Comparision of Ulip Products

The comparison study of ULIP plan between HDFC SL And LIC

HDFC SL CREST

Plan Name: Crest

Insurer: HDFC SL Insurance Company

limited

Category: Unit Linked Insurance Plan

Objective: Financial protection of family and

good return on investment

HDFC SL Crest is a unit-linked insurance

policy (ULIP) where the insurance company

does not carry the risk associated with the

investment of premiums paid by the policy

holder. Since the premiums are invested in

the markets the investment risk is borne by

the policy holder

Key Features

Benefit of Highest NAV recorded during the entire policy term

Guaranteed benefit of minimum NAV of Rs 15 at maturity

Policy term is 10 years but the policy holder has to pay premium for only 5 years

Benefits

Death Benefit – In case of death of the

policy holder, the nominee gets the Sum

Assured (minus partial withdrawals) or Fund

Value, whichever is higher. Death benefit

shall exclude any rider premiums and deduct

LIC ENDOWMENT PLUS

Plan Name: Endowment Plus

Insurer: Life Insurance Corporation of India




LIC Endowment Plus is a unit linked

insurance plan (ULIP), where the risk of

investment is borne by the policyholder. If

the Life Insured dies within the policy tenure,

the nominee would receive the Sum Assured

or the Fund Value, whichever is higher.

Key Features

Unit linked insurance plan with

choice of 4 investment funds

Higher of Sum Assured or Fund

Value will be paid as Death Benefit

Choice of two riders is Accidental

Death Benefit and Critical Illness

Benefit cover

Option to decrease the Sum Assured

during the policy tenure

Benefits

Death Benefit - In case of death of the Life

Insured, the nominee would get Sum Assured

any previous partial withdrawals.

Maturity Benefit - If the policy holder

survives the policy term, then he/she gets the

Fund Value. There are two types of

investment fund options in this policy. So if

the policy holder chooses “Highest NAV

Guaranteed Fund” then he/she will get a

guaranteed return as per the highest NAV

attained during the period subject to a

minimum guaranteed NAV of Rs.15

Income Tax Benefit - Life Insurance

premiums paid up to Rs. 1,00,000 are

allowed as a deduction from the taxable

income each year under section 80C. The

maturity amounts you receive from this plan

are exempt from tax under section 10(10D)

Eligibility:

Minimum Entry Age: 14 Years

Maximum Entry Age: 55 Years

Policy Term: 10 Years

Premium Paying Term: 5 Years

Minimum Premium: Rs 50,000 Annual Mode

Lock –in period: 5 Years

Minimum Maturity Age: NA

Maximum Maturity Age: 65 Years

Regular payment: minimum Rs.50000

or Fund Value, whichever is higher.

Maturity Benefit - On maturity, the policy

fund value is paid to the policyholder.




income each year under section 80C

Eligibility:

Minimum Age at entry: 7

Maximum Age at entry: 60 years

Minimum Maturity Age: 18 years

Maximum Maturity Age: 70 years

Policy Term: 10 to 20 years

Risk cover upto 30 times of your annual

premium

4 fund options available

Unlimited switches (First 4 free per year)

Loan on policy

Partial withdrawal allowed

Accident Benefit and Critical illness rider

available for extra premium

Other Details:

Fund option :

You have the option to choose any of the 4

funds below:

Bond Fund

Secured Fund

Balanced Fund

Single Premium: NA

Payment Modes: Yearly

Top Up Premium: NA

Other Details:

Investment Fund Options–

Under this plan the policy holder gets the

following 2 investment options:

Highest NAV Guarantee Fund Free asset Allocation:

There are 5 funds under this option

Short Term Fund Income Fund Balanced Fund Blue Chip Fund Opportunities Fund

Riders – There are no riders in this policy.

Switching - No option to switch the

investment option is available in this plan.

Either Highest NAV Guarantee Fund or Free

Asset Allocation option needs to be selected

right at inception.

Partial Withdrawal - You are allowed to

make partial withdrawals in this policy after

5 complete policy years or when the life

insured is at least 18 years of age, whichever

is later. The minimum amount of partial

withdrawal should be Rs. 10,000. The

maximum partial withdrawal that can be

done throughout the policy term is 300% of

Growth Fund

Riders:

The riders pay additional amount on occurrence of an eventuality. You can opt for Accidental death benefit

Critical illness rider with the plan.

Switching: The option of switching within

the funds is available any number of times

during the duration of policy. The first 4

switches every year are free of charge and a

charge of Rs.100 is levied thereafter per

switch.

Partial Withdrawal:

Partial withdrawal allowed after 5 years.

Settlement Option:

Instead of lump sum amount on maturity, you can choose to receive the amount in installments over the next few years.

the original regular premium.

Conclusion : Minimum age of entry in HDFC is 14 years were as in LIC this is

7years.

Fund option is available in both the plans and rider option is available only in LIC

No switching option is available in HDFC Plan whereas Unlimited switches in LIC Plan

(First 4 free per year)

The comparison study of ULIP plan between HDFC SL And

ICICI

HDFC SL CREST

Plan Name: Crest


limited










the policy holder

Key Features




Benefits




ICICI Pru Pinnacle Super

Plan Name: Pinnacle Super

Insurer: ICICI PRU Life Insurance Company

limited




ICICI Prudential Pinnacle Super Plan is a

unit linked insurance plan (ULIP) with

highest NAV guarantee. In this plan, you can

choose the guarantee option according to

your risk appetite. If the Life Insured dies

within the policy tenure, the nominee would

receive the Sum Assured or the Fund Value,

whichever is higher as Death Benefit for 1-

Pay Option and both Sum Assured + Fund

Value as Death Benefit for 5-Pay Option.

