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Life Insurance

Benefits of life Insurance (Top 8 noteworthy benefits)

Benefits on life insurance (Top 8 noteworthy benefits)

Is your family financially dependent on you? Do you want to financially protect your family against all odds of life? If your answer is yes to the above questions, then this article is certainly for you.
Let us understand the benefits of life insurance. When you buy a life insurance policy, you not only gift your loved ones a financially secured future but also a stress-free life ahead.

Let us jump into the importance of life insurance. The benefits of life insurance are as follows:

  1. Provides financial stability
  2. Better investment returns
  3. Loan provision
  4. Tax advantage
  5. Income benefits
  6. Annuity benefits
  7. Loan repayment
  8. Life insurance riders

1) Provides financial security

Having a life insurance policy provides you with life coverage. In the event of the sudden demise of the insured, the nominees of the policy will be paid the sum assured as a death benefit.
The nominees of the policy will be paid the full amount of sum assured as well as any accrued bonus over time, keeping your family’s finances secured even in your absence.

2) Better investment returns

Many life insurance plans in the market offer you the additional benefit of generating additional wealth for your family. They are generally known as ULIP or Unit Linked Life Insurance Plans. These plans, along with providing you a life coverage, also invest a certain portion of your premium into various investment classes such as debt, equities, and hybrid investments to garner better returns and grow your capital.

3) Loan provision

People who have a life insurance policy can also avail themselves of mortgages based on their life insurance policy. You can borrow the sum assured or a certain percentage of cash value according to the policy provisions. This advantage helps you in sudden times of crisis when you are in urgent need of money.

4) Tax advantage

Almost all life insurance policies come with the advantage of tax benefits under Section 80C and 10(10D) of The Income Tax Act 1961. It offers you a tax deduction on premiums and provides a tax-free sum assured to the policyholder. You can get a maximum tax deduction of Rs 1,50,000 under Section 80C.

5) Income benefits

Certain life insurance policies provide the policyholder with regular income payouts at certain intervals. In this case, your family will receive guaranteed income regularly that will help them in their daily expenses like rent, daily bills, educational expenses, household expenses, etc in the absence/ death of the insured individual.

6) Annuity benefits

This is a very beneficial point for citizens nearing retirement. Your life insurance policy can be a source of regular income in the form of an annuity during your retirement. Many life insurance policies provide this benefit.

7) Loan repayment

In the event, the policyholder is unable to repay his loan due to an unforeseen incident like death or disability, his/her family may repay the loan amount using the money received from the policyholder’s life insurance policy.

8) Life insurance riders

Riders can be bought additionally with the base life insurance plan. These riders provide deeper financial security or coverage to the policyholder. It covers extra risks that are not covered in the initial base policy.

Some of the common insurance riders are:

Accident death benefit rider– if the insured dies due to an accident, the insured’s nominee will be paid the sum assured.

 

Critical illness rider– This rider provides coverage against critical life-threatening diseases like heart attack, stroke, kidney failure, cancer, etc.

 

Accidental or permanent disability rider– This rider provides coverage to the policyholder in case of an accident where he/she suffers from permanent partial or total disability.

 

Accelerated death benefit rider– This rider will pay a part of the death benefit in advance. This sum can then be used in the treatment of the policyholder in severe illnesses like cancer, brain tumor, etc.

 

Surgical rider– This cover provides financial compensation against specified surgical procedures.

 

Term rider– This rider provides fixed or monthly income to the nominee of the policy in the event of the insured’s death. This will be equal to the predetermined amount mentioned in the base policy.

 

Waiver of premium rider– If the policyholder fails to pay his premium due to any unfortunate event such as an accident or other pre-determined conditions, the insurance company will waive off his premium. The policy will remain in effect.

 

Due to the above-mentioned benefits, it is important to provide financial safety and peace of mind to you and your loved ones by buying a life insurance policy. Life is a valuable gift, it is imperative to secure every part of it as much as possible. Invest in your peace of mind today!

Are you looking for a new life insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

How to get LIC policy status by SMS (Simple Guide)

How to get LIC policy status by SMS

Checking your LIC insurance policy status is important. Knowing the status of your policy is essential as you can confirm whether your LIC policy is registered within the LIC database or no.

As a LIC policyholder, you can check your policy status via SMS. This provides much-needed comfort to policyholders as they don’t need to visit LIC offices to do the same. Policyholders can simply know their policy status by sending a simple SMS.

Let us now understand the type of details you can get via LIC through SMS.

