Life insurance has been known to fulfil various requirements of every individual. For some it serves as a means to provide for financial security in the future, for some it is a tool of income protection in case of untimely death and for most of the individuals, it is a means to escape from the clutches of taxation. As such, the real purpose of a life insurance policy loses its appeal. A life insurance policy provides financial protection against premature death.Read more
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Since, this purpose of a life insurance policy was not endorsed by many; insurers launched hybrid plans which provided wealth creation along with insurance protection. Endowment plans are such plans which not only provide life insurance protection to the individual but also provide the medium for investment and financial growth. These plans come with a varying tenure which may be as low as 5 years or as high as 30 years. These are also called traditional or conventional insurance plans and they provide a fixed benefit to the policyholder both in the case of death and in case of maturity.
With hundreds of Endowment plans offered by numerous companies, the common investor feels stumped as to which would be the best suited plan. He searches for the plan which would have a suitable tenure, lower premiums, greater benefits and higher returns. To solve the dilemma of such investors, here is a list of the top 5 endowment plans of some leading insurers which promise attractive benefits. So, let’s analyze:
Below is a comparative analysis of the plans in details. Here are some other plans which are not mentioned above.
|Plan Names||Plan Term||Policy Premium Term||Guaranteed Loyalty Additions||Bonus||Features||Rebates and Discounts|
|Aegon Life Premier Endowment Insurance Plan||10, 15 or 20 years||Single, 5, 10, 15 or 29 years||Guaranteed additions of 5% of Sum Assured to be included in your arrangement toward the finish of each Policy year for the whole Premium Payment Term (5 years for Single premium). The amassed Guaranteed incorporations will be remunerated out alongside the Sum Assured upon Policy Maturity or Demise of the Life Assured, whatever is prior||Simple reversionary bonus and terminal bonus on the premise of the experience||
|Bajaj Allianz Elite Assure||15 to 30 years||Regular pay or 7/10 years||3% to 15% of the Guaranteed Maturity Benefit is paid from the end of the 10th policy year||Reversionary bonus, interim and terminal bonus.||
||Premium rebates for choosing Guaranteed Maturity Benefit of Rs.5 lakhs and above|
|HDFC Life SampoornaSamriddhi Plus Plan||15 to 30 years or 100 years – age (for whole life option)||Plan term less 5 years||Up to 5% of the Sum Assured on maturity for the first 5 years||Simple reversionary bonus, interim and terminal bonus from first year onwards||
||Premium rebates for choosing coverage levels of Rs.1.5 lakhs and above|
|IndiaFirst Simple Benefit Plan||15 to 25 years||Equivalent to the policy term||Guaranteed maturity sum assured along with simple reversionary bonus and terminal bonus if any will be paid towards ending policy period||Simple reversionary bonus and terminal bonus||
||Rebate in ay form si forbidden|
|Kotak Classic Endowment Plan||15 to 30 years||Regular Pay- Equivalent to the Policy Term Limited Pay- 7-years for policy term 15 yearsPolicy term less 5 years||Depending upon the premium payment term chosen and premiums paid, guaranteed surrender value is acquired in the policy||Availability of simple reversionary bonus, terminal bonus and interim bonus||
||Obtain a premium discount for sum assured upon the maturity of Rs. 5,00,000 and more|
|LIC’s Jeevan Rakshak Plan||10 to 20 years||Equal to plan term||Loyalty additions payable after 5 completed policy years||Vested bonus and a final additional bonus is paid||
||Modal rebate for yearly and half-yearly premium payment @ 2% and 1% respectively. High Sum Assured rebate in premium for levels equal to and exceeding Rs.1.5 lakh|
|Max Life Life Gain Premier Plan||15 to 25 years||6, 8, 10 or 12 years||Not Applicable||Bonus is declared from the 2nd policy year and can be taken in cash, used to reduce the subsequent premium or used to increase the Sum Assured which would earn future bonuses. A Terminal Bonus is also paid||
|PNB MetLife Bachat Yojana||15 years||10 years Limited Pay||The Minimum ensured Sum Assured on maturity (which is equivalent to the Base Sum Assured) increased by the proportion of the number of Portion premiums paid to the complete number of Installment premiums payable will be payable.||Accessibility of simple reversionary bonus and terminal bonus||
||Discount can be implied in case of accrued simple revisionary bonus|
|Pramerica Life Roz Sanchay||16 to 21 years||12 years for a 16-year policy term16 years for a 21-year policy term||With the initiation of the policy, there is a guaranteed maturity benefit wherein 150% of the base sum assured with an accrued annual guaranteed addition becomes payable at the time of maturity||Offers guaranteed bonus additions||
|Reliance Life Lifelong Savings||15-30 years||Age at Entry (7 to 50 years) Regular Pay- 15-30 yearsLimited Pay- 10 years Age at Entry (51 to 55 years) Regular Pay- Not ApplicableLimited Pay: 10 years||At a rate of 4% per annum, the guaranteed additions will be calculated towards the end of every policy tenure in regards to the base sum assured in the initial five years of the policy in case of active policy||In case of survival, towards the end of the policy tenure, one will be able to receive the base sum assured along with terminal and vested revisionary bonus||
||When reaching the final rate of premium then the first high sum assured discount will be implied|
|SBI Life Smart Humsafar||10-30 years||The premium paying term will be equivalent to the policy term||At the commencement of the policy, opted by the insured the basic sum assured is the absolute amount of benefit and will be payable at the time of maturity||For the active policy, a guaranteed minimum bonus for initial three years of 2.50% of the basic sum assured||
||Discount can be availed on the premise of premium per thousand basic sum assured. Besides, a staff discount is also accessible for the employee of the bank|
|Single Pay Endowment Assurance Plan||10 to 15 years||Single Pay||Sum assured on the death and maturity will be available||Not Applicable||
|Star Union Da-ichi's Life Jeevan Ashray||15 to 20 years||Equivalent to the policy term||Guaranteed maturity benefit within 15-year policy term will be 115% of the basic sum assured and within 20-year policy it will be 120% of the basic sum assured||Not Applicable||
|Tata AIA Life Insurance Maha Life Gold Plan||85 years – entry age||15 years||Guaranteed Annual Coupons up to 6.5% payable from 11th year till 30th years cash dividends paid from 6th year||Not Applicable||
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply
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