Thursday, January 28, 2010

Life Insurance Products - Salient Features

The salient features of Life Assurance Products are as follows : -

Term Assurance Policy : It is a pure risk plan, covering the risk of death during the specified period. The premium is very low and maximum risk is covered. In majority of cases, there is no claim under Term Assurance Policy because of non happening of death during the term of the policy.

Pure Endowment Assurance Policy : It provides only survival benefit. If the insured dies within the specified period, no payment is made under a Pure Endowment Plan. The premiums paid may be returned in full or partly. If the specified contingency does not happen, the policyholder does not get anything from the insurer.

Whole Life Assurance Policy : Under this policy, the Sum Assured is payable only on death. Some insurers pay the sum assured, when the life assured completes age of 80 years. Premiums are paid till the happening of an unfortunate event.

Endowment Assurance Policy : This policy is combination of Term Assurance and Pure Endowment Assurance Policy. The sum assured is paid on maturity of the policy or on earlier death, as both element of death and survival is covered. This is the most popular plan, taken by the insured persons. Under this category of policy, Money Back Policy or Anticipated Endowment Policy has also been designed by the Insurers, suiting the needs of the insured person. Under Money Back Policy, certain percentage of Sum assured is paid on specified intervals. Full risk is covered under this Policy, irrespective of the periodical payments, received by the insured.

Annuity : This policy covers the hazards of old age, when one's income ceases on attaining certain age. Annuities are of two types i.e. Immediate or Deferred. Under Immediate annuity, lump sum payment is made at a time and in turn annuity payments starts immediately after the contract is concluded. On the other hand under Deferred Annuity, certain payment is made to the insurer for specified period, called deferment period. The purchase price can be paid as a single premium at the commencement or may be paid in installments during the deferment period. If the annuitant dies during the deferment period, the premiums paid are returned to the nominee or heirs. The annuity will commence at the end of the deferment period, which is called the vesting date.

15 comments:

  1. Of course, one of the reasons why this area of Ohio has remained so persistently branded
    as a pocket of joblessness is its failure to recover
    from the death of the steel industry and also because of automotive production lines outsourced to foreign lands.

    The mobile news service facility is very new and unique concept that has created a buzz among every citizen.
    Above all the Hindi news websites is a real boom for the world.


    Look into my webpage - socialclubelite.com

    ReplyDelete
  2. Fastidious replies in return of this difficulty with genuine arguments and
    telling everything about that.

    Here is my website ... socialnetworka.in

    ReplyDelete
  3. Make a list of your nutrition chart involving juice and fruits at the top followed by green vegetables and milk products.
    You have to find a way to take the tips you learn and
    make maximum use of them. Remember; there is
    a difference between a fattening diet and a healthy diet.


    My web-site ... fun fitness tips and facts

    ReplyDelete
  4. Eхcellent website. Lots of useful іnfoгmation hеre.
    I am senԁing it to some buԁdies ans аdԁitionаlly ѕhаring іn
    ԁeliciоus. And of course, thank you
    for youг sweat!

    Alѕo visit my homepage; hcg spray diet

    ReplyDelete
  5. When some one searches for his required thing, therefore he/she
    desires to be available that in detail, therefore
    that thing is maintained over here.

    Feel free to visit my blog post ... www.footballspeak.com/.../...osophy-of-Barton.aspx

    ReplyDelete
  6. This excellent website definitely has all the information and facts I needed about this subject and didn't know who to ask.

    Also visit my web page ... just click the following post

    ReplyDelete
  7. Hey there would you mind stating which blog platform you're working with? I'm looking to start
    my own blog in the near future but I'm having a difficult time selecting between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I'm looking for something completely unique.
    P.S My apologies for being off-topic but I had to ask!



    Feel free to surf to my webpage http://estin.net/forum/finance/id/23541

    ReplyDelete
  8. Wonderful work! That is the type of info that are supposed to be shared around the web.
    Disgrace on Google for not positioning this publish higher!
    Come on over and consult with my site . Thanks =)

    My website - just click the up coming site

    ReplyDelete
  9. I was rеcommendеԁ this website
    by my cоusin. I am not sure whеther thiѕ pοѕt is written bу hіm aѕ no οnе else know such detailed about my pгoblеm.

    Υοu're wonderful! Thanks!

    Check out my weblog cheap small sailboats online ()

    ReplyDelete
  10. Hi, i гeаd yоur blog frоm time
    tο time anԁ i own а simіlaг onе and i ωas
    just сurіous іf yοu get a lot оf spam
    commentѕ? Ӏf so how do you protect against it, any plugin or anything you cаn adνise?
    І gеt sο much lately іt's driving me mad so any support is very much appreciated.

    Check out my web-site inexpensive for sale yachts

    ReplyDelete
  11. After looking over a few of the blog posts on your blog, I seriously
    like your way of writing a blog. I book-marked it to my bookmark site list and will be checking back soon.
    Please visit my web site as well and let me know what you think.


    Also visit my web page Homepage

    ReplyDelete
  12. WOW just what I was looking for. Came here by searching for mortgage lenders california

    Here is my web site ... lawsuit settlement

    ReplyDelete
  13. Find new way if you Want to Become LIC Agent in Delhi. We offer new opportunities for anyone Want to know How to Apply for LIC Agent in Delhi call us:9953122754 for more detail visit our website http://www.becomelicagentdelhi.in

    ReplyDelete
  14. Hi to every one, the contents present at this site are genuinely amazing for people experience,
    well, keep up the nice work fellows.

    Also visit my homepage ... somatodrol funciona [www.homeworkhub.co.za]

    ReplyDelete
  15. Summit lender Organization is a California home mortgage lender in devoted to new mortgage lenders california and mortgage refinance. While a direct mortgage company we have loan programs and options not available to traditional mortgage brokerages. Whether a first time home buyer needing a California FHA home loan, an US military veteran of the industry needing a California VA home loan, or buying a traditional mortgage

    ReplyDelete