Check your LIC policy status

Type of Enquiry to be made

SMS Code

Number

Know your premium amount

ASKLIC <your policy number> PREMIUM

9222492224

Revival amount inquiry

ASKLIC <your policy number> REVIVAL

9222492224

Bonus amount

ASKLIC <your policy number> BONUS

9222492224

Loan amount

ASKLIC <your policy number> LOAN

9222492224

Nomination

ASKLIC <your policy number> NOM

9222492224

Check status of your LIC policy

ASKLIC <your policy number> STAT

9222492224

Existence certificate

ASKLIC <your policy number> ECDUE

9222492224

Check return status

ASKLIC <your policy number> CHQRET

9222492224

Annuity amount inquiry

ASKLIC <your policy number> AMOUNT

9222492224

Annuity release date

ASKLIC <your policy number> ANNPD

9222492224

Illustration: Let us assume Mr. Durgesh wants to find out his premium due. All he needs to do is send the following SMS from his registered phone number:

ASKLIC <his policy number> PREMIUM to 9222492224
Post this, LIC will send the premium details via SMS shortly. Other similar requests can be made by following the same procedure (as shown above).

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Categories
Life Insurance Corporation

LIC e-Services (Best Services for LIC Policyholders)

LIC e-Services (Best Services for LIC Policyholders)

LIC e-Services are online services offered to LIC policyholders via their LIC e-Services portal. LIC provides a vast array of helpful services to its customers through this portal. This article will aim to articulate the type of services offered to LIC policyholders and how to access them.


This content piece will discuss the following:

  • Features and benefits of LIC e-Services
  • Registration and login process
  • Services offered under LIC e-Services

Features and benefits of LIC e-Services

Following are the important features and benefits of the e-Service platform:

Ease of access: A policyholder can access the LIC e-Service platform by simply visiting the e-Services website and logging into their account. They can access the platform from desktop, mobile, and tablet devices.

Easy to track: A policyholder can track all his policies under one roof. All his LIC policies will be visible under the e-Services dashboard for easy access and editing.

Ease of location: An LIC policyholder can access the services from any location in the world. Distance and location is no barrier.

Grievance address: Complaints and grievances can be raised within the portal.

Free services: All the services provided by LIC within their portal are free of charge and for the convenience of its policyholders.

LIC e-Services dashboard
LIC e-Services dashboard

Above is a screenshot of a logged-in LIC e-services dashboard. Policyholders can navigate through all of the provided features and products on the left-hand side.

Registration and login process

LIC account login
LIC account login

The registration process is quite straightforward and simple.

A policyholder can easily register with the LIC and avail of their e-Services. Please check out our LIC new user registration article for a comprehensive and detailed guide on new user registrations.

Once you have registered, you can log in to their portal and access their dashboard.

Services offered under LIC e-Services

LIC e-Services Basic Services
LIC e-Services Basic Services

The above image depicts the list of services offered under the LIC e-Service dashboard.

Policy status: You can check the status of your policy under the dashboard. Just click on the ‘Policy Status’ button under the ‘Basic Services’ tab. (check image above)

Policy bonus status: Policyholders can also check the bonus status of their respective policies through the platform. The updated bonus amount will be reflected on the site.

Nomination: Policyholder can also check their respective nominations and even apply for editions if required.

Claim status: It is important to keep an eye on your claims status once you have applied for a claim. You can find out which stage your claim is at on the portal.

Premium payment: Policyholders can pay their premiums online through the portal. No need to physically visit a branch. All premium payments can be made online.

Premium receipt: You can also download the updated premium receipt from the website.

Grievances and complaints: You can also raise complaints and grievances through the portal in case you feel the need.

Loan payment: Loan repayments can also be made through the portal.

Are you looking for a new LIC insurance policy or a policy renewal? Reach out to us and let us assist you.

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Categories
Life Insurance Corporation

LIC Senior Citizen Schemes (Top 5 Schemes)

LIC Senior Citizen Schemes (Top 5 Schemes)

 

Our elders are our jewels, we need to do everything possible to ensure a smooth post-retirement for our elders. The Government of India in tandem with LIC has initiated a variety of senior citizen schemes that the elderly can avail of and make their life easier.
We will have a detailed look at some of the primary LIC senior citizen schemes below.

  • Pradhan Mantri Vaya Vandana Yojna
  • LIC Varishtha Pension Bima Yojna
  • LIC New Jeevan Shanti
  • LIC Jeevan Akshay 7
  • LIC New Jeevan Nidhi

Pradhan Mantri Vaya Vandana Yojana (Plan No. 856 )

The Pradhan Mantri Vaya Vandana Yojana is a pension scheme subsidized by the Government of India and managed by the LIC. Under the terms of this scheme, a senior citizen can pay a single one-time premium to the LIC and avail of a continuous monthly pension at a rate of 7.4% P.A.

Features of Pradhan Mantri Vaya Vandana Yojana

Only seniors over the age of 60 can avail of this scheme

  • Maximum investment of 15 lakhs per senior citizen
  • Maximum term of 10 years
  • Pension can be availed monthly, quarterly, half-yearly, and yearly (ROI will be 7.4% for monthly, 7.45% for quarterly, 7.55% for half-yearly, and 7.66% for yearly)
  • Policy can be prematurely surrendered after paying a 2% penalty on the purchase price
  • A person can also avail of a loan on this policy at 75% of policy value
  • The policy comes with a 15 day free-look period

LIC New Jeevan Shanti (Plan No.858)

This is another single premium annuity plan provided by the LIC. The person has to pay a single premium throughout the policy tenure to enjoy its benefits. The plan comes in 2 variants:

  • Option 1: Deferred annuity for Single life
  • Option 2: Deferred annuity for Joint life

Let us understand both options clearly.

