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What is Life Insurance?

Life Insurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of money to the nominated beneficiary in the unfortunate event of the policyholder’s demise during the term of the policy. In exchange, the policyholder agrees to pay a predefined sum of money in form of premiums either on a regular basis or as a lump sum. If included in the contract, some other contingencies, such as a critical illness or a terminal illness can also trigger the payment of benefit. If defined in the contract, some other things, such as funeral expenses might also be a part of the benefits.

Life Insurance plan is the safest and the most secure way to protect your family or dependents against financial contingencies that may arise post the unfortunate event of your untimely demise. Under a Life Insurance Contract in India, the insurer assures to pay a definite sum to the policyholder’s family on his demise during the policy term.

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Best Life Insurance Plans in India 2016

Aegon Life iTerm Plan

Aviva I-Life Plan

Bajaj AllianziSecure

Bharti AXA eProtect Term Plan

HDFC Click2Protect Plus

HDFC Life Sanchay

HDFC SL Crest

ICICI Pru iProtect

Kotak Life Preferred e-Term

LIC AmulyaJeevan

LIC New JeevanAnand

LIC Term Plan

Max Life Online Term Plan

SBI eShield Plan

SBI ShubhNivesh Plan

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Life Insurance Policy Types

1. Term Insurance
2. Endowment Policy
3. ULIP - Unit Linked Insurance Plan
4. Money Back Life Insurance
5. Whole Life Insurance

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Life Insurance Policy Details

1. Term Insurance - It is the simplest and cheapest form of insurance that is designed to offer financial protection for a specified tenure, say 15 or 20 years. Term insurance ensures that your family gets a large lump sum amount, i.e; sum assured after your death to lead a financially stable life. However, if you survive the term, the insurer pays nothing. The best thing about a term insurance policy is that the premium is quite low for the insurance cover it provides.

2. Endowment Policy - It offers the dual benefit of insurance and investment. A certain part of the premium is allocated towards the sum assured, while the remaining portion of the premium gets invested in asset markets— equities and debt. It pays a lump sum amount after the specified duration or on the death of the policyholder, whichever is earlier. An endowment policy may declare bonus periodically, which is paid, either on maturity or on the death of the insured.

3. Unit Linked Insurance Plans (ULIPs) - In ULIP, a portion of the premium goes towards providing the life cover, while the residual portion is invested in equities and debts. The investment portion in ULIP is subject to market volatility. Investing in ULIP inculcates regular saving habit in a person, which is imperative for the creation of wealth.

4. Money Back Life Insurance - It offers periodical payment of partial survival benefits during the tenure of the policy as long as the policyholder is alive. In the event of death of the insured, the insurance company pays the full sum assured along with survival benefits.

5. Whole Life Insurance -Offering the dual benefit of insurance and investment, whole life insurance plans offer insurance cover for the whole life of the person or up to 100 years whichever is earlier. Also the life insurance company calculates bonus on the sum assured, which is paid to the nominee after the death of the policyholder.

6. Child Insurance - The increasing education cost is causing uneasiness among parents. Therefore, it is best to invest in a good child insurance plan to give secured life to your child even in your absence. A child life insurance plan offers a lump-sum amount to the beneficiary (i.e. child) on the death of the policyholder. Here, the policy doesn’t end. In this case, Life Insurance Company exempts all future premiums and pays the money to the child at specified intervals as planned out by the policyholder.

7. Pension Plans -Also called pension plans, these are offered by life insurance companies to help an individual build a retirement corpus. This money helps a person to lead a financially secured life even after retirement. In case of an unfortunate death of the policyholder, the nominee can either take a lump sum or receive a regular pension for the rest of the policy tenure. These life insurance plans are great to build up a retirement corpus, Most life insurance companies in India provide a wide array of plans for people to save for their retirement.

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Life Insurance - FAQs

What are the benefits of buying Life Insurance ?

There are multiple benefits of buying Life Insurance:

Provides financial security to the insured’’s family, in the event of his/her untimely death.
It induces the discipline of savings for a long term goal, and works as both Protection + Savings for your long term goals.
Example : When you invest for a long term, even Rs. 4000 invested per month could become Rs. 50 lacs on maturity. Such is the power of a safe and long term investment.
It works as an efficient long term tax planning instrument.

How important is Insurance for any financial planning?

We always want the best for our family and life is full of uncertainties. There is a Big ‘IF’ in ‘LIFE’. Hence planning for contingencies and taking concrete steps to secure our family’’s future, is of utmost importance. There is no way to ascertain as to when one might lose the ability to provide for them, due to disability or the sudden loss of life.

Insurance Planning is one of the most important pillars of Financial Planning. This is because Life Insurance is the only tool that can fulfill financial commitments in case of untimely death of the bread earner of the family. Therefore having an appropriate life cover is important.

