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Investment Plans 1296 views March 16, 2021
Life insurance protects you & your loved ones financially from future uncertainties. But if you also want to grow your money with it, there are options of other life insurance products such as unit-linked insurance plans (ULIPs), endowment plans and savings plans. These plans will provide you a life cover and help you earn on the premium you pay towards them. So, we provide you with top life insurance plans under these categories – LIC Jeevan Lakshya plan, Aviva Life i Growth and Reliance Nippon Life Money Multiplier Plan. Let’s compare these three life insurance plans and find the best one for you.
Table of Contents
- 1 Aviva Life i Growth vs Reliance Nippon Life Money Multiplier vs LIC Jeevan Lakshya Plan – Which One Offers the Maximum Sum assured?
- 2 Premiums for Aviva Life i Growth vs Reliance Nippon Life Money Multiplier vs LIC Jeevan Lakshya Plan
- 3 Compare the Benefits of Aviva Life i Growth vs Reliance Nippon Life Money Multiplier vs LIC Jeevan Lakshya Plan
Aviva Life i Growth vs Reliance Nippon Life Money Multiplier vs LIC Jeevan Lakshya Plan – Which One Offers the Maximum Sum assured?
A sum assured is the maximum amount of cover that you and your family get in a life insurance plan. So, while purchasing an insurance plan among these three, check their sum assured options that are as follows –
Aviva Life i Growth
Your sum assured options shall be determined based on the entry age, chosen policy term and other factors. Take a look at the sum assured options available under Aviva Life i Growth ULIP Plan.
| Policy Term | Minimum Sum Assured (n INR) | Maximum Sum Assured (In INR) |
|---|---|---|
| 10 | 6,60,000 | 50,00,000 if the entry age is 18-40 years Or 30,00,000 if the entry age is 41-50 years |
| 15 | 6,00,000 | |
| 20 | 4,80,000 | |
Note – The maximum sum assured is subject to the company’s board-approved underwriting policy.
Reliance Nippon Life Money Multiplier
Under this endowment insurance plan, you will get the following sum assured options –
- INR 50,000
- INR 1,00,000
- INR 2,50,000
- INR 5,00,000
- INR 10,00,000 and above
LIC Jeevan Lakshya plan
The minimum sum assured under the LIC Jeevan Lakshya plan (savings plan) is INR 1 Lakh, whereas the maximum sum assured has no limit.
Premiums for Aviva Life i Growth vs Reliance Nippon Life Money Multiplier vs LIC Jeevan Lakshya Plan
The most important thing is the life insurance premium amount because if you won’t pay the same, your policy will lapse or convert into paid-up. So, if you don’t want that, choose an insurance plan that is soft on your pocket, but offers a high sum insured cover at the same time. Let’s start comparing Aviva Life i Growth vs Reliance Nippon Life Money Multiplier vs LIC Jeevan Lakshya Plan premium amount below –
Aviva Life i Growth
The premium for this plan is based on the entry age of an individual. Let’s check out the premium for individuals of different ages at the time of entry.
For entry age 18-40 years
| Policy Term (In Year) | Minimum Annualized Premium (In INR) | Maximum Annualized Premium if 10X the Cover is Purchased (In INR) | Maximum Annualized Premium if 20X the Cover is Purchased (In INR) |
|---|---|---|---|
| 10 | 66,000 | 5,00,000 | 2,50,000 |
| 15 | 60,000 | ||
| 20 | 48,000 |
For entry age of 41-50 years
| Policy Term (In Year) | Minimum Annualized Premium (In INR) | Maximum Annualized Premium if 10X the Cover is Purchased (In INR) | Maximum Annualized Premium if 20X the Cover is Purchased (In INR) |
|---|---|---|---|
| 10 | 66,000 | 3,00,000 | 1,50,000 |
| 15 | 60,000 | ||
| 20 | 48,000 |
Reliance Nippon Life Money Multiplier
Reliance Nippon Life Money Multiplier premium rate for a sum assured of INR 1 Lakh will be as follows –
| Policy Term (In Years) | Entry Age (In Years) | Annual Premium Amount (In INR) |
|---|---|---|
| 10 | 25, 35, 45, 55 | 14,665, 14,810, 15,375, 16860 |
| 15 | 25, 35, 45, 55 | 11,775, 11,965, 12,645, 14,370 |
| 20 | 25, 35, 45, 55 | 10,520, 10,775, 11,565, 13,620 |
Note – The above premium rates are sample illustrations from the Reliance Nippon Life Money Multiplier brochure.
LIC Jeevan Lakshya Plan
The below table is a sample illustration of LIC Jeevan Lakshya Plan for a sum assured INR 1 Lakh –
| Policy Term (In Years) | Premium Payment Term (In Years) | Entry Age (In Years) | Annual Premium Amount (In INR) |
|---|---|---|---|
| 13 | 10 | 20, 30, 40, 50 | 9,873, 9,918, 10,118, 10,775 |
| 15 | 12 | 20, 30, 40, 50 | 8,114, 8,163, 8,399, 9109 |
| 20 | 17 | 20, 30, 40 | 5,645, 5,718, 6,047 |
| 25 | 22 | 20, 30, 40 | 4,253, 4,366, 4,787 |
Compare the Benefits of Aviva Life i Growth vs Reliance Nippon Life Money Multiplier vs LIC Jeevan Lakshya Plan
Now, let’s compare the features and benefits of Aviva Life i Growth, Reliance Nippon Life Money Multiplier and LIC Jeevan Lakshya Plan –
| Benefits | Aviva Life i Growth | Reliance’s Nippon Life Money Multiplier | LIC Jeevan Lakshya Plan |
|---|---|---|---|
| Death Payout | In case the life assured dies, the nominee will receive the highest of the following - Sum Assured 105% of the total paid premiums Fund Value + Loyalty additions if any. | In case of unfortunate death of the life assured, the nominee gets double the basic sum assured and accrued guaranteed loyalty additions, if any. | If the life assured dies, the nominee will get higher of - 7X the annualized premium Sum of 110% of the Basic Sum Assured + vested Simple Reversionary Bonuses and Final Additional Bonus shall be payable on the date of maturity, and annual income equaling 10% of the Basic Sum Assured start from the policy anniversary coinciding with or following the date of death Note - The annual income shall be payable till the policy anniversary before the date of maturity. |
| Maturity Benefit | Policy Fund Value + Loyalty Addition | On survival till the end of the policy term, you will get the following - Basic sum assured Accrued Guaranteed Loyalty Additions And Guaranteed Maturity Addition | Basic Sum Assured |
| Loyalty Additions | 1.25-3.00% of the fund value is added at 8th to 20th policy anniversary | Up to 210% of the basic sum assured at the end of each policy year | - |
| Rider Benefit | - | You can add the following to your policy by paying an extra premium - Reliance New Major Surgical Benefit Rider Reliance New Critical Conditions (25) Rider Reliance Term Life Insurance Benefit Rider Reliance Accidental Death and Total and Permanent Disablement Rider Reliance Life Insurance Family Income Benefit Rider | - |
| Accident Payout | In case of accidental death of the Life Insured, the nominee will receive an amount equal to the base sum assured + the death payout mentioned above, up to INR 50 Lakh. | Reliance Accidental Death and Total and Permanent Disablement Rider sum assured shall be payable upon death/disability. Also, the policy premiums will be waived off in case of disability. This benefit shall be available to you only if you add the rider | - |
| Guaranteed Maturity Addition | - | 1% of the Basic Sum Assured is payable on the maturity date | - |
Note – The ‘-’ mark in the table above means the respective benefit is not available in the insurance plan.