Option 1: Deferred annuity for Single life

  • In this plan, the policyholder will not be paid a maturity amount on survival.
  • The nominee will be paid the lump sum amount in the event of the policyholder’s demise
  • The Annuitant will continue to receive his annuity as long as he lives

Option 2: Deferred annuity for Joint life

  • Here too there will be no maturity amount payable upon the survival of the annuitant
  • The nominee will be paid the death benefit upon the demise of the last joint annuitant
  • Both joint annuitants shall continue to receive their annuity as long as they live

Features of LIC New Jeevan Shanti

  • Nominee will receive the purchase price along with the additional death benefit payable on the annuitant’s demise
  • Minimum purchase price of this plan is Rs.1.5 Lakhs. There is no upper limit.
  • Minimum age requirement for participation is 30 years.
  • Annuity can be paid to the annuitants via monthly, quarterly, half-yearly, or yearly annuity.
  • Annuitant can avail a loan on this plan.
  • Free-look period of 15 days.

LIC Jeevan Akshay 7 (Plan No. 857)

LIC’s Jeevan Akshay 7 is another single premium immediate annuity plan. This plan provides 10 different annuity options that an annuitant can choose from. This provides more flexibility than some of the above plans. Let us understand all of the annuity options below:

  • Option A: Annuity is paid to the annuitant immediately for life.
  • Option B: Annuity is paid for a period of 5 years guaranteed, and life thereafter.
  • Option C: Annuity is paid for a period of 10 years guaranteed, and life thereafter.
  • Option D: Annuity is paid for a period of 15 years guaranteed, and life thereafter.
  • Option E: Annuity is paid for a period of 20 years guaranteed, and life thereafter.
  • Option F: Annuity is paid immediately and the purchase price is returned to the nominee at the annuitant’s death.
  • Option G: Immediate annuity payment (increasing at 3% simple interest)
  • Option H: Immediate annuity with half the annuity payable paid to the spouse in case of annuitant’s death.
  • Option I: Immediate annuity with the entire annuity payable paid to the spouse in case of annuitant’s death.
  • Option J: Immediate annuity with the entire annuity payable paid to the spouse in case of annuitant’s death. The purchase price will be returned to the nominee on the demise of the last annuitant.

LIC New Jeevan Nidhi

The New Jeevan Nidhi Plan is LIC’s deferred annuity plan. Unlike the above plans, this plan is not a compulsory single premium plan and the annuitant has the option of making regular premium payments. The advantage of this is that the annuitant can participate in this plan with a relatively low amount, he does not need to make a large upfront payment in the way of a single premium.

Features of LIC New Jeevan Nidhi

Premium can be paid once or through the policy tenure

  • Individuals above the age of 20 are eligible for participation in this scheme
  • Availability of premium discounts (2% discount if paid annually. 1% discount if paid half-yearly)
  • Death benefit will be paid to the nominee in case the annuitant passes away
  • Guaranteed additions for the first 5 years
  • Bonus’s from the 6th year onwards
  • Annuitant can avail an additional Accidental Death and Disability Benefit Rider

Are you looking for a new LIC insurance policy or a policy renewal? Reach out to us and let us assist you.

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Categories
Life Insurance Corporation

LIC Kanyadan Policy (Benefits, Premium, Eligibility & more)

LIC Kanyadan Policy (Benefits, Premium, Eligibility & more)

LIC Kanyadan policy is specially designed with keeping your daughter in mind. The policy provides a lump sum amount during your daughter’s wedding along with additional insurance coverage if something happens to the daughter’s guardian (policyholder).
Let us discuss this policy in detail and answer any queries that you may have. This article will cover the following points:

  • Eligibility
  • How does LIC Kanyadan Policy work?
  • Benefits
  • Documents required

Eligibility for LIC Kanyadan Policy

  • This policy can only be bought by the daughter’s guardian
  • The daughter needs to be at least 1 year old at the time of policy purchase
  • The age of the guardian needs to be between 18-50
  • Policy tenure is between 13-25 years
  • Minimum sum assured is 1 lac and maximum sum assured is unlimited (based on premium paid)

How does LIC Kanyadan Policy work?

This policy can be availed by the guardian of a daughter. The guardian will have to pay a premium to LIC, and in exchange for the premium, LIC will provide a lump sum amount at maturity. You can use this amount during your daughter’s wedding. Further, if the daughter’s guardian passes away during the policy term, LIC will provide an additional amount to the daughter along with the maturity amount at policy maturity. You can understand this policy much better with an example.

