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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amount can be withdrawn as a lump sum.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
2 free switches in a
year. 0.50% of the amt
4 free switches in a
year. Rs 100 per
3 free switches in a year.
1% of switched amt or Rs
100, whichever is higher
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