Protection
We understand that family’s happiness and protection is of your foremost intent, in your presence or absence. To shield your family from any contingency this is one among the easy ways to choose and plan for their future well being.
Secure your loved ones with our term plan
Since its launch ICICI Pru iProtect Smart has become our top selling plan online (Source: Company BuyOnline data – Dec 2015 till Sep 2018). This term plan offers protection for your family and critical illness cover for you(optional). Critical illness cover is a very popular benefit among consumers with 1 out of 3 people selecting this benefit (Source: Company BuyOnline data – Sep 2018 till date).Here are 7 things you must know about our term plan
1. It fits into your tight budget
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After paying your monthly rent, light and phone bills, a term life insurance premium can be difficult. ICICI Pru iProtect Smart’s affordable premiums make sure it isn’t. Just what your wallet asked for. Moreover, you have the option to make the payments in yearly, half-yearly or monthly mode. |
| 30 years | 50 Lakh | 45 years | 7,088 |
| 30 years | 1 Crore | 45 years | 12,970 |
| 35 years | 50 Lakh | 40 years | 8,590 |
| 35 years | 1 Crore | 40 years | 15,758 |
2. It gives you longer cover
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The best time to buy life insurance is now. As buying now will ensure that you get life cover at low premiums and desired term. Our plan has the provision to cover you till age 99. |
| Age at which ICICI Pru iProtect Smart is bought | Regular pay | |
|---|---|---|
| Maximum Term | Cover till age of | |
| 25 | 74 years | 99 |
| 30 | 69 years | 99 |
| 35 | 64 years | 99 |
| 40 | 59 years | 99 |
3. It pays on diagnosis of any of the 34 Critical illnesses (optional)
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Term Life Insurance is for your family’s security. But what happens when a critical illness strikes and your life hangs in balance? ICICI Pru iProtect Smart gives claim payout on first diagnosis of any of the covered 34 Critical Illnesses^ .No Hospital Bills required. That’s correct no hospital bills required, we only need a copy of your diagnosis report. What’s more? this health benefit covers you for 30 years without any change in premium. It is a popular option amongst buyers where 1 in 3 people go for this option. Source: Company BuyOnline data – Dec 2015 till date. |
4. It gives you 4 payout options to choose from
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Sometimes you may make lumpsum payments, such as for your child’s education and sometimes you just need monthly income, say for Home loan EMIs. Give your nominees the choice to receive insurance money, as per their needs with 4 payout options of ICICI Pru iProtect Smart. |
| Options | Details |
|---|---|
| Lump Sum | This is our most popular Payout option. Source: Company BuyOnline data – Dec 2015 till date. The Life Cover will be paid together as a fixed lump sum. For example, if you choose a Life Cover of ₹ 1 crore, your nominee will receive the same as lump sum amount. |
| Income | Premium under this payout option is the lowest. You can choose this option if you want your wife or children (nominee) to receive a regular monthly income. With this option, 10% of the benefit amount is payable every year for 10 years. This will be paid in equal monthly installments, in advance, at the rate of 0.83333% of the total benefit amount. This means, for a Life Cover of ₹ 1 crore, the monthly income paid will be ₹ 83,333. Your nominee can also choose to receive the first year’s income, equal to ₹ 10 lakh, as lump sum. After this, the monthly installments will continue from subsequent month for 9 years at the rate of 0.80% of the total benefit amount, i.e., ₹ 80,000 per month. |
| Increasing Income | This payout option gives 45% more life cover. if your Life Cover is ₹ 1 crore, then your nominee will receive ₹ 10 lakh in the first year, ₹ 11 lakh in the second year, ₹ 12 lakh in the third year and so on. At the end of the 10th years, total life cover received will be ₹ 1.45 crore. You can choose this option if you want your wife or children (nominee) to receive an increasing regular income. Your nominee will receive monthly installments for 10 years. The income amount will increase by 10% p.a. simple interest every year. |
| Lump Sum plus Income | This is our new payout option. With this option, the Life Cover will be paid in two parts as selected by you at policy inception. For example, if your life cover is ₹ 1 crore, you can choose to give ₹ 50 lakh as lumpsum and remaining Rs 50 Lakh will be paid out in equal monthly installments of ₹ 41,667 per month, at the rate of 0.83333% per month over 10 years. |
5. It pays life cover on terminal illness (including AIDS)
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Terminal illnesses such as AIDS are not only life threatening but can also spell financial ruin. ICICI Pru iProtect Smart helps you give them that last fight, paying your insurance money before death. The terminal illnesses benefit is available with all plan options and it covers AIDS too.