LIC Kanyadan Policy Examples

Example 1

Let us say that Mr. Rishi has taken a Kanyadan Policy for his 5-year-old daughter. He selected a policy term of 15 years. Mr. Rishi will now be eligible to receive the maturity amount when his daughter is 20 years old. He can use this amount towards his daughter’s marriage or even other affairs like further education, etc.

Example 2

Let us say that Mr.Rajesh has taken a Kanyadan Policy for his 2-year-old daughter. He selected a policy term of 25 years. Let us assume that Mr. Rajesh met with an unfortunate accident and passed away when his daughter was 10 years old. His daughter would immediately get a Rs 10 Lakh death benefit. Along with this the daughter would also Rs.50000 every year till the policy matures, plus the daughter will also be eligible for the entire maturity amount on policy maturity. Further, all future premiums will be waived off.


Benefits of LIC Kanyadan Policy

  • Provides a lump sum amount on maturity that you can use towards your daughter’s marriage.
  • Last 3 years premium will be waived off. (For example, if you have taken a 15-year policy, you will only need to pay a premium for 12 years)
  • If the guardian passes away, all future policy premiums will be waived off.
  • If the guardian passes away, the daughter will be eligible to immediately get Rs.5 Lakhs in case of normal death and Rs.10 Lakhs in case of accidental death. Further, the daughter will also get an additional Rs.50000/year till policy maturity.
  • Further, the daughter will get the entire maturity benefit as well along with the death benefits.
  • NRI’s can avail of this policy
  • Policyholder can also avail of a disability rider
  • The policyholder can also avail a loan against the policy (after paying premium continuously for 3 years or more)
  • Taxes are exempt under this policy
  • Policyholder is provided with a 15 day free look period

Documents Required

Following documents are required while enrolling in this policy:

  • Daughter’s birth certificate
  • Identification and address proof
  • Income Certificate
  • Passport size photos

Further documents can be requested by the LIC officer.

Are you looking for a new LIC insurance policy or a policy renewal? Reach out to us and let us assist you.

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Categories
Life Insurance Corporation

Pay LIC Premium Online (Complete and simple guide)

Pay LIC Premium Online (Complete and simple guide)

Are you tired of paying your LIC premium offline? Tiered of the long-ques, hassles, and traffic? Did you know you can also pay your LIC premium online? Be it through credit cards, debit cards, PayTM, net banking, and even LIC’s online portal.

We will be walking you through each of these payment options in detail so you can choose the most convenient way to pay your LIC premium online. This article will discuss the following:

  • How to pay LIC premium online
  • How to get a receipt of LIC premium online

How to Pay LIC Premium Online

At the outset, let us talk about some of the modes of LIC online premium payment. Payments can be made in the following modes:

  • LIC portal (using credit/debit cards)
  • LIC App

Make LIC Premium Payment through LIC portal (using credit/debit cards)

Pay Direct (without login)

Step 1: Go on the LIC website

pay direct without login
pay direct without login

You can go on the LIC premium payment page by clicking here or by visiting https://licindia.in/Home/Pay-Premium-Online

 

Step 2: Click on ’Pay Direct (Without Login)’

Click on pay direct without login
Click on pay direct without login

 

Step 3: Select ‘Renewal Premium/Revival from the drop-down box’

pay direct without login page
pay direct without login page


Step 4: Click on ‘Proceed’

premium payment page
premium payment page

 

Step 5: Enter your details

Customer validation page
Customer validation page

You will need to enter your policy number, date of birth, phone number, email ID, and premium payable. Once you enter these details you would need to check the ‘I agree’ box and press ‘submit’


Step 6: Select your policy

Select the policy you wish to pay the premium for and click on ‘Pay Premium online’.

 

Step 7: Make Payment

This is where you will need to fill in your payment details. Enter your credit card/debit card details and initiate the payment. Put in the bank OTP and conclude the payment.

 

Pay Through Customer Portal (login required)

Step 1: Go on the LIC website

LIC premium payment portal
LIC premium payment portal

You can go on the LIC premium payment page.


Step 2: Click on “Through Customer Portal”

pay direct through customer portal
pay direct through customer portal

 

Step 3: Enter your login credentials

pay through LIC account
pay through LIC account

You will need to enter your user ID/Email/Mobile Number along with your password and your date of birth. Press “Sign In”.

 

Step 4: Click on “Online Payments”

click on online payments
click on online payments

 

Step 5: Select your policy

Select your LIC policy
Select your LIC policy

Select your policy and verify your policy details. Once you’ve done this, click on “Check & Pay”

Step 6: Make Payment

Enter your payment details and make your payment through the payment gateway.


Pay Premium through LIC App

Step 1: Download the LIC PayDirect App

download the lic paydirect app
download the lic paydirect app


Go to your Phone’s Google Pay Store and download the LIC PayDirect App.

 

Step 2: Open the App and click on “Proceed”

LIC PayDirect App
Click on proceed in the LIC PayDirect App



Step 3: Select “Renewal Premium” from drop-down menu and click on “Proceed”

Select Renewal Premium from drop down menu
Select Renewal Premium from drop down menu

 

Step 4: Enter your policy details

Enter your policy details like your name, policy number, email ID, phone number.

