 Broadly insurance can be classified in two categories: First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types: Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans. Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan . |
| Company | Birla Sunlife Insurance | Kotak Mahindra Old Mutual Life Insurance | LIC | Max New York Life Insurance | SBI Life Insurance |
| Plans | BSLI Money Back Plus | Money Back Plan | Jeevan Surabhee Plan | Life Pay | Money Back |
| Overview | BSLI Money Back Plus Plan gives you Guaranteed returns and savings along with the freedom to withdraw it when you need it. This plan offers you a Guaranteed Maturity Benefit- i.e. a minimum amount that is guaranteed at the end of the term of the policy, along with a chance to earn survival benefit at the end of every policy year from the 3rd year onwards. The survival benefit can be withdrawn or can be used to pay the premium dues. | The Kotak Money Back Plan offers the key benefit of cash lump sums at periodic intervals of five years, ensuring that you are able to meet any of your financial obligations. Such plan not only provide life cover but also entitle you to a guaranteed addition and bonus on maturity. Money back plans like these not only let you enjoy regular cash flows during the policy term, they also get you a substantial life cover, which increases every year. | LIC Jeevan Surabhee is a with-profits plan available for three different terms of 15, 20 and 25 years with corresponding premium paying terms of 12, 15 and 18 years. The plan provides a specified percentage of Sum Assured on survival up to specified durations. A life insurance cover is available throughout the term of the plan which increases after every five yearly intervals. | MNYL Life Pay keeps paying you a part of the Sum Assured at regular intervals, to take care of your periodic foreseen needs, and the balance keeps growing to take care of your long term saving needs, as well as provides insurance coverage till maturity. And in case of any unforeseen event also, this plan helps you provide for your family's protection needs by paying an amount equal to the sum assured plus bonuses, if any. | SBI Life – Money Back is a traditional participating savings plan with added advantage of life cover and cash inflow at regular intervals. In order to meet your various financial obligations at crucial junctures, it offers a wide range of terms options with regular payments of Guaranteed Survival benefits made at different durations during the policy term. |
| Entry Age | Minimum- 30 Days |
Minimum- 18 years | Minimum- 14 years | Minimum- 91 Days | Minimum- 15 years |
| Maximum- 60 years | Maximum- 60 years | Maximum- 55 years | Maximum- 55 years | Maximum- 60 years | |
| Term | 10 - 40 years | 15-25 years | 15-25 years | 10-40 years | 10-25 years |
| Maturity Age | 70 years | 75 years | 70 years | 60 years | 70 years |
| Features | 1). Minimum premium is only 9600 p.a
2). This Plan gives you guaranteed maturity benefit. 3). It offers you a chance to earn survival benefit at the end of every policy year from the 3rd year onwards. 4). You get an amount equal to your guaranteed maturity benefit plus survival benefits at maturity. 5). Every policy anniversary, as a mark of loyalty, the plan increases your existing cover by an amount equal to the annual base premium. 6). The survival benefit will be calculated at the end of every policy year and credited to your policy’s accumulated survival benefits. 7). Premium payment can be done monthly, half-yearly or yearly |
1). You can invest minimum Rs 4,000 p.a
2). You receive cash at regular intervals to plan for expenses like Children’s education, purchase of an asset or to meet any unforeseen contingency. 3). You get guaranteed additions on maturity. 4). Your life cover increases automatically each year @ 7%. 5). You get cash back & bonuses on your plan. 6). Premium payment can be done monthly, half-yearly or yearly |
1). In this plan your maturity term is more than premium paying term.
2). Your risk cover increases every 5th Year. 3). Full sum assured is paid back as survival benefit by the end of premium paying term. 4). Your risk cover and additional risk cover continue till the end of policy term. 5). The Sum Assured along with the additional cover, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. 6). Premium payment can be done monthly, half-yearly or yearly |
1). You get money backs at regular intervals.
2). Gives you guaranteed financial protection. 3). You can even opt for additional protection through riders. 4). You get regular yearly bonus after 3rd policy year. 5). Sum assured plus sum assured of paid up additions will be paid as death benefit. 6). Premium payment can be done monthly, half-yearly or yearly |
1). This plan has a number of money back options specially suited to your needs.
2). It has guaranteed cash inflows which can meet your various financial obligations. 3). In addition to normal death cover, the plan also provides you 4 additional covers. 4). Death Benefit: In the unfortunate event of death during the term of the plan, the nominee will receive Sum Assured + Vested Bonuses. 5). Premium payment can be done monthly, half-yearly or yearly |
| Tax Benefits | Tax benefit available under section 80C and section 10(10D) of the Income Tax act. | Section 80C, 10(10D) of Income Tax Act, 1961 would apply. | You can also avail the tax benefits U/S 80C of Income Tax act. | You can also avail the tax benefits U/S 80C of Income Tax act. | You can also avail the tax benefits U/S 80C and 10(10D) of Income Tax act. |
