insurance pension plans.pptx

8/23/2019 insurance pension plans.pptx

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ICICI Pru Forever Life Plan

ICICI Pru Forever Life is a regular premium

pension plan that provides a secured life cover

during the Accumulation phase and offers five ways

to get your pension, after retirement

Forever Life Pension Plan works in 2 stages

Accumulation Phase

Annuity or Pension phase


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Key Features of ICICI Pru

Forever Life Plan Regular income after you retire

5 Flexible options to receive your Retirement Benefits

Choice of a date when you want to start receiving pension

Life cover during the Accumulation Phase

Add-on Riders

Tax Benefits


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Benefits you get from ICICI Pru

Forever Life Plan

Death Benefit

Income Tax Benefit

under sec 80CCC and u/s 80D. under u/s 10 (10 D).


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Eligibility conditions in ICICI

Pru Forever Life Plan

Minimum Maximum

Sum Assured (in Rs.) 50,000 NA

Policy Term (in years) 5 30

Entry Age of Policyholder(in years) 20 60

Age at Vesting* (in years) 50 70

Annuity payment options Yearly, Half-yearly, Quarterly & Monthly


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Additional Features and Benefits

of ICICI Pru Forever Life PlanRidersThere are 2 Add-on Riders in this pension plan

1.Critical Illness Rider

2. Accident and Disability Rider


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Annuity Options - Five different ways to receive yourPension

1. Life Annuity2. Life Annuity with Return of Purchase Price

3. Life Annuity Guaranteed for 5 / 10 / 15 yearsand till

you live

4. Joint Life, Last Survivor with Return of Purchase

Price

5. Joint Life, Last Survivor without Return of Purchase

Price


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What happens if?

You stop paying the premium

You want to surrender the policy

You want a loan against your policy


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Tata AIG Life Nirvana

Tata AIG Nirvana is a traditional pension plan in which

you can choose the retirement age (between 50 & 65) at

which you want to start receiving your regular monthly

pension.

At the retirement age set by you, 33% of your accumulated

amount can be withdrawn as a lump sum.

The remainder can be used by you to purchase an annuity

which will start giving you monthly pension.


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Key Features

Guaranteed addition of 10% of the Sum Assured

Terminal and Reversionary Bonus declared every year

depending on Companys performance

Option to choose the retirement age to decide the age to

start the pension (between 50 and 65 years)Premium Loan:

In case you are not able to pay premium, the amount due

will be automatically loaned to your policy.


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Benefits Death BenefitIn case of death of the policy holder, the

nominee gets sum assured + Bonus Benefits. In case the

policy has been active for more than 10 years, a

guaranteed 10% of the Sum Assured would also be

received. Bonus will also be paid each year depending on

the Companys overall performance.

Maturity BenefitThe policy holder will get the Sum

Assured + 10% of Sum Assured + Reversionary Bonus +

Terminal Bonus.


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RidersAccidental Death Benefit

Accidental Death & Dismemberment

Critical illness (or dread diseases) benefit

Term Rider


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LIC Jeevan Nidhi Plan

LIC's JEEVAN NIDHI is a with profits Deferred Annuity(Pension) plan.

On survival of the policyholder beyond term of the policy

the accumulated amount (i.e. Sum Assured + GuaranteedAdditions + Bonuses) is used to generate a pension(annuity) for the policyholder.

The plan also provides a risk cover during the deferment

period. The USP of the plan being the pension can commence at

40 years. The premiums paid are exempt under Section80CCC of Income Tax Act.


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Salient Features:Guaranteed Additions: Guaranteed Additions @ Rs.50/- per thousand Sum

assured for each completed year, for the first five years.

Participation in profits: The policy shall participate in profits of the

Corporation from the 6th year onwards and shall be entitled to receive

bonuses declared as per the experience of the Corporation.

Benefit On Vesting:

Option to commute up to 1/3rd of the amount available on vesting, which

shall include the Sum Assured under the Basic Plan together with accrued

Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if

any.

Annuity as per the option selected: Annuity on the balance amount if

commutation is exercised, otherwise annuity on the full amount.


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Annuity Options:

Increasing annuity: The annuity is paid to the life assured as

long as he/she is alive. The amount of annuity increases every

year at a simple rate of 3% per annum.

Joint Life Last Survivor Annuity: The annuity is paid to the life

assured as long as he/she is alive. On death of the life assured,

50% of the annuity is payable to the nominated spouse as longas the spouse is alive.

Income Tax Benefit

1/3rd of the maturity proceeds are exempted from tax underSection 10 (10A). Pension that is received is taxable


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RidersAccidental Death and Disability Benefit rider

Term Assurance Rider

Critical Illness Rider

Premium Waiver Benefit Option can be opted for if

Critical Illness Rider has been taken.


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ULIP PRODUCTS INPENSION PLAN


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ICICI Prudential Lifetime

Pension IIAdvantages of LifeTime Pension II

Choose from four investment funds to invest your money,based on your risk profile. You can switch between the

funds (4 free switches in a year) to take advantage ofmarket movements.