 

Step 5: Select your policy

This is where you need to select the policy you wish to pay the premium of. Once you’ve selected the policy, move ahead.

 

Step 6: Make Payment

You will need to enter your payment details within the payment gateway and click on submit. Ensure that all details are correct before progressing. You will get an OTP from your bank to verify the transaction. Verify the transaction and complete the payment.

 

How to download LIC premium receipt online

Step 1: Login to your LIC customer portal

LIC account login
LIC account login

Enter your login credentials like user ID/Email/Phone number, password, and date of birth and click on ‘sign in’.

 

Step 2: Click on ‘individual policy details’

individual policy details
Click on individual policy details

 

Step 3: Click on ‘All Policies’

LIC all policies
Click on all policies

 

Step 4: Click on ‘Online Payment Receipts’

online payment receipts
Click on online payment receipts

 

Step 5: Select period

Select period for generating receipts
Select period for generating receipts

 

Step 6: Download LIC policy receipt

download LIC receipt
download LIC receipt

 

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

Enter your details

Categories
Life Insurance

Star Union Dai-ichi Life Insurance (SUD Life)

Star Union Dai-ichi life insurance (SUD Life)

Star Union Dai-ichi life insurance (SUD Life) is a 3-way joint venture between Japanese insurance giant Dai-ichi, Union Bank of India, and Bank of India.

SUD Life was founded in 2009 and currently operates over 15000 branches in India. The majority of its insurance business is handled within the bank branches of Union Bank and Bank of India, respectively. As of 2021, The company has a total of over 64 million customers.

This article will be discussing the following aspects of SUD Life insurance:-

  • SUD Life shareholding pattern
  • SUD Life management team
  • SUD Life insurance products
  • SUD Life claims settlement ratio
  • SUD Life customer care number
  • SUD Life Forms
  • SUD Life insurance careers
  • SUD Life surrender form

SUD Life shareholding pattern

The company has an authorized capital of 250 Cr, with the following shareholding pattern:-

  • Dai-ichi Life Holding: 45.94%
  • Union Bank of India: 25.10%
  • Bank of India: 28.96%

SUD Life management team

Mr. GIRISH KULKARN is the company’s Managing Director and CEO, followed by Mr. KIMIHISA
HARADA (Deputy CEO & CFO), Mr. Abhay Tewari (JOINT PRESIDENT & CHIEF ACTUARY), Daiju Saski (Chief Risk Office). The complete list can be found here.

SUD Life insurance products

The company offers an abundance of insurance products to its clientele. Their products are broadly classified into the following:-

  • Protection plans
  • Retirement plans
  • Wealth Plans
  • Savings Plans
  • Child Plans

Let us decompress these plans further and get into the details of each SUD Life insurance plan.


SUD Life Protection plans

SUD Life protection Plans or term plan comprises of 2 products, they are:-

  1. SUD Life Saral Jeevan Bima plan
  2. SUD Life Abhay plan.

SUD Life Saral Jeevan Bima 


SUD Life Saral Jeevan Bima plan is the company’s standard term insurance plan. It provides life insurance coverage to individuals in case of an unfortunate demise of the policyholder. The policy provides a lump sum amount in the event of the policyholder’s death.

  • Maximum Coverage: Rs 25 Lakhs
  • Minimum and maximum entry age:18-65 years
  • Maximum maturity age: 75 years
  • Payment terms: Single, regular, 5 years and 10 years
  • Policy brochure

SUD Life Abhay 

This plan provides more flexibility compared to the Saral Jeevan Bima plan, as it offers lump sum payment, monthly payment, or a combination of the two In the event of the policyholder’s unfortunate demise. It also provides substantially greater coverage compared to their Saral Jeevan Bima plan

  • Maximum Coverage: 100 crores
  • Minimum and maximum entry age:18-65
  • Maximum maturity age: 80 years
  • Payment terms: Annual premium, single premium, or Limited premium
  • Policy term: Max 40 years
  • Policy brochure

SUD Life Retirement Plans

According to the Population Census held in 2011, there are over 10 crore senior citizens in India. This number is expected to rise to over 17 crores by 2026. As the number of elderly increase in the country, so do their post-retirement financial requirements. SUD Life provides 3 retirement plans for the elderly. They are:-

  • SUD Life Assured Income Plan
  • SUD Life Guaranteed Pension Plan
  • SUD Life Immediate Annuity Plus Plan

SUD Life Assured Income Plan 

The company’s Life Assured Income Plan provides a unique blend of benefits to the policyholder. The plan provides financial security to the insured by way of annual payouts plus it provides a life cover to the policyholder in case of an unforeseen death. The plan also guarantees that the company will return all of the premium paid to the policyholder on maturity.

