India’s life insurance sector is the biggest in the world with about 36 crore policies sold, and counting. Every year insurers come up with new policies to meet the ever-changing needs of the populace. Demographic factors such as young insurable population, growing middle class, and growing awareness of the need for protection and retirement planning is supporting the growth of life insurance in India. Here are some of the plans launched this year:
LIC’s Jeevan Sangam
Jeeven Sangam is a new insurance scheme introduced single premium endowment insurance plan from LIC. It is a non-linked, participating, saving cum protection plan in which risk cover is a multiple of single premium. In this plan, you can choose the Maturity Sum Assured (MSA) as per suitability. The single premium you pay will depend on your age and the chosen MSA amount. The minimum basic sum assured under the policy is Rs. 75000 while there is no maximum limit on basic sum assured. The plan is launched on 4th March, 2015 and is available for sale for a limited period of time i.e. 90 days from the date of launch.
LIC’s Jeevan Lakshya
LIC’s Jeevan Lakshya is a non-linked, endowment insurance plan wherein premium-paying term is 3 years less than the policy term. This new plan is primarily beneficial for children. The policy provides annual income benefit, which will be helpful to fulfill the needs of the family. In case of unfortunate event of demise of policyholder, 10% of sum assured will be paid on every policy anniversary till the policy maturity. Also, a lump sum amount will be payable at the time of maturity irrespective of survival of policy holder.
LIC’s New Children Money Back Plan
New LIC’s Children Money Back Plan is new insurance scheme launched by LIC for children of the age up to 12 years. It is designed to meet the educational, marriage and other needs of growing children through survival benefits. The single premium payable shall depend on the chosen amount of maturity sum assured and age of the life assured. The policy guarantees two benefits for the child on surviving the policy period. One, your child will receive 20% of the sum assured on the completion of 18 years, 20 years and 22 years. Two, a maturity benefit equal to 40% of the sum assured plus any reversionary and final bonus is guaranteed on maturity of the plan.
Tata AIA’s Life Insurance Smart 7
Tata AIA Life Insurance Smart 7 is a newly launched non-linked, participating endowment assurance plan that helps to simplify your future planning and investments. In this new insurance scheme on maturity, you will receive guaranteed sum assured along with vested compound reversionary bonus and terminal bonus, if any, provided the policy is in force and all due premiums have been paid. In case the insured dies before the maturity of the policy, sum assured on death along with vested compound reversionary bonus and terminal bonus (if any) is payable to the nominee. The minimum basic sum assured is fixed at Rs. 2, 00,000 while there is no upper limit for basic sum assured.
Tata AIA’s Life Insurance Smart Growth Plus
Tata AIA Life Insurance has newly launched its life insurance solution Smart Growth Plus, a non-linked participating endowment assurance plan. This new insurance scheme offers three enhancement points that is, guaranteed addition and bonuses, inbuilt accidental death benefit and the life insurance coverage. Smart Growth Plus offers a guaranteed addition of 5.5% of sum assured per annum during the first five years of the policy term. You can also opt for accidental death benefit options by paying an additional amount equal to the basic sum assured. Like any other plan, this plan too provides tax benefits on the premium paid. You can get tax exemptions as per section 80C and 10D of the Income Tax Act, 1961.
Tata AIAs’ Money Back Plus
Tata AIA has launched new insurance scheme called Money Back Plus insurance plan that offers customers money back in both short and longer-term intervals along with bonuses. The premium paying term is only half of the policy term, and the plan offers protection solution including built-in double coverage for accidental death. The plan offers survival payouts of up to 130% of sum assured at regular intervals throughout the term. This investment-cum-insurance plan is best suited for those who wish to provide for contingencies like education, marriage etc while enjoying insurance cover.