Why Insurance Planning is required?

a. Increasing liabilities:

People today prefer to take loans to meet immediate needs, instead of waiting to save for the future. In the untimely death of the key earning member, the family will need to service the loan.

b. Nuclear family structure:

Earlier, people could depend on their extended joint family system to take care of their near and dear ones in case of their absence. However, the share of families with more than 5 members has come down from 64% in 1990 to 56% in 2005 and is expected to decrease further.

c. Increasing lifestyle diseases:

People these days are prone to many diseases as a result of which the longevity of life gets reduced. Therefore it becomes important to take an appropriate risk cover and give your family a financially secure future.

d. Loans & Liabilities:

An insurance policy also helps as a cover for one’s loans and liabilities.

How much Life Insurance Cover should one take?

Calculating how much life insurance you need is one of the most important financial decisions you will ever make. It should never be taken only on the basis of how much premium you can afford.

Life Insurance needs can be calculated in the following methods:

Income Replacement Value (Rule of Thumb)

This is one of the basic methods of insurance calculation and is based on your current annual income.

Insurance needs = annual income * number of years left for retirement.

Let’s say your annual income is Rs 5,00,000. And you are 45 years old with 15 more years for retirement.

In this case your insurance cover equals Rs 5,00,000 * 15 = Rs 75,00,000.

Another way in which income replacement can be worked out is to multiply the annual income by 10 (also known as Income Replacement Multiplier).

What is Human Life Value (HLV)?

This method of calculating life insurance is based on contribution that one makes and would have made to her/his family in case of sudden demise. So HLV is defined as the present value of all future income that you could expect to earn for your family’s benefit. It also includes other value you expect to contribute, less personal expenses, life insurance premiums and taxes through your planned retirement date.

So if your age is 35 years, your annual income is 20 lacs and your personal expenses are 5 lac. Assuming inflation rate at 5% p.a. and that you plan to work till 60 yrs, your Human Life Value will be Rs 2.2 crores.

The different type of policies are:

Endowment Plans
Unit Linked Plans
Pension Plans
Term Plans
Child Plans
Endowment Plans

There are two kind of endowment plans :

Participating Endowment Plans:

These insurance plans provide both guaranteed and non-guaranteed benefits. These policies provide not only the Sum Assured but also allow you to participate in the profit of the company through bonuses. The Life Cover is a guaranteed benefit and is paid upon the death of the insured. The profits of the company are paid in the form of bonuses which are non-guaranteed benefits.

Non-Participating Endowment Plans:

These plans pay you the guaranteed benefit when the policy term completes, i.e., the maturity benefit or the death benefit in case of the death of the life insured. The customer does not participate in the profits of the company and hence is not paid out bonuses or share in profit. These are policies which pay just the life cover upon death of the insured and the policy holder is not entiled to any non-guaranteed benefits under these schemes.

Unit Linked Plans:

In case of ULIPs, the policyholder’’s money is invested in capital markets. A part of the premium that the policyholder pays goes towards providing Life Cover and the remaining is invested in different funds like equity and debt.

Apart from benefits like disciplined savings, tax deductions and life cover, ULIPs are ideal wealth creation instruments which provide:

Potential for good returns through investment in equity and debt Flexibility and control of your investments through: Fund switch (movement of money between funds) Premium redirection (future allocation of premiums in chosen funds) Partial withdrawals (withdrawal of a specific amount from the complete investment in case of emergencies) Top-ups (increase of existing investment if you have liquid funds) Unlike traditional savings plans, both the rewards & risks of investment in ULIPs are with the policyholder.

Pension Plans :

These plans are designed to provide the policyholder with a regular income after they retire. In these plans, the policyholder has to invest either a lump sum amount or regular premiums during the payment term. In return, the policyholder will get regular income (pension) for life. In some retirement plans, in case of death of the policyholder, the surviving spouse continues to get the regular income. Then on death of the spouse, the nominee (e.g. child) gets a lump sum payout. Retirement plans are available as both traditional and ULIP plans.

Term Plans :

They are also known as Pure Protection plans. These plans are the cheapest form of life insurance and provide life cover for a specific period of time. In the unfortunate event of the death of the Life Assured during the Policy Term, the Insurer pays the Life Cover (death benefit) to the Nominee. Term plans are designed purely to protect your family’s financial future.

Example: Mr. Jain and Mr. Kapoor bought term plans in Jan 1995 with life cover of Rs 50 lakh, a policy term of 20 years and paid life insurance premium regularly. In 2005, Mr. Kapoor died of a heart attack. Within a weeks’ time, his wife (nominee) contacted the insurance company and provided all the relevant documents and forms. She received the full life cover of Rs 50 lakh. Mr. Jain survived the policy term and in Jan 2015 his policy was closed with no payout.

Now, you may be wondering “What’s the use of having a plan when I can’t get my money back?” Here is why:

Term insurance is the simplest and cheapest form of life insurance. You can get a large amount of coverage at a small premium. For example, a 25 year old healthy male can get life insurance cover of Rs 1 Crore for just Rs 33 per day with an annual premium of Rs 12,000.