  • Maximum annual payout: 50 lakhs
  • Minimum and maximum entry age:18-55
  • Maximum maturity age: 75 years
  • Payment terms: Annual premium, single premium, or Limited premium
  • Policy term: Max 35 years
  • Policy brochure


SUD Life Guaranteed Pension Plan 

The SUD Life Guaranteed Pension Plan provides many of the benefits of SUD Life Assured Income Plan, along with additional benefits like No medical checkup and flexible payment options.

  • Minimum and maximum entry age:35-65
  • Maximum maturity age: 70 years
  • Payment terms: Annual premium, single premium, or Limited premium
  • Policy brochure

SUD Life Wealth Plans (Unit Linked Life Insurance Plans)

The company also provides a host of ULIP-type plans that are linked with the financial market. These plans provide the potential for greater returns through exposure to the stock market, along with general death benefits, incase of unfortunate demise of the policyholder. Plans include:-

  • SUD Life Wealth Builder Plan
  • SUD Life Wealth Creator Plan


SUD Life Wealth Builder Plan

The Wealth Builder Plan provides Unit-linked maturity benefits along with death benefits in case of untimely death. The premium payment structure is very simple. The insured only needs to pay a single one-time premium to enroll in this policy.

  • Minimum and maximum entry age:8-60
  • Maximum maturity age: 70 years
  • Payment terms: single premium
  • Policy Term: 5-30 years
  • Minimum Premium: 1 Lakh

SUD Life Wealth Creator Plan 

The SUD Life Wealth Creator Plan provides benefits similar to the Wealth Builder Plan, along with the opportunity to invest in 2 specialized investment strategies.

  • Minimum and maximum entry age:8-55
  • Payment terms: Flexible
  • Max premium: Rs 100 Crores


SUD Life Savings Plans

Star Union Dai-ichi provides 6 savings plans to augment your income sustain your lifestyle. They are:-

  • SUD Life Guaranteed Money Back Plan
  • SUD Life Praptee Plan
  • SUD Life Aayushmaan Plan
  • SUD Life Sanchay Plan
  • SUD Life Samriddhi Plan
  • SUD Life Akshay Plan
  • SUD Life Aadarsh Plan


SUD Life Guaranteed Money Back Plan

This plan advertises “guaranteed happiness every 5 years”. This means the company will provide 200% of your paid premium back to you every 5 years as a survival benefit. This policy pays the policyholder 200% of his or her premium back every 5 years and also provides a death benefit to the holder. This policy provides a balance between savings and security.

  • Minimum and maximum entry age:13-50
  • Payment terms: annual, quarterly, bi-annually, and monthly
  • Max sum insured: Rs 10 Crores
  • Maturity age: 70
  • Max Policy Term: 20 years

SUD Life Praptee Plan

The company’s Praptee Plan assures increasing payouts every 3 years, guaranteed maturity benefits, and also provides a death benefit for the policyholder.

  • Minimum and maximum entry age:8-50
  • Payment terms: annual, quarterly, bi-annually, and monthly
  • Max sum insured: Rs 100 Crores
  • Maturity age: 68


SUD Life Aayushmaan Plan

This plan provides a cumulative lump sum amount at the end of the policy term with additional bonuses.

  • Minimum and maximum entry age:18-50
  • Payment terms: annual, quarterly, bi-annually, and monthly
  • Max sum insured: Rs 100 Crores
  • Maturity age: 70


SUD Life Sanchay Plan

SUD Life Sanchay Plan is a low-ticket (minimum sum insured INR 90000) life cover plan. This plan provides ease of enrollment as the company does not require you to undergo a medical test before buying the policy. The holder will receive a maturity benefit of 150% of the premium paid during policy maturity.

  • Minimum and maximum entry age:18-45
  • Payment terms: annual, quarterly, bi-annually, and monthly
  • Max sum insured: Rs 9 Lakhs
  • Maturity age: 55


SUD Life Samriddhi Plan

Their Samriddhi Plan provides life cover along with accidental coverage to the policyholder. This plan also provides guaranteed additions and bonuses. The holder will receive all the benefits on maturity or death.

  • Minimum and maximum entry age:8-55
  • Payment terms: annual, quarterly, bi-annually, and monthly
  • Max sum insured: Rs 1 crores
  • Maturity age: 70


SUD Life Akshay Plan

his plan provides an extended life cover (up to 95 years) along with guaranteed cashback and maturity benefits.

  • Minimum and maximum entry age: 25-50
  • Payment terms: annual, quarterly, bi-annually, and monthly
  • Maturity age: 95

SUD Life Aadarsh Plan

The Aadarsh Plan is a short-term savings plan offered by SUD Life. The plan provides maturity benefits, life coverage, and accidental coverage. An additional advantage of this plan is that in case of accidental death, the sum assured is doubled.

  • Minimum and maximum entry age:8-55
  • Payment terms: annual, quarterly, bi-annually, and monthly
  • Maturity age: 65
  • Max sum insured: Rs 5 Lakhs

SUD Life Child Plans

The company currently provides a single-child plan. It is a non-Unit-linked endowment plan.

