Term Plans
Term Insurance is the simplest and most fundamental Insurance Plan. It is designed to ensure that in case of the policy holder’s death, the nominee gets the policy amount (Sum Assured). By offering this benefit at extremely competitive rates, Term Insurance Plans provide an opportunity to get the protection of a large insurance cover at an extremely affordable cost.

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Endowment Plans
Endowment Plans provide Life Insurance cover for a specified period. The important aspect is that on maturity i.e., if the insured survives the term of the Insurance, he/she receives the Sum Assured at the end of the term. A variation of the Endowment plan is the Endowment plan with Profit.

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In such plans, in the event of death of the insured during the term of the policy, the nominee receives the Sum Assured plus the Bonus / Participating Profit / Guaranteed Additions, if any. The Bonus or Profit is paid for the number of years that the insured survives in the policy term.

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If the insured survives the term of the policy, he/she receives the Sum Assured plus the Bonus / Participating Profit / Guaranteed Additions, if any, for the entire term of the policy.

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The premium for Endowment Plans is higher in comparison to Term Plans. If one purchases an Endowment Plan with Guaranteed Additions, the premium is higher than that for a regular Endowment Plan. Many companies offer an option in choosing the premium paying term.

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Endowment plans are advisable if the insured wants to purchase a product that provides both - insurance cover and savings. Many people prefer to buy such policies for terms that mature during their retirement period. Often, the maturity amount is utilized to supplement the pension income.

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Child Plans
Child Plans are Insurance Plans designed to provide money at key educational milestones of the child and take care of your loved one’s future even if you are not around. They ensure comprehensive financial planning for your child’s education / developmental needs. In the unfortunate event of death of the parent (Life Assured) during the term of the policy, the following benefits are payable:

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• The Sum Assured would be paid to the Beneficiary

• Future premiums would be waived off till the maturity of the policy

• Policy benefits would continue for your educational and developmental needs at key milestones as planned by you

• If an optional Rider has been chosen, an additional fixed amount shall be paid every year till the maturity of the policy

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These features are available with minor variations across almost all Child Plans.

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Retirement / Pension Plans
Retirement / Pension Plans are Plans that you or your family members receive a regular pension post your retirement. Most Retirement / Pension Plans are designed to ensure that your post-retirement years truly become your “Golden Years”. They are designed to provide you the financial security to pursue your unfulfilled dreams. You have the flexibility to choose the date for receiving your Pension and the manner in which you desire to receive your Pension.

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Health Plans
Health Insurance Plans insure you and your family against expenses arising due to a medical emergency and uncertainty of health such as a hospitalization or the onset of a critical illness. They prevent a medical emergency from becoming a financial one. They ensure that your health care needs are taken care of without you having to dip into your existing savings or compromising your future goals.

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Unit-Linked Insurance Plans (ULIPs)
Unit-Linked Insurance plans (ULIPs) are a category of goal-based financial solutions that combine the safety of Life Insurance protection along with long term Wealth Creation opportunities. In ULIPs, a part of the premium goes towards providing your life cover and the remaining portion is invested in funds which in turn are invested in stocks or bonds. The value of investments alters with the performance of the underlying funds opted by you.

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Simply put, ULIPs are structured in such a way that the life protection element and the savings element are distinguishable, and hence can be managed according to your specific needs.

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Riders
Riders are to insurance policies what toppings are to pizzas. They let you further customize your insurance cover to suit your changing needs. Using riders, you can get benefits over and above those offered by your basic plan. The amount you pay for these is small when you consider that you would otherwise have had to buy a completely new cover and pay a lot more.

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The following are few of the Riders available:

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Critical illness Rider
This Rider covers critical illnesses such as heart attack, stroke, cancer, surgery to coronary arteries etc. The policyholder is paid the Sum assured if he contracts any of the specified illnesses under the rider. The policy along with all the riders (to the extent of the Rider Sum Assured) is then terminated. But your base policy would continue and you would have to continue to pay premiums on it.

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Accidental Death and Disability Rider
Most insurers pay 100% of the coverage amount in case of death due to accident. Also, in case of loss of more than one limb, or sight in both eyes, or loss of one limb and sight in one eye, 100% of the coverage amount is paid. Rider cover terminates once all or part of the coverage is paid.

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Waiver of Premium Rider
In this Rider, Premium is waived off if you are unable to pay premiums in the event of unforeseen calamities and the policy continues to be alive.

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Income Benefit Rider
In this Rider, in case of death of the Life Assured during the term of the policy, 10% of the Rider Sum Assured is paid annually to the Beneficiary, on each policy anniversary till maturity of the Rider.