering this benefit at extremely competitive rates, Term insurance plans provide an opportunity to get the protection of insurance cover at extremely affordable prices.

Why do I need term life insurance ?

Increasing liabilities : People today prefer to take loans to fulfilling their needs, instead of waiting to save for the future. Indias outstanding credit card debt had touched Rs 26,500 crore in May 2008, up by 87% from May 2007. Hence, in your absence, your family needs to take care of this loan.

Nuclear family structure : Earlier, people could depend on their extended joint family system to take care of their near and dear ones in case of their absence. However, the share of families with more than 5 members has come down from 64% in 1990 to 56% in 2005 and is expected to decrease further.**
Increasing lifestyle diseases : The share of lifestyle diseases in India is increasing. Also, people in senior management are more prone to lifestyle diseases, as per an ICRIER Study.

Why should I start planning my life cover needs now ?

One should have adequate cover for dependents. Its better to be prepared and ensure that the financial needs of your loved ones are taken care of, in the unfortunate event of death. With age, the premiums tend to increase and therefore buying term insurance becomes more expensive. Apart from the benefit of protection for your dependents, also enjoy tax benefits under Sec 80C up to Rs. 1,00,000.

ICICI Term Plans

ICICI Pru I Care ICICI Pru Pure ICICI Pru LifeGuard ICICI Pru Home Assure

ICICI Pru iCare

Minimum / Maximum age at entry Minimum Policy term Maximum Policy term Maximum age at policy expiry Minimum premium Accidental Death Benefit (Only with iCare Option II) Minimum Sum Assured Maximum Sum Assured Age band (last birthday) 18-50 51-65 18 / 65 years (age last birthday) 5 years Regular Pay: 30 years One Pay: 10 years Policy term will be in multiples of 5 years 75 years (age last birthday) Rs. 3,000 (excluding service tax and education cess) Equal to Sum Assured, subject to a maximum of Rs. 50 lakhs Rs. 10 lakhs subject to a minimum premium of Rs. 3,000 (excluding service tax and cesses, as applicable.) Maximum Sum Assured 1.5 crore 70 lakhs Regular Pay. Company may offer One Pay option for 5 and 10 year policy terms. Regular Pay: Yearly One Pay: Single Premium paid towards the policy will be eligible for tax

Premium payment option Mode of premium payment

Tax benefits

ICICI Pru Pure

ICICI Pru Pure Protect Classic Min / Max Entry Age Min / Max Term 18 / 65 years 10 / 30 years ICICI Pru PurePru Protect Elite 18 / 65 years 10 / 30 years

Max. Coverage Age

Min. Premium Min. Sum Assured Max.Sum Assured Premium Payment Frequency

75 years
Rs. 2,400 p.a. Subject to minimum premium as applicable Rs. 24,99,999 Yearly / Half Yearly / Monthly

75 years
Rs. 2,400 p.a. Rs. 25,00,000

Tax Benefit of the term insurance plan

Premium paid towards the life insurance protection policy will be eligible for tax benefit under Sec 80C , any benefit amount received under this policy will be eligible for the tax benefit under section 10 (10D), as per prevailing Income Tax laws

ICICI Pru LifeGuard

ICICI Pru LifeGuard-Level Term Assurance with Return of Premium
Minimum Premium Modes of Premium Payment
Minimum / Maximum Sum Assured Minimum / Maximum age at entry Cover ceasing age Policy term

Rs. 2,400 p.a. Yearly / Half yearly / Monthly

As per min. premium requirements/ Rs. 10,00,000 18 / 55 years 65 years 10 / 30 years

ICICI Pru Life Guard-Single Premium

Minimum / Maximum premium
Minimum / Maximum Sum Assured Minimum / Maximum age at entry Cover ceasing age Policy term Modes of Premium Payment As per the minimum / maximum S.A. limits Rs. 2,50,000 / Rs. 10,00,000 18 / 55 years 65 years 3 / 15 years Yearly / Half yearly / Monthly