SUD Life Aashirwaad Plan

This plan ensures that there is no compromise in your children’s lifestyle, education, and wellbeing even in the event of the policyholder’s death. The plan provides guaranteed benefits at maturity, flexible payout options, and guaranteed additions.

  • Minimum and maximum entry age:18-50
  • Payment terms: annual, quarterly, bi-annually, and monthly
  • Maturity age: 70
  • Max sum insured: Rs100 Crores

SUD Life claims settlement ratio

The company has proven itself to steadily increase its claim settlement ratio in the last 5 years

Year

Claim settlement ratio

2015-2016

80.73 %

2016-2017

84.05 %

2017-2018

92.26 %

2018-2019

96.74 %

2019-2020

96.96 %


SUD Life customer care

Toll-free number

1800 266 8833

Regular number

+91 22 7196 6200

Email ID

Email- customercare@sudlife.in

SUD Life Forms 

You can download the requisite SUD Life claim forms based on the type of claim you want to make.

SUD Life insurance careers

The company generally opens up a large number of job positions throughout the year. You can view the complete list of job listings here.


SUD Life surrender form 

In case you wish to surrender your policy and make a partial withdrawal, you can download the surrender form, fill it and send it across to the designated officer at the company.

Are you looking for a new SUD Life insurance policy or a policy renewal? Reach out to us and let us assist you.

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Categories
sbi life insurance

Is SBI Life insurance a private or government company?

Is SBI Life Insurance a private or government company?

There is some confusion in the minds of the general public when it comes to the ownership of SBI Life Insurance Company. This article will aim to resolve all those queries.

SBI Life Insurance is a joint venture between Indian banking giant SBI and foreign company BNP Paribas Cardif.

SBI Life Is a Publicly traded company that is listed on the BSE and NSE stock exchanges.

SBI Life shareholding pattern

The identity of the company can be made out of its shareholding pattern. Below is SBI Life’s shareholding pattern:

  • 55.50% shares owned by SBI – No of shares 555,000,000
  • 5.20% shares owned by Bnp Paribas Cardif – No of shares 52,007,092
  • 32.92% shares owned by institutions – No of shares 329,214,588
  • 6.37% shares owned by the general public – No of shares 63,836,997


As you can see the majority ownership is with the State Bank of India (SBI), hence the decision-making authority when it comes to the direction of the company will be SBI. That being said, SBI Life is being run like a professionally managed company and not like a Public Sector Unit (PSU).

This means that majority of the employment opportunities within SBI Life will be private in nature and not through Government exams and reservations.

Difference between a PSU and a privately run company

As mentioned above, even though the majority ownership of SBI Life is government owned, the company is run like a private professionally run company. Let us learn about the 5 most important differences between a PSU and a Privately run company.

Employee hiring

A PSU will generally hire through general government exams and specific government exams. Hiring is based on quotas and reservations. PSU’s hire through exams like SBI Probationary Officer (PO) Exam, SBI Clerk Exam, SBI SO Exam, etc. Other PSU’s like BHEL, DRDO, ONGC have their own set of exams.

A privately-owned company will hire based on their own internally formulated yardsticks.

Goals

The end goal of a public sector company is to uplift the people of the nation. This can be done by employing a quota system, reservations, etc. The end goal of a privately run company is to make profits for its shareholders

Ownership

The ownership of a government company lies with the state or central government. Ownership of a private company lies with a private entity.

Restricted sectors

Private ownership in certain sectors is restricted by the government. For instance, only state-owned corporations can partake in the following sectors:
Atomic energy
Space

Examples of privately owned vs Government owned companies

  • Example of a government undertakings can be SBI, IOC, BHEL, etc.
  • Privately-owned companies include ITC, Reliance Industries, Wipro, Infosys, L&T, L&T Finance, etc.

Are you looking for a new SBI Life insurance policy or a policy renewal? Reach out to us and let us assist you.

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Categories
Life Insurance

Pramerica Life Insurance (Plans, Benefits, Claims and more )

Pramerica Life Insurance (Plans, Benefits, Claims and more)

Pramerica Life Insurance Company Limited is an insurance company in India having 138 branches operational branches, over 2500 employees, and over 5000 crores in assets under management. The company started its operations in India in 2008 and has insured over 60 lac Indians as of 2021.

Let us discuss the following aspects of Pramerica Life Insurance:-

  • Pramerica life insurance shareholding
  • Pramerica life insurance plans (As of 2021)
  • Pramerica life insurance Claims 
  • Pramerica life insurance online payment
  • Pramerica life insurance customer care number
  • Pramerica life insurance branch locator


Pramerica life insurance shareholding

Pramerica Life insurance is a joint venture between Prudential International Insurance Holdings (PIIH) (owned by Prudential Financial, Inc), an American insurance provider, and Indian Company Dewan Housing Finance Corporation Ltd (DHFL).

Pramerica life insurance plans (as of 2021)

The company provides a host of insurance plans including ULIP plans, savings plans, retirement plans, health plans, child plans, and beyond. Let us list their plans below.