If you feel that the life insurance premium is expensive, think about this – Your life is more valuable than your car. For car insurance, one may spend between Rs 2,000 and Rs 20,000 for the yearly premium. If you believe that a car is worth insuring, then insuring your life is something you should never delay. It’ is important to have “peace of mind” knowing that your family will always be protected against financial hardships. It’ is a small price to pay for providing financial security of your family.

Child Plans :

These plans are specially designed to meet the increasing educational and other needs of growing children. They provide the risk cover on the life of parent and/or child during the policy term. A number of financial benefits are payable at a pre-determined time. These financial benefits are paid irrespective of the fact that the proposer / insured is dead or alive.

In the event of death of proposer, usually no further premiums need to be paid by the family. However, the policy continues and the child receives the financial assistance, at the pre-determined time of the policy.

WHAT ARE THE THINGS TO KEEP IN MIND BEFORE BUYING A LIFE INSURANCE POLICY ?

Only you know your current situation and only you can decide about which life insurance solution is right for you. You could consult a life insurance advisor or a certified financial planner to take informed decisions.

Here are some guidelines you should keep in mind while deciding on a life insurance plan:

Identify your financial goals:

The insurance plan you buy should be based on your financial goals at the current stage of your life. Keep your financial goals clear, specific, measurable and attainable. For instance ” I want to have a comfortable retirement ” is not a specific and measured goal. ” I want to send my son to a good school ” is not a concrete or quantified objective. A specific goal could be “I want to send my son/daughter to an international business school which has a fee structure of Rs 25 lakh and I need to plan for it “. Another specific goal can be ” When I die, my family should receive Rs 1 Crore as a lump sum to pay for all expenses” or ” When I retire, there should at least Rs 50 lakhs in my bank account and I should have a regular monthly income of Rs 10000 “

Understand your current financial & personal situation – age, income, expenses and dependents:

You must have a clear picture of your life stage, including the number of years required to achieve your financial goals, your income and expenses. Your insurance plan should cover all risks and have an affordable premium, which you will be required to pay at fixed intervals along with your regular expenses.

Calculate the amount of life cover that you need:

This would depend on the liabilities you have, the number of dependents, current and future income, and other factors. Your life cover should be at least 10 times your yearly income. Similarly, you should save at least 30% of your income to secure your retirement.

For maximum protection & savings always choose the longest possible term:

The power of compounding and concepts of time value of money ensure that your money always grows significantly over time. This makes it obvious that you should protect your loved ones and save for the future keeping as long a time frame as possible. Also keep in mind that, the longer the term, the lower will be your premiums.

Understand all features of the life insurance solution:

Always take time to understand the features attached to your life insurance plan. A good life insurance provider will always give you all the details regarding the benefits and structure of the plan. You should also check the tax benefits available under the insurance policy.

HOW TO MAKE THE MOST OF TAX BENEFITS FROM LIFE INSURANCE, PENSION AND HEALTH

Life Insurance plays a critical role in tax-planning. By investing in a life insurance plan, you can claim deductions of the premiums paid from your taxable income as per the provisions of the Income Tax Act, 1961. This means that the insurance premiums you pay, help in reducing your tax liabilities.

In case of some life insurance products, maturity proceeds also come under exempted incomes. This means, no tax is payable on benefits received on maturity or on death subject to provisions of section 10(10D). Hence Life Insurance products are a good investment choice that ensures your family is always protected and you get additional savings through tax benefits.

Important Sections:

Section 80C – Premium paid on Life Insurance policies:

You can claim deduction of life insurance premium paid from your taxable income as per the provisions of section 80C. Actual deduction is restricted to 10% of the minimum capital sum assured or premium paid whichever is lower. Further, the overall limit of deduction available under section 80C is Rs. 1,50,000/-.

Section 80CCC: Premium paid on Pension policies:

You can get deduction from your taxable income towards premium paid for Pension policies up to a limit of Rs 1,50,000/-. Surrender of the Plan or Pensions/ Annuities received are taxable as per prevailing tax laws.

Section 80CCE:

Under this section, the overall limit for deduction under Sections 80C, 80CCC and 80CCD(1) is Rs. 1,50,000/-.

Section 80D – Premium paid on Health Insurance policies:

You can get deduction of premium paid towards health insurance policy taken for self, spouse, dependent children and parents. The limits are as follows:

Rs. 25,000 deduction is allowed for self , spouse and dependent children (The limit is Rs. 30,000 if the age of insured is 60 years or more) Additional deduction of Rs. 25,000 towards health insurance premium paid for covering parents (The limit is Rs. 30,000 if the age of insured is 60 years or more).

Section 10 (10D)

Proceeds from Life Insurance policies are exempt subject to conditions of section 10 (10D).

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