ICICI Pru Home Assure

Minimum Premium Modes of Premium Payment Minimum / Maximum Sum Assured Minimum / Maximum age at entry Rs. 6,000 p.a. Single Premium Rs.25,000 / No limit 18 / 60 years

Maximum cover ceasing age

Policy Term

70 years
2-30 years

Bajaj Allianz (Term Care)

The Bajaj Allianz Term Care Plan is a term insurance plan. It is an economical way of providing for one's life cover and at the same time ensuring that the premiums paid are returned at maturity. This plan offers you the convenience of choosing between two premium payment options: Regular Premium Payment - Premium payment throughout the selected term. Single Premium Payment - One time premium payment for the selected term at commencement. The minimum premium for Single Premium option shall be Rs. 6,000. Premium Payment Mode Premium can be paid in Half Yearly, Yearly or Single Premium.

Eligibility
Parameter Minimum Entry Age Maximum Entry Age Details 18 years 50 years

Maximum Age at Maturity

Minimum Policy Term Maximum Policy Term Minimum Sum Assured Maximum Sum Assured Minimum Premium (Rs.)

65 years
5 years 40 years Rs. 1,00,000 Rs. 10,00,000 Rs. 1500/- for Yearly, Rs. 1500/- for Half Yearly

Key features
Tax Exemption u/s 80(C) & 10(10)D Regular and Single Premium payment options. The only pure term insurance plan in the market to provide Hospital Cash Benefit. Enhanced Protection options available through Additional Rider Benefits. Tax benefits on premiums paid and benefits received under this Policy as per the existing Income Tax Laws

Benefits
Death Benefits Accidental Permanent Total/Partial Disability Benefit
Type of Disability Accidental Permanent Partial Disability Accidental Permanent Total Disability Benefits 50% of Sum Assured * 100% of Sum Assured **

Critical Illness Benefit (CI) Waiver of Premium Benefit Hospital Cash Benefit (HCB)

HDFC Life
HDFC Click 2 Protect HDFC assurance plan HDFC Premium Guarantee Plan HDFC loan cover term assurance plan HDFC Home Loan Protection Plan

HDFC Click 2 Protect

HDFC Life Click 2 Protect is a term insurance plan. This plan provides for a payment of a lump sum in the event of your unfortunate death during the policy term.
HDFC Click 2 Protect Minimum Premiums Entry Age 2000/Min. entry age 18 year Mix. Entry age 55year Payment to nominee during the demise Policy term are 10 or 15 or 20 or 25 or 30 year 10 lakh to 10 Cr.

Benefit Payment Options

Sum Assured

HDFC Assurance Plan

Term Assurance plan is designed to help secure your family's financial needs in case of uncertainties. The plan does this by providing a lump sum to the family of the life assured in case of death or critical illness (if option is chosen) of the life assured during the term of the contract. One can choose the lump sum that would replace the income lost to one's family in the unfortunate event of one's death. This helps your family to maintain their financial independence, even when you are not around.

HDFC Assurance Plan

Policy Term For Regular premium :- min policy term is 5 year, max. policy term is 30 year Single premium :- 2 to 15 years This plan can be taken on a single life basis or joint life basis Nominee or Assignee will receive the chosen sum Assured There are no maturity or survival benefits Min. age 18 years and max. 60 years

Plan Choice Death Benefits Maturity Benefits Entry age

HDFC Premium Guarantee Plan

HDFC Premium Guarantee Plan is an insurance plan that comes with twin advantage of protection and return of premiums on maturity. So, you can enjoy life knowing that your familys financial independence is secure even in your absence. And your premiums are yours on your survival at maturity.
Term Minimum term 10 years Max. term - 30 years The plan provides a lump sum to the nominee of the life assured in case of death of the life assured during the policy term. On maturity of the policy, the risk cover ceases and we will return you all premiums paid over the term of the policy. Min.- 18 years Max.- 55 years

Death Benefit

Maturity Benefit Entry age

HDFC (Advantages)
Buy this plan at click of button , anytime & anywhere. High cover at a very nominal cost. Flexibility to choose the Sum Assured and policy term. Attractive premium rates for Non tobacco user and those with healthier lifestyle. Tax benefits under sections 80Cand 10(10D) of Income Tax Act, 1961.