Savings plans

  • Pramerica Life Secure Savings Plan 
  • Pramerica Life Roz Sanchay
  • Pramerica Life Smart Assure 
  • Pramerica Life Flexi Cash
  • Pramerica Life Smart Income
  • Pramerica Life Magnum Assure
  • Pramerica Life Smart Cash Protect

Health plans

  • Corona Rakshak Policy
  • Life Cancer+Heart Shield
  • Life Dengue Shield

Pramerica ULIPs

  • Life Wealth+ Ace
  • Life Wealth Enhancer
  • Life Smart Wealth + Life Wealth Maximiser

Pramerica protection plans

  • Life U-Protect
  • Life TruShield

Pramerica child plans

  • Life Rakshak Gold

Pramerica online plans

  • Corona Rakshak Policy
  • Life Cancer + Heart Shield
  • Life Flexi e-term
  • Life Dengue Shield

Group insurance plans

Pramerica Life Insurance claims

Policyholders can inform the company regarding claims either online or by physically visiting one of their 138 branches. In case you wish to email their claims department, you can do so by emailing them at claims@pramericalife.in or call them at 1800-102-7070

Documents required to register a claim

If you want to register a claim, you will have to ensure that you have the following documents ready:-

  • Duly filled claim form
  • Original Policy document
  • Death Certificate
  • ID of nominee
  • Bank passbook or canceled check (with printed name of bank account holder )
  • The company may also ask for additional documentation in certain cases. Once you are ready you may contact the designated claims officer from the company. He or she will process the claim further.

Pramerica claim forms

You may download the requisite claim form as required by you:-

  • Death intimation form
  • Critical illness claim form
  • LMA form
  • Health claim form
  • Death claim form

Pramerica life insurance online payment

pramerica premium payment page
Pramerica premium payment page

The company offers a variety of ways for policyholders to pay their premiums. This includes online payment on their website, physical payment at branches, doorstep collection, NACH, bank transfer, and payment at either Axis Bank or SBI branches.


Pramerica life insurance customer care number

Contact details

Email ID

contactus@pramericalife.in

Toll-free number

1800 102 7070

Missed call service

1800 102 7986

SMS service (SMS ‘LIFE’) to

5607070, 9289207070

Online web-form

pramerica web form
Pramerica web form

Pramerica branch locator

Locate your nearest Pramerica life insurance branch using their branch locator 
You can use our Pramerica Branch Locator tool to locate your nearest branch.

Are you looking for a new HDFC ERGO insurance policy or a policy renewal? Reach out to us and let us assist you.

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Categories
Max Life Insurance

Max Life Insurance Login Process (How to login to your Max account)

Max Life Insurance Login (How to login)

Do you have a life insurance policy with Max Life Insurance? Are you looking to login to your Max Life account and check your policy details? This article will show you how you can do just that by following simple and easy replicate steps.

How to login to your Max Life Insurance account

Step 1: Visit the Max Life Insurance website

Max Life Insurance website
Max Life Insurance website

Visit their official website by either clicking here or by entering their URL (https://www.maxlifeinsurance.com/) into your preferred internet web browser.

Step 2: Click on ‘Customer Login’ from the top menu

Max Life Insurance customer login
Max Life Insurance customer login

Once you’ve clicked on ‘Customer Login’, you will be redirected to their customer login page.

Step 3: Enter your details

Max Life Insurance customer login page
Max Life Insurance customer login page

You will now be required to enter your registered mobile number/Policy Number and the registered date of birth. Once entered, please click on the ‘Send OTP’ button.

Step 4: Enter your OTP

You will now need to enter the OTP you received into the specified box and proceed.

Step 5: Navigate through their dashboard

You are now logged into the Max Life insurance dashboard. You can now investigate a whole host of services that the company offers to its clients.

Max Life Insurance dashboard features

The company offers a list of useful features to its policyholders. These features can be accessed through their customer dashboard. Let us understand what are some of these features and how to use them.


How to check your policy details: Important policy related details like policy type, policy number, policy term, etc can be found under the ‘Policy Details’ section.

How to change your personal details: Personal details like name, address, phone number, etc can be changed by accessing the ‘Update Policy Details’ section of the customer dashboard.

How to check your application status: You can find out more about your application status by accessing the ‘Track Application Status’ section on the website. Kindly enter your application number and proceed.

Check your policy status: You can also check the status of your insurance policy within the customer dashboard. Whether the policy is active, dormant or inactive.

Contact support: You can also contact customer support by either accessing their live chat feature or by raising a ticket within their dashboard.

Additional features include:

  • Changing your policy nominee
  • Downloading claim forms
  • Paying premium online
  • Downloading payment receipts
  • Switching your ULIP fund
  • Tracking of claims
  • Downloading policy pack
  • Downloading Certificate of Insurance

 

Are you looking for a new Max Life Insurance policy or a policy renewal? Reach out to us and let us assist you.

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