Terminal Illness refers to the high likeliness of death within the next six months as diagnosed by medical practitioners that specialise in the same. |
6. It gives you option to add accidental benefit now, or later
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Road, Train accidents happen all the time. Insurance can’t stop them, but it can mitigate the financial effects.ICICI Pru iProtect Smart lets you add accidental cover of your choice during purchase or, even after purchase. For example if you buy life cover of ₹ 1cr with accident benefit of ₹ 50 Lakh, your nominee will get ₹ 1.5 crore in case of death due to accident. Maximum accident cover available with this benefit is ₹ 2 crore. 2 amongst 5 buyers prefer to go with this option. Source: Company BuyOnline data – Dec 2015 till date. |
7. It gives you option to buy online with MWP Act4
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Last thing you want after buying a term plan is insurance money not given to your near ones, like to your wife or children. Your relatives /creditors may wrongfully claim the insurance amount. You have the option to protect it with us, by buying our online term plan ICICI Pru iProtect Smart under Married Women’s Property Act (MWP Act). This will help in the payment of full life insurance claim amount to your wife and/or children. Removing that last line of worry from your head. |
Term plans are typically affordable insurance plans that provide full protection and financial stability to your loved ones in case of any unforeseen events. HDFC Life presents term insurance plans and policies in India to best meet your needs.
What is Term Insurance?
Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific ‘term’ or a time period. A term life insurance policy can offer a substantial cover.
In case of death of the insured individual during the policy term, the death benefit is paid by the insurer to the nominee. However, in the event that the tenure of the policy comes to an end within the lifetime of the policyholder, then the latter does not get any money back.
Why you should buy term insurance?
Term insurance is a simple product and is easy to understand. Here are reasons to buy term insurance:
Low premium and attractively large coverThe coverage offered by a term insurance policy can be substantial and the premium for such a cover would be quite affordable. Thus such a product should be at the foundation of one’s financial portfolio as it offers excellent protection.
Financial dependents are protectedThe primary purpose of a term plan is to protect the financial dependents of the policy holder in the case of the latter’s unfortunate demise. The death benefit offered by a term life insurance policy can be substantial and enable financial dependents to manage livelihood related expenses as well as achieve their financial goals. Therefore a term insurance policy would offer tremendous peace of mind to the policyholder as the well-being of the financial dependents would be taken care off even in the former’s absence.
Insure your assetsIn the absence of the primary income earner, financial dependents might be forced to sell assets to arrange for funds to manage daily expenses. For example: financial dependents may either have to sell the house or investment portfolio to arrange for funds. This could have a negative impact on their long term well being. Instead, the death benefit offered by a term insurance plan can provide substantial funds to manage daily expenses or for any other purpose. Thus assets that can provide tremendous value over the long term need not be liquidated.
RidersA term insurance policy can be equipped with multiple riders. These riders are quite useful and can augment a term insurance policy by offering enhanced protection. Some of these riders include accelerated death benefit rider, accidental death benefit, critical illness rider, waiver of premium rider etc. Including these riders may bump your premium slightly but the value that you would get out of them could be tremendous.
Who should buy term insurance?
Term insurance can be purchase by individuals across segments.
1. Young working professionalsMost individuals prefer to purchase term insurance after getting married or later in their career. However, those who have just started working will benefit immensely from purchasing term insurance. Financial dependents of such individuals are likely to be parents or siblings. There are multiple advantages of purchasing term insurance at such an early stage in one’s career. Let us check out some of these benefits:
- The premiums are lower and thus one can avail a substantial amount as coverage.
- The premium is tax-deductible.
- An individual has the option of adding or removing nominees anytime. So if the policyholder marries later, the spouse and the child can be added as nominees.
- Can purchase term insurance online or offline.
Recently married couples can begin their journey of creating a robust financial portfolio by purchasing term insurance policies. Both the spouses may have financial dependents and may also wish to take advantages of the benefits of purchasing term insurance policies as early as possible. Later on, when a child is born, the child can either be the sole or joint beneficiary of the term insurance policy.
3. Those who are about to retire or retired individualsIt might not seem appropriate to purchase a term insurance plan during one’s sunset years as one’s responsibilities are most likely to be fulfilled. However, one may still have financial dependents – for example – a non-working spouse or child. One may also wish to leave behind a substantial inheritance for one’s children or grandchildren. In such cases, one can plan to purchase a term insurance policy.
4. Regular taxpayershere are almost 1.5 crore income taxpayers in the country. Taxpayers are always on the lookout for instruments which can offer attractive tax benefits. Apart from offering protection to one’s financial dependents against any financial challenges, a term insurance plan can also offer tax benefits to policyholders. Under Section 80C, policyholders can avail tax deduction on the term insurance premium paid.
