Life Insurance – Pension Plan Comparison Chart

Updated: November 17, 2019

All about Life Insurance Pension Plan

Life Insurance - Pension Plan

Life Insurance – Pension Plan Comparison Chart 2012

Compare and Buy Pension Insurance Plans

Child Plan Product Name

Min-Max Age

Minimum Premium / Sum Assured

Min / Max Policy Term

Benefits

Death Benefit

Other Benefits

Surrender / Partial Withdwals

Kotak Assured Income

Entry Age : 0 – 60 Yrs

Maturity Age : 30 – 90 Yrs

Min Premium Rs. 10,000 p.a.

Premium Paying Term – 15 Yrs

Policy Term – 30 Yrs

Guaranteed Assured Income for 20 years-Assured Annual Income every year for a period of 20 years will be paid starting from the end of 10th policy year as a percentage of Basic Sum Assured between 9.10 % to 10.10 % p.a. (basis the value of the premium paid)

Additional Lump sum on Maturity- Lump sum of 110% to 104% of the Basic Sum Assured, depending on age.

Provides protection for 30 years- On death of the Life Insured, the nominee receives Basic Sum Assured. The Assured Annual Income will cease on death.

Get Sum Assured Equal to 10 times the Basic Premium

Avail Loan Upto 80% of Surrneder Value

Completion of 3 Policy Years

Birla Dream Life Plan

Entry Age – 18 to 60 Yrs

Min s 12,000 p.a.

5 Yrs – 20 Yrs

You get a Guaranteed Savings Amount on the date of your choice

Basic Sum Assured + Fund Value + Enhanced Sum Assured (if any)

Basic Sum Assured is :
1. Baisc Prem multiplied by the higher of 10 or the no of yrs to age 70 divided by 2 (if entry age below 45)
2. Baisc prem multiplied by higher of 7 or no of yrs to age 70 divided by 4 (if entry age above 45)

Whole Life Cover

Permitted after 5 policy years

Tata Mahalife Gold

Entry Age : Birth

Limited premium payment term of only 15 years

Pay

Pay only for 15 years and Get Guaranteed annual income and coverage for entire life

Pays guaranteed coupons* of 5% of Sum Assured from the 10th policy anniversary

Pays non-guaranteed cash dividends** from the 6th policy anniversary

On death the nominee gets the entire Sum Assured

Provides life cover till age 100

On maturity you get Sum Assured plus final guaranteed coupons

HDFC Immediate Annuity

30 – 85 Years

Payment Term 5 – 25 Yrs

Your annuity is normally paid throughtout your lifetime. Your annuity can be guaranteed to be paid for a period of upto 15 years provided the last guaanteed payment falls prior to your 80th birthday. This means in the event of your death, the annuity will carry on being paid for the number of years left in the guaranteed period.

In addition to a regular income, you can choose an annuity that will pay out a benefit on your death

You can chose to get the income Monthly, Quarterly, Half Yearly or Yearly (depending on your reqt)

Your gross annuity may increase annualy at a fixed rate of upto 5% each yearr compounded

LIC Jeevan Akshay VI

Entry Age : 40 – 79 Yrs

Premium Payment Term – Single

There are 6 options for Pension-

1    Annuity for Life- where pension is paid till the life assured is alive and nothing is payable on death,
2    Annuity Guaranteed for Certain Periods- where pension is definitely paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not and is paid as long as annuitant is alive.
3    Annuity with Return of Purchase Price on Death- pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit ,
4     Increasing Annuity- pension is paid till the life assured is alive at an increasing rate of 3% p.a. and
5    Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse if alive
6    Joint Life Last Survivor Annuity 1000% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 1000% of the pension continues to be payable to spouse as long as the spouse if alive.

Death Benefit – In case of death of the Life Insured it entirely depends upon pension option chosen
1         Annuity for Life- Pension stops when Annuitant dies and nothing further would be payable to nominee.
2         Annuity Guaranteed for Certain Periods-
During the Guaranteed Period – Pension is paid to the nominee till the end of the guaranteed period after which it stops.o    After the Guaranteed Period- Pension stops when Annuitant dies and nothing further would be payable to nominee.
3         Annuity with Return of Purchase Price on Death- Pension stops when Annuitant dies and the remaining amount is paid to nominee.
4         Increasing Annuity- Pension stops when Annuitant dies. Nothing further would be payable to nominee.
5         Joint Life Last Survivor Annuity with 50% pension for spouse- When Annuitant dies and Spouse survives, 50% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
6         Joint Life Last Survivor Annuity with 100% pension for spouse- When Annuitant dies and Spouse survives, 100% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.

Annuity may be paid monthly, quarterly, half yearly or yearly intervals.

There is an incentive for purchase of Rs 1.5 lakhs of annuity or more.

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