Comparison of Term Plans between different companies

Product Name Premium (Inclusive of Service Tax) in Rs. Age BENEFITS

New Risk Care II Rs.2,669.00 22

iCare Rs.2,427.00 22

Click 2 Protect Rs.1,685.00 22

Income Tax Benefit

Tax benefit under Sec. 80c and Sec. 10(10D) of the Income Tax Act 1966

Tax benefit under Sec. 80c and Sec. 10(10D) of the Income Tax Act 1961 included Nil No No 30 days Rs. 3000/(excluding service tax and education cess) 18 yrs. 65 yrs. 75 yrs. 5-30 Years Annual Not Available

Tax benefit under Sec. 80c and Sec. 10(10D) of the Income Tax Act 1961 Included Nil No No 30 days Rs. 2000/(excluding service tax and education cess) 18 yrs. 55 yrs. 65 yrs. 10 - 30 yrs Anually Nil

Terrorism Cover Maturity Benefit Surrender value Loan PRODUCT FEATURES Grace Period

Included Nil No No 30 days

Minimum Premium (P.A.) in Rs.

Minimum Age at Entry Maximum Age at Entry Maximum Age at Maturity Policy Term Premium Frequency Conversion Option

1200
18 yrs. 60 yrs. 65 yrs. 5 - 40yrs Anually N/A

Whole Life Insurance

It provides life insurance cover for the entire life of the insured person or up to a specified age (age varies form company to company). You generally pay the same premium amount throughout your lifetime. Some whole life policies let you pay premiums for a shorter period such as 15, 20 or 25 years

Advantages
Whole life are guaranteed death benefits; guaranteed cash values, fixed and known annual premiums, and that mortality and expense charges will not reduce the cash value shown in the policy. The whole life are premium inflexibility, and the internal rate of return in the policy may not be competitive with other savings alternatives.

Max New York Life Whole Life Insurance

POLICY - Whole Life Insurance Features : Whole Life Cover Many riders available Loans available

ELIGIBILITY
Minimum Entry Age 91 Days

Maximum Entry Age

70 Years

Maturity Age

100 Years

Minimum Sum Assured

Rs 100,000 per annum

Premium Payment Mode

Yearly, Half Yearly, Quarterly or Monthly

Benefits of Max New York Life Whole Life Insurance

Death benefit Maturity Benefit Terminal Illness Riders - You can opt for personal accident rider, term rider, term renewable and convertible rider, waiver of premium rider, dread disease rider and payer rider with the plan. Loans Tax benefits - Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income. -Under Section 10(10D) death claim is completely tax free.

ICICI Prudential
Plan name: ICICI Pru Whole Life

Eligibility
Minimum Sum Assured (in Rs.) Policy Term (in years) Premium Payment Term (in years) Entry Age of Life Insured (in years) Age at end of Premium Paying Term (in years) 30 0 30 1,00,000 Whole Life 70 60 70 Maximum No Limit

Premium (in Rs.)

Payment modes

6,000 p.a.

No Limit

Yearly, Half-Yearly and Monthly

Benefits
Life cover Wealth creation Survival benefit Additional life cover Enhanced coverage through riders Avail of tax benefit

Features
Survival benefit: Create a corpus to meet your desired goal at the end of a chosen premium paying term. You are entitled to the chosen Sum Assured and all the bonuses declared, if any, during the premium paying term. Life cover benefit: In case of your untimely demise during your premium paying years, your family would receive twice the Sum Assured along with all bonuses accumulated during the premium paying term of the policy. Whole life cover benefit: You are also entitled to an additional Sum Assured payable in case death occurs after the completion of the premium paying term or on completion of 100 years of age, whichever is earlier, allowing you to leave a legacy to your dear ones