Top-up facility to invest additional funds for increasingyour retirement savings.

Facility to take up to one-third of the accumulatedvalue as a lump sum payment, at the time ofretirement. This can help to take care of yourimmediate financial requirements.


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It has option to postpone the vesting age till 75yrs.

This enables you to take advantage of market-related

movements The postponement should be intimated 6 months

before the original vesting date.


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Fund & Asset Mix Potential

Risk-Reward

Pension Maximiser II

Equity & Related securities

Max. 100%Debt, Money market & Cash:

Max. 25%

High

Pension Balancer II

Debt, Money market & Cash:

Min. 60%Equity & Related securities:

Max. 40%

Average

Pension Protector II

Debt instruments Max.100%

Money market & Cash:Max. 25%

Moderate

Pension Preserver

Debt instruments: Max. 50%

Money market & Cash:

Max. 50%

Low


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Sum assured calculation Option 1: Zero sum assured. Pure accumulation.

Option 2: Sum assured = annual contribution X tenure.


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Exit OptionBefore 1 year's

premium is paid

Nil

After 1 year's

premium is paid

25% of Value of

InvestmentsAfter 2 years

premium is paid

40% of Value

of Investments

After 3 years

premium is paid

60% of Value of

of Investments

After 4 years

premium is paid

100% of Value

of Investments


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Exclusions/ConditionsSuicide: If the Life Assured commits suicide,within one

year from the date of commencement of this policy,the policy shall be void and the premiums paid will be

refunded after deducting the expenses incurred by thecompany for the issue of the policy.


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BAJAJ ALLIANZ UNITGAIN SP

PLAN

Key features of this plan areConvenient single premium payment, with option

to pay top-ups later.

100% of the single premium/top-ups are allocated

Guaranteed death benefit

Choice of 5 investment funds with flexible

investment management: you can change funds atany time.

Attractive investment alternative to fixed-interestsecurities.


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Provision for full/partial withdrawals any time after

three full years premiums are paid.

The five funds offered are as


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The five funds offered are as

under: Equity FundThis fund provides the scope of high

appreciation over a long term. This fund will invest at

least 90% in equities and maximum 10% in cash.

Equity Gain Fund - The investment objective of this

Fund is to provide capital appreciation through investment

in select equity stocks that have the potential for high

capital appreciation. This fund will invest at least 90% in

equities and maximum 10% in debt & cash

instruments.


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Debt Fund - This fund provides the scope for steadyreturns at low risk through investment in high qualityfixed income securities. This fund will be invested fully indebt instruments.

Balanced Fund The balanced fund is primarily forthose who prefer a mix of steady returns & growth. Thebalanced fund will invest30% to 50% in the equity

fund and 50%to 70% in the debt fund. Cash Fund The cash fund will invest conservatively

in money market & short-term investments to ensurethat return on investments shall never be negative.

100% of this fund will be invested in money marketinstruments. The price of the units in this fund isguaranteed never to go down.


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LICs Future Plus

Future Plus, a deferred pension plan is available withor without life cover .

It can be taken as a single premium policy or underregular premium payment mode ie. yearly or half-yearly.

The policy can be surrendered at no loss on the bid

value of the units after two years of policy existenceand a small charge up to a maximum of 4 % is levied ifsurrendered within two years.


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The vantage points of the plan are the Auto Cover onthe plan ,

The facility for Top ups and of course to opt for earlypension (40 years onwards).


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Investment of FundsFund Type Investment in

Government /Government

Guaranteed Securities

Short-term investments

such as money marketinstruments (including

Govt. Securities)

Investment in Listed

Equity Shares

(i) Bond Fund Not less than 80% 100% Nil

(ii) Income Fund Not less than 70% Not more than 90% Not more than 20%

iii) Balanced Fund Not less than 60% Not more than 80% Not more than 30%

iv) Growth Fund Not less than 30% Not more than 50% Not more than 60%


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Auto-cover

Auto-cover facility will compulsorily be available onlyfor a period of 6 months from the due date of the First

Unpaid Premium. Thereafter, the risk cover will ceasei.e. the policy will lapse.

The Policyholder shall have the option of reviving thepolicy within a period of 5 years from the due date of

the First Unpaid Premium, by paying all unpaidpremiums without interest

On submission of proof of continued insurability tothe satisfaction of the Corporation. .


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HDFC Unit Linked Pension II Bumper Addition of 50% of original annualised premiumat vesting and on death

Take 1/3rd of the fund value as tax-free cash lump sum

and purchase annuity with the balance amount.