5. Self-employed individualsA substantial part of India’s workforce comprises self-employed individuals. Self-employment can have multiple phases of ups and downs. It takes considerable time to establish one’s business or independent practice. Therefore a self employed individual’s income is likely to be irregular. Hence, one of the foremost concerns that a self employed individual is about the well being of financial dependents. By purchasing a term insurance policy a self-employed professional can ensure that the aspirations of financial dependents are never compromised.
Benefits of term insurance
Here are some benefits of purchasing a term insurance policy
High protection at low premiumsLife insurance policies are accessible to the masses since they provide a large cover at relatively low premiums. The earlier in life you purchase term insurance, the lower the premium.
Add onsDue to unfortunate circumstance, the policyholder may be incapacitated due to an accident or the diagnosis of a critical illness. This would impact the income earning capability of the policyholder. In such cases, the policyholder’s family may find it difficult to manage expenses. To protect oneself against such scenarios, one can consider augmenting the term insurance plan with multiple add-ons or riders. Examples of some of these add-ons include critical illness coverage, accidental disability rider etc. A critical illness cover would provide a lump sum amount which is equivalent to the death benefit if the policyholder is diagnosed with any of the covered critical illnesses. The accidental disability rider will ensure that the policyholder gets paid a regular monthly income which would be a certain percentage of the sum assured for a specified period.
Financial securityThe death of the breadwinner of the family is not only distressing, but it also brings about financial liabilities. Life insurance ensures that daily expenses do not suffer as a result of the insurer’s death. The pay-out resulting from the insurance policy can be received in the form of a lump sum or in the form of instalments to enable the family to cope with their living expenses.
Benefits of Buying Max Life Smart Term Plan
Get your premiums back
Return of premium upon surviving the policy term under base policy*
Health component to your term insuranceComprehensive protection against 40 critical illnesses^, including kidney failure, heart attack, and cancer
Pay for shorter durationMultiple premium payment options^ such as limited pay, regular pay and pay till 60
Multiple payment optionsFlexible premium payment options as per your budget
Who Should Buy Max Life Smart Term Plan?
Max Life Smart Term Plan is a flexible plan that caters to people from different walks of life and age groups. Therefore, you can customize your insurance coverage by choosing the desired benefits accordingly. If you are earning, you should buy a term insurance plan to support your family’s financial future.
1. If you are singleYour parents may depend on you for financial support, especially after their retirement. You need term insurance to support their regular expenses in your absence.
2. If you are married with no kidsYour spouse may have no one else but you, to look for financial support. Thus, it becomes crucial that you create a backup plan to secure his/her future in your absence.
3. If you are married and have kids
Being a parent, you take care of your kids’ education and marriage expenses, besides supporting your spouse’s expenses. A term plan will support your family in maintaining their current lifestyle, even in your absence.
Key Features of Max Life Smart Term Plan
Multiple Death Benefit Options
Seven different variants for the death benefit payout
Multiple Payment OptionsSingle Pay, Regular Pay, Pay till 60 and Limited pay option Limited Pay options are available for premium payment.
Option to Return Your PolicyFreelook period of 15 days
Long Term CoverageLife cover assurance up to 85 years
Customer Discount5% loyalty discount for existing policyholders. Avail the discount if your policy is in premium paying stage or Paid-up stage
Coverage for Smokers tooCoverage for smokers and non smokers with lower rates for non-smokers**
Maha Raksha Supreme Product Overview
Non-Linked Non Participating Individual Life Insurance Pure Risk Premium Product
We all want to ensure that our loved ones are never short in terms of financial resources to live the life of their dreams. We all want & need to make sure that come what may, the standard of living of our loved ones is never compromised. We also want to ensure that the burden of our debts & loans does not become a burden for them & their happiness.
For all of the above to happen, we need to ensure that the income for our family is protected. And the best way to do that is through a “Pure Term” Insurance Plan. Tata AIA Life Insurance Maha Raksha Supreme is that solution that provides a wide range of choices to fulfill your family’s specific needs of financial protection.
Key Benefits
- Life Cover up to Age 85 or option for Whole Life coverage (till age 100 years)
- Inbuilt Payout Accelerator Benefit that advances 50% of Basic Sum Assured in event of a Terminal Illness diagnosis
- Increase in cover at future milestone events in your life with Life Stage Plus Option, without the hassles of fresh medical underwriting
- Pay only once, for a limited period or throughout the policy term
- Option to enhance protection through rider1
- Discount on rates for customers opting for higher level of protection
- Discounted rates for female lives and Standard premium rates for non-smokers
- Tax benefits2 as per applicable tax laws
Reliance Nippon Life Protection Plus
“A Non-Linked, Non-Participating, Individual Pure Risk Life Insurance Plan”Highlights
Protect your family against financial uncertainty
Choose from multiple plan options according to your needs
Cheaper premiums for healthier lifestyles#
Get additional life cover at key stages in life with Enhanced Coverage Option^
