Life Insurance Policy & Life Insurance Plans

Life Insurance

What is Life Insurance?

At every life stage, everyone has a set of primary needs that requires sufficient funds to fulfil them. This is where life insurance comes into the picture- as it offers tailor made products to cover every aspect at different stages of life.

There is no doubt that life insurance is a must have for everyone. Hence its very crucial to have a complete understanding of the value a life insurance policy can bring in to your life and that of your loved ones.

A life insurance policy is actually a contract with an insurance company. A lump sum amount is provided, in exchange for premium payments, known as maturity benefits at the end of the period which can be utilized for wealth creation, child marriage, higher education, and retirement income etc.

Death benefit shall be payable during the contract period to the nominee(s) or beneficiaries in the event of unfortunate demise of the insured.

Our team will understand your needs and goals, based on which they will offer you the best choices among available policies of various insurance companies. This will help you pick out the option that suits you the best.

Benefits Of Life Insurance

Offers Risk Cover

Death Benefits

Tax Benefits

Benefits of Life Insurance - Sakthi Pelican Insurance Broking Private Limited

Loan Facility

Assured Returns/Income Benefits

Life Stage Planning

Safe Investment

TERM PLAN

What is a Term Plan?

Term insurance is a type of life insurance plan which provides financial protection in case of the death of the insured person. The protection is for a term i.e. a specific time period. Hence, Term Insurance covers the risk arising from the untimely death of the insured during the policy term. A term insurance plan offers the highest life coverage at lower premiums. Term Insurance is the best way to secure your family's Financial Future at the lowest cost.

Term insurance can be assigned under Keyman Insurance, Married Women’s Property Act (MWP Act) 1874, Business & Partnership Insurance.

What are the benefits of Term Plan?

Offers Risk Cover

Tax Benefits

Sum assured and premiums remain fixed for term period

Term Insurance Plan with a Return of Premium option

TROP

What is TROP?

TROP is a type of Term Insurance plan with a Return of Premium option. It provides financial protection in case of the death of the insured person and protection is for a specified time period. In a TROP plan, if the insured person survives till the end of the policy term, the insurance company pays back all the premium instalments paid by the policyholder.

Example of TROP

If you pay annual premium of Rs.14,000/- (excluding GST) for 25 years for a cover of Rs.1 crore, and if you survive till the end of the term, the insurance company would pay an amount of Rs.3,50,000/-

Benefits

Offers Risk Cover

Tax Benefits

Sum assured and premiums remain fixed for term period

Return of all the premiums paid (excluding GST)

WHOLE LIFE POLICY

Whole Life Policy

As the name denotes, this type of policy covers an individual for his/her entire life. These plans do not have a definite tenure. Coverage is allowed till 99 or 100 years of age. If the insured dies before attaining 99 or 100 years of age, the sum assured is paid as death benefit.

For instance, Mr. Shyam, aged 30 years, buys a whole life plan of Rs.35 lakhs. The plan would continue till Mr. Shyam reaches 99/100 years of age (as the case may be). Mr. Shyam dies when he is 75 years old. His family would, then, receive Rs.35 lakhs as the death benefit.

Benefits

Offers Risk Cover

Death Benefits

Tax Benefits

Premiums need not be paid after a fixed period but cover will continue

Endowment Plan | Life Insurance Policies

Endowment Plans

What is an Endowment Plan?

Endowment Plans have all the features of standard term plans plus the Maturity Benefit.These plans pay out sum assured along with profits under both scenarios - death & survival of the policyholder. The profits that accrue in such plans are the result of investment mostly in debt.

Benefits of Endowment Plans

Guaranteed Benefit Payouts

Benefits as a lumpsum payment

Protect family's future

Tax Benefits

Money Back Policies

What is a Money Back Policy?

A Money Back Policy offers twin benefits of life cover as well as periodic income. The periodic payments are given out over the policy term. This periodic income helps to meet your financial requirements at crucial points in life.

In case of the death of the policy holder, the beneficiaries get the full sum assured and accrued bonuses, and if the holder survives the policy term, he/she gets the balance sum assured plus accrued bonuses.

Security – protect your family’s future

Reliability – money back at regular intervals

Flexibility – choose your money back plan option

Pension / Annuity Plan - Life Insurance Plans | Sakthi Pelican Insurance

Pension/Annuity Plans - Retirement Income

A plan that offers secure and stable returns for a hassle-free life post retirement.

Pension Plan

Make one time/ regular investment and get guaranteed life-long income

Different annuity options to choose from to suit your needs

Option to choose -Immediate Annuity or Deferred Annuity

Annuity rates are guaranteed from inception of the policy

Guaranteed additions during deferment period

Policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings

Loan facility available

Policy surrender option available

Unit Linked Insurance Plans (ULIPs)

What are ULIPs ?

In ULIPs’, the plans are linked to the markets.

ULIPs gives an individual the freedom to explore the capital market for investments while at the same time ensuring risk coverage. Part of the amount is invested in equity/debt/etc. leading to higher risk and higher returns

ULIP can be classified as a two-in-one plan which offers both investment and protection to investors. These can be customised according to individual requirements.

Maturity Benefit (Applicable only for in-force policies)

On completion of Policy Term, Fund Value will be paid.

Death Benefit (Applicable only for in-force policies)

Higher of (Fund Value or Sum Assured less applicable partial withdrawal or 105% of total premiums received up to the date of death less applicable partial withdrawal) is payable to the beneficiary, as on the date of intimation of death claim to the company.

Benefits of ULIPs

Excellent option for investment

Offers insurance protection

Chance of increasing wealth via high returns.

Choice of investment in high risk equity or low-risk Money Market Funds, Debt Funds, or hybrid as in Balanced Funds

Flexibility of Switching of Funds, Premium Re-direction & Top-up

Complete liquidity post the 5-year mandatory lock-in period

Possible to surrender the entire policy and receive the invested amount

Possible to make partial withdrawals as and when required

Group Plans

What is Group Term Life Insurance ?

Provides life insurance protection to a group of persons through one policy. These plans are offered on yearly renewable basis.

Benefits of Group Term Insurance

Low costs

Can be given as an employee benefit

Medical check-up is not required

Flexibility to add / delete members

Premium based on nature of job

Policy can be taken by employers for better management of gratuity of employees.

Benefits of Insurance Company managed Trust

Investment and actuarial valuation is done by the insurance company free of charge

Interest is paid by the insurance company on the accumulated funds

Insurance Company will determine contribution payable as annual premium for the policy on the basis of an actuarial variation of the gratuity liability

From the annual contribution, the amount required towards the premium for life insurance benefits is utilized and balance is credited to the running account of the scheme

For payment of gratuity, amount is withdrawn from the running account

 For claim on account of death, the gratuity pertaining to the past service is withdrawn from the running account and the balance is paid from insurance company's life fund.

What is a Group Superannuation Scheme ?

Availed to take care of the payment of monthly pension or a regular income after retirement.

Benefits of Group Superannuation Scheme

In case of exit of a Member due to death or resignation or retirement or Termination of service, the following benefits are payable under this policy:

Under Defined Contribution Scheme: Individual Policy Account Value

Under Defined Benefit Scheme: Benefit amount will be payable as per the Scheme Rules of the Master Policyholder

What is the Right Product for You ?

As there are large number of insurance companies offering different products, you may find it confusing to choose the product that you would like to buy.

Factors to be considered while selecting the best product suited to your needs