toknowmore
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Annual premium for a term of 20 years and Rs.1,00,000 Sum Assured is Rs.5147/- for Jeevan Tarang Policy.
I suggest you to take one Jeevan Anand on your wife's life and Jeevan Tarang on your life, which will provide you life long cover and take Komal Jeevan on your baby's name to provide her a good higher education and provide for a start of life.
good luck
pnkmurthy@yahoo.com
http://www.geocities.com/pnkmurthy/lic.html |
subbu
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it is always better to tak an insurance and keep ur baby as a nominee and since the baby is a minor u can keep ur wife as the appointee . a policy which i can sugest u is a Unit linked insurance plan if it is affordable for u in which u hav to pay premium for 5 yrs complsory , ( according to the new changes ) and can continue after 5 years if possible for you .
The flexibility in such type of product is that in case of any emergncy then u can make a withdrawal ( only after completion of certain period which differs frm policy)and u can pay as long as u want. pension is not a problem nw a days as there are so many companys which provide immediate pension , tat can be availed any time at a later stage. then one suggestion is while goin for a company or a product then check more than once and make sure if it has all the benefits u need and no HIDDEN CAPS
best wishes |
Joshi A
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This answer is specific to your query :i.e, Jeevan Tarang - Term & Premium:
This plan is a whole life plan which provides an annual survival benefit of 5.5% of the sum assured (that becomes about 7% of the amount paid) after the chosen accumulation period.
You may choose any accumulation period - 10, 15 or 20 years. On the first anniversary after the accumulation period simple reversionary bonus is paid as a lump sum and survival benefit as stated above is paid every year till such time the life assured is turned 100 years.
On maturity sum assured alongwith loyalty additions are paid.
Min.Sm Assured is Rs.1 lac.
Premium is in multiples of Rs.5000.
Accident reider benefit is also available.
Since you are earning you can pay premium for the stipulated period and after the accumulation period you may get a regular income.
You have to calculate the amount which you need to get annually and decide the premium depending upon your paying capacity.
The policy can be surrendered any time after the accumulation period.
If you are looking for investment you have better avenues. My suggestion is that you consider your investment and insurence needs seperately. |
ida
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The best insurance plan I know for a young person is called "EIUL" (Equity Index Universal Life) with an increasing death benefit. It is a Universal Life policy with an cash index. Not all insurance company has this type of universal life insurance. The benefits kind of vary from company to company. here's how the policy work: you pay the insurance company a monthly premium, part of the premium is used to pay the policy cost and other administration cost, the rest is credited into an index account (your cash value side of the policy) which the company will credit interest to that amount based on the performance of S&P 500 ( I think they credit quarterly). Interest rate is usually from 1% to 15%. Examples: if S&P500 is -10%, they credit you 1%; if it's +8%, they credit you 8%; if it's +20%, they only credit you 15%. To me, it's like a savings account except you get earn more interest and get the tax benefits.
This type of policy has a higher potential gain but you could get the low 1%. Regular life insurance policy earn around 4-6%. But make sure you get the increasing death benefit to get the cash value.
Increasing Death benefit means the cash value is yours. for example, if you have a $100,000 policy and you accumulate $40,000 cash value on the policy, if you take out $10,000 of the cash value, you $100,000 death benefit is still there only your cash value decreases. And if you die, your family will get the $100,000 death benefit plus the total cash value left.
Level Death benefit means the cash value is not yours. If you were to take out the $10,000 from the cash value, your $100,000 drop to $90,000. Unless you pay back the $10,000 your family will get the $90,000 when you die.
With this policy you could:
*use it as a college saving for the child. If you can, put in more money than the minimum premium and let it earn the higher interest than the bank. Take out partial cash value to help pay for college tuition when child reaches 18.
*Use it as a retirement plan. Invest extra money in there if you can, Once the child hit retirement, take out some of the cash value to retire on. Don't have to wait till 59 1/2 to take out the money like 401K and other retirement programs.
*The are more options, once you meet up with an agent, they can explain more.
This policy provides both a living benefit and a death benefit. If you live too long, you get the cash value to use. If you die too soon, your love ones get the death benefits + cash value.
I hope this helps you. |
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