In case, you apply for life insurance in India which is greater than HLV limit, the insurer would reject it. HLV limit is generally up to 20 times of annual take-home income. However, you can buy multiple life insurance policies but within the Human Life Value (HLV) limit as imposed by Insurance companies. There is no single life Insurance in India that would offer you all the benefits together in a single policy. Group life insurance in India is usually taken by corporates for the financial well-being of their employees and clients. If the policyholder dies during the policy period, the beneficiaries would receive the sum insured. And after retirement, the corpus generated by the policyholder over the years would be distributed back to them as a regular income for a pre-determined time period. The policyholder would pay premiums until retirement to create a corpus.
Welfare of child in an untimely death of policyholder. These life insurance plans offer a life cover to the policyholder only for a single financial goal of ensuring financial well-being of their child.
Part of sum assured received on survival in pre-stated time interval. In case, the policyholder dies during the policy period, the beneficiaries of the policy would receive the entire sum insured without any deductions. The policyholder gets a certain percentage of their total sum insured at regular intervals as a Survival benefit and the remaining sum assured would be given on maturity of the policy. Lumpsum amount received on survival until policy maturity. These types of life insurance policies in India are best suited for individuals who want an insurance coverage along with a sizeable savings component. Tax benefits under section 80C and Section 10(10D)Įndowment Plans offers dual benefits of insurance and savings. The premiums paid for the purchase of these plans are divided into two: one portion is used to cover the cost of life insurance cover and the other portion is invested in equity funds, debt funds or other securities. On survival up to 100 years, they receive matured endowment coverage. Policyholder gets life cover for 99 years. The beneficiary receives a pre-determined sum insured on the death of policy holder within policy period. There are broadly 8 different types of life insurance in India, each offering different benefits to meet an individual’s financial goal: SR No. The purpose of getting a life insurance is to provide monetary support to the beneficiaries in case of an unfortunate death of the policy holder during the policy period. Below are the key features of this product that customers can benefit from.Life Insurance is one of the most vital investment an individual can make for their families and loved ones. The Aegon Life iTerm Insurance Plan is available across all platforms and channels. This term plan comes with three options for the customers to choose from - Dual Protect, Life Protect and Protect Plus. To encourage a healthy lifestyle the ‘quit smoking benefit’ motivates customers to quit their smoking habits and get a discount on their future premiums thereafter.” he adds. This comprehensive product offers other additional benefits such as quit smoking, auto-increase of cover, life stage benefit and InstaCover. This is a big step towards increasing the penetration of term insurance in India. We have plugged this need gap in the market and provide the customer with term protection and survival benefits. “Many customers hesitate to buy term plan because it does not offer any returns on survival. 0.1 per cent of the Base Sum Assured, Rs 1 crore for the following months.” Subsequently, he will also receive a monthly payout of Rs 10,000 i.e. Under the Dual Protect option of the plan, a Lump-sum payout of Rs 5 lakhs will be paid after his 60th Birthday. Thus, with the Dual Protect option, one can not only secure their family but also prepare for a regular monthly income after 60.įor example, consider a 30-year-old male, non-smoker who chooses to buy a cover till the age of 100 years for a base sum assured of 1 Crore. And that’s not all, it also provides coverage up to the age of 100 years. It is a plan that provides monthly income after the age of 60. Vineet Arora, MD & CEO of Aegon Life Insurance said “We are proud to introduce a new avatar of term plan in India. It provides the flexibility to choose from three plan options and multiple benefits to the customers. The new Aegon Life iTerm Insurance Plan provides regular monthly income after the age of 60 and offers financial protection till the age of 100 years. Aegon Life Insurance today announced the launch of another innovative version of its flagship and highly popular ‘iTerm’ Insurance Plan - with some truly unique benefits.
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