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.


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