LIC (Jeevan


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11 ICICI Prudential(ForeverLife) Tata AIG (Nirvana) Bajaj Allianz(Swarna Vishranti) LIC (JeevanSuraksha/ JeevanDhara) LIC (Jeevan Nidhi) HDFC PersonalPension PlanProduct type

Regular pension

planRegular pension

planRegular pension

planRegular pension

planRegular pension

planRegular pension

plan

Minimum annual

premium (Rs) 6,000 - 5,000 2,500 3,000 2,400

Minimum cover

(Rs) 50,000 50,000 50,000 50,000 50,000 -

Min-Max. tenure

(Yrs) 5 yrs - 30 yrs - 5 yrs- 40 yrs 2 yrs - 35 yrs 5 yrs - 35 yrs 10 yrs - 40 yrs

Min/Max Age at

entry (Yrs) 20-60 18-55 18-65

18-65 (for Jeevan

Dhara); 18-70 (for

Jeevan Suraksha) 18-65 18-60

Min-Max vesting

age (Yrs) 50-70 50-65 45-70 50-79 40-75 50-70

Riders available

Critical illness rider,

Accident and

disability benefit

rider

Term rider, Critical

illness rider,

Accident rider

Term cover, Critical

illness cover,

Hospital cash

benefit, Accident

benefit, Family

income benefit

Term assurance

rider, Critical illness

rider

Accidental death

and disability benefit

rider, Term

assurance rider,

Critical illness rider No

HDFC Standard


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ICICI Prudential

(Lifetime Pension

II)

HDFC Standard Life

(Unit Linked Pension

Plan)

HDFC Standard

Life (Unit

Linked Pension

Plan) LIC (Future Plus)

Bajaj Allianz (UnitGain

easy Pension)

Product typeMarket linked

plan Market linked planMarket linked

plan Market linked plan Market linked plan

ULIP fund options

Pension Maximiser

II (Growth),

Pension Balancer

II (Balanced),

Pension Protector

II (Income),

Preserver

Growth fund, Equity

managed fund,

Balanced fund,

Defensive fund, Secure

fund, Liquid fundNourish, Growth,

Enrich

Bond fund, Income

fund, Balanced

fund, Growth fund

Equity index pension fund,

Equity plus pension fund,

Equity MidCap plus pension

fund, Debt plus pension

fund, Balanced plus

pension fund, Cash plus

pension fund

Allocation to equities

Up to 100% in

pension

maximiser-II; up to

40% in pension

balancer-II; nil in

Protector II &

Preserver

100% in growth fund;

60-100% in equity

managed fund; 30-60%

in balanced fund; 15-

30% in defensive

managed fund; nil in

secure managed &

liquid fund

Up to 35% in

Enrich; up to

20% in Growth;

up to 10% in

Enrich

Bond fund: NIL;

Income fund: Not

more than 20%;

Balanced fund: Not

more than 30%;

Growth fund: Not

more than 60%

Equity index pension fund:

at least 85% in stocks

primarily from NSE Nifty

Index; Equity plus pension

fund: at least 85%; Equity

MidCap plus pension fund:at least 50% in midcap

stocks; Debt plus pension

fund: NIL; Balanced plus

pension fund: 30%-50% in

equity index fund and 50%-

70% in debt plus fund;

Cash plus pension fund:

NIL


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Minimum premium

(Rs) 10,000 10,000 5,000 5,000 10,000

Life cover option

available Yes No Yes Yes No

How is Sum assured

calculated

Option 1: Zero sum

assured. Pure

accumulation. Option

2: Sum assured =

annual contribution X

tenure.

Sum assured = Rs

1,000 plus the fund

value.10 times the regular

premium amount.5-20 times the

annualised premiumZero sum assured.

Pure accumulation.

Min/Max Age at entry

(Yrs)Option 1: 18-

65.Option 2: 18-60 18-60 18-65 18-65 18-65

Min-Max vesting age

(Yrs) 45-75 50-70 50-70 40-75 45-70

Initial years' expenses

17%-22% in first yr.

12%-15% for second

yr.(Exact percentage

depends upon the

annual premium amt).

8.50%-22% for years 1

and 2. (Exact

percentage depends

upon the annual

premium amt). 21% for the first year.

8%-13% for years 1

and 2. (Exact

percentage depends

upon the premium

amount). * 15% for the first year.

Equity MidCap plus and


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Fund management

charges

Maximiser II- 1.5%;

balancer-1.0%;

protector II &

preserver-0.75% 0.80% 1%

Bond fund and

Income fund: 1%;

Balanced fund:

1.25%; Growth fund:

1.50%

Equity plus pension

funds: 1.5%; Equity index

pension fund: 1%; Debt

plus pension fund and

Cash plus pension fund:

0.70%; Balanced plus

pension fund: As

applicable on component

funds

Expenses after initial

years (%)1% for years 3 to 10.

Nil thereafter. 1% third yr onwards.2.2% second year

onwards 2.50% 2% second year onwards

Fixed monthly

expenses (Rs) 20 15

35 (Additional charge of

Rs 2 levied in case life

insurance cover opted

for) 15 20

Charges on top-ups

(%)

1% of top-up value

for first 10 yrs. Nil

thereafter.2.5% for initial two yrs.

1% thereafter. 1% 1.25% 2%

4 free switches in a

year. Rs 100 per

Up to 5 free switches in

a year. Up to 2% of the

switched amt may be

charged for additional


year. 0.50% of the amt


year. Rs 100 per

3 free switches in a year.

1% of switched amt or Rs

100, whichever is higher

insurance pension plans.pptx

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