The Maturity Benefit is the Fund Value

according to the fund option selected.

Key Features:

There is an option of choosing

Dynamic Asset Allocation Fund

where the professional Fund

Managers aim to increase your

portfolio

Loyalty Addition of 2% of the fund

value is provided at maturity

There are 3 options for Highest NAV



















Eligibility:









Guarantee Fund, which needs to be

selected at inception

o Highest NAV Fund A- Guarantees the highest recorded NAV within the first 7 years subject to a minimum of Rs 10

o Highest NAV Fund B- Guarantees 110% of the highest recorded NAV within the first 7 years subject to a minimum of Rs 11

o Highest NAV Fund C- Guarantees the highest recorded NAV within the first 7 years subject to a minimum of Rs 15

The Sum Assured can be increased and decreased at any policy anniversary

Benefits :

Death Benefit – In case of death of the Life

Insured, the nominee would get Sum Assured

or the Fund Value, whichever is higher for 1-

Pay Option and both Sum Assured + Fund

Value for 5-Pay Option.

Maturity Benefit – On maturity, the Fund

Value is paid to the policyholder according to

the investment option chosen.




income each year under section 80C


Single Premium: NA


Top Up Premium: NA

Other Details:












right at inception.








Eligibility :




Premium Paying Term: 1, 5 Years

Premium Payment Mode: Annual

Minimum Maturity Age: 18 Years

Maximum Maturity Age: 80 Years in case of one pay, 75 Years in case of five pay

Other Details:

Investment Fund Options –

There are 12 Investment Funds available

Opportunities Fund

Multi Cap Growth Fund

Bluechip Fund

Multi Cap Balanced Fund

Income Fund

Money Market Fund

Return Guarantee Fund

Dynamic P/E Fund

Maximiser V Fund

Highest NAV Fund

Highest NAV Fund B

Highest NAV Fund C

Rider – There is 1 rider available in this

policy

Waiver of Premium on Critical Illness Rider

Switching - Switching is allowed within

Fixed Portfolio Strategy. Switching from a



non-guaranteed NAV Option to Guaranteed

NAV Option is not allowed.

Partial Withdrawal - Partial withdrawals are

allowed only after completion of 5 policy

years or the life insured is at least 18 years

old.

Conclusion : Minimum age of entry in HDFC is 14 years were as in LIC this is

8years.

There are 3 options for Highest NAV Guarantee Fund in ICICI

There are 2 fund option is available in HDFC SL and 12 investment options available in

ICICI plans

Rider option is available only in ICICI i.e., Waiver of Premium on Critical Illness Rider

The comparison study of ULIP plan between HDFC SL And

BSLI

HDFC SL CREST

Plan Name: Crest


limited










the policy holder

Key Features




Benefits




BSLI Dream Endowment Plan

Plan Name: Dream Endowment

Insurer: Birla Sun Life Insurance


Objective: Financial protection of family and good return on investment

Policy opening date – 28th August 2010

This is a unit-linked insurance policy (ULIP)

where the premium amount is invested in the

markets (debt, equity and cash market

instruments). The value of investments may

go up or down, hence the risk in ULIPS is

borne by the policy holder and not by the

insurance company.

Key Features

The policy adds a certain guaranteed amount to your investments from the 10th policy year

Option to choose a specific Guaranteed Savings date when the Fund Value would be paid out to the Life Insured

Option to increase Sum Assured by opting for Enhanced Sum Assured

Benefits;

Death Benefit – In case of death of the policy

holder, the nominee gets Basic Sum Assured

+ Fund Value + Enhanced Sum Assured (if

http://knowledge.policybazaar.com/life-insurance/item/35-birla-sun-life-insurance.html



















Eligibility:









opted). Death benefit shall never be less than

105% of total basic premiums paid to date

minus any previous partial withdrawals.



higher of Fund Value + Guaranteed Savings

Fund at maturity.







Eligibility

Minimum Entry Age: 1 Year


Minimum Age At Maturity:18 Years

Maximum Age at Maturity: 75 Years

Minimum Policy Term: 10 Years

Maximum Policy Term:30 Years

Minimum Premium Paying Term: 5 Years, Lock –in period: 5 Years


Premium Payment Frequency: Annual, Semi-Annual, Quarterly, Monthly

Other Details:

Investment Fund Options– Under this plan

the policy holder gets the following fund

options:

Fund Enhancer


Single Premium: NA


Top Up Premium: NA

Other Details:












right at inception.








Rider ;

Accidental death benefit

Permanent disability benefit

Waiver of premium benefit

Critical illness (or dread diseases) benefit

Increased death benefit / Term rider

Hospital cash benefit

Switching - Since this policy has only one

choice of investment fund, there is no

switching facility.

Partial Withdrawal - The policy holder is

allowed to make partial withdrawals in this

policy after completing 5 policy years or

when the Life Insured is 18 years of age,

whichever is later. The minimum amount of

partial withdrawal should be Rs. 5000. There

is no maximum limit, but a minimum Fund

Value of Rs. 25,000 needs to be maintained.

.



Conclusion: Minimum age of entry in HDFC is 14 years were as in BSLI 1years.

Rider option is available only in BSLI

No switching option will be available

Minimum premium in HDFC SL Rs 50000/- whereas in BSLI Rs 12000/-

Comparision of Ulip Products

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