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Investment Plans 459 views February 23, 2021
Life Insurance plans will not only secure you financially in case of an unfortunate event, but they can also help you save money for the future. To help meet your needs, we have presented to you three best individual, non-linked, participating, life insurance savings plans. You can compare the features and benefits of Bharti AXA Life Guaranteed Income vs Reliance Nippon Life Guaranteed Money Back vs SBI Life Smart Money Back Gold Plan. And this way, you can choose a suitable plan for yourself. Let’s read this page further and know more about these life insurance savings plans.
Table of Contents
In case of an unfortunate event of death, the nominee shall receive any of the following death benefits as per your chosen policy:-
Bharti AXA Life Guaranteed Income:- Here, the policyholder can purchase this plan either as an endowment or income plan. So as per your chosen plan, the death benefit may vary. In Bharti AXA Life Guaranteed Income Plan, the death payout will be based on your premium payment term.
For Single Pay (< INR 50,000):- The Sum Assured on Death shall be the highest of the following:-
For Single Pay ( >= INR 50,000):- The Sum Assured on Death shall be the highest of the following:-
For Limited and Regular Pay:- The Sum Assured on Death shall be the highest of the following:-
In the case of Bharti AXA Life Guaranteed Income (Income Plan), the death benefit shall be the following:-
For Single Pay, the highest of the following shall be paid to the nominee
For Limited and Regular Pay, the death benefit will be the highest of:-
Reliance Nippon Life Guaranteed Money Back:- In case of unfortunate event of death, the following benefit shall be paid in a lump sum to the nominee.
In Non-accidental Case: The Sum Assured of the base plan will be paid irrespective of the already paid lump sum benefits.
In Case of Accidental Death on or before the age of 65 years: An additional amount same as the base sum assured will be paid to the nominee.
Note:- The additional sum assured on accidental death even under Reliance Accidental Death and Total and Permanent Disablement Rider should not exceed INR 50 lakh.
SBI Life Smart Money Back Gold Plan:- The nominee will receive a death benefit in case of your death during the policy term, provided all premiums are paid in full.
For Regular and Limited Pay: The higher of the following shall be payable to the nominee:-
For Single Premium: Sum assured on death+ vested simple reversionary bonuses + terminal bonus if any.
Note:- For Single pay, the sum assured on death is higher of Basic Sum Assured or 1.25X the single premium. Whereas in Regular or Limited pay, the sum assured on death is higher of Basic Sum Assured or 11X the annualized premium.
If you purchase any of the life insurance savings plan from Bharti AXA Life Guaranteed Income vs Reliance Nippon Life Guaranteed Money Back vs SBI Life Smart Money Back Gold Plan and survive till the end of the policy term, a maturity benefit shall be paid to you, which is as follows:
For Bharti AXA Life Guaranteed Income (Income Plan)
At the end of the policy term, the life assured will get the following two benefits:-
On survival till the end of the policy term, the life assured will receive his/her final survival benefit installment + vested simple reversionary bonus + terminal bonus, if any.
Money back benefit is a percentage of the sum assured payable to you on the survival till the policy term at regular intervals.
Reliance Nippon Life Guaranteed Money Back:- You will receive a Money Back benefit under this plan, which is the percentage of the base sum assured or paid-up sum assured on each policy anniversary irrespective of the survival. If your policy term is 15 years, you will get a 15% money back benefit in the 11th, 12th, 13th and 14th policy year, while a 40% money back benefit will be paid on the 15th year.
In case your policy term is 20 years, the Reliance Nippon Life Guaranteed Money Back benefit shall be 15% in the 16th, 17th, 18th, 19th policy year and 40% in the 20th policy year.
SBI Life Smart Money Back Gold Plan:- The survival benefit installments shall be paid as follows under this life insurance savings plan.
|End of Policy Year||15 Year Policy Term||20 Year Policy Term||25 Year Policy Term|
|Total Basic Sum Assured (In %)||110%||110%||110%|
Note: The survival benefit installment under SBI Life Smart Money Back Gold Plan shall be payable only during the specific end of the policy year as shown above depending on your chosen policy term. And no money-back benefit shall be available to you under the Bharti AXA Life Guaranteed Income Plan.
|Benefits||Bharti AXA Life Guaranteed Income||Reliance Nippon Life Guaranteed Money Back||SBI Life Smart Money Back Gold Plan|
|Minimum Sum Assured||INR 25,000||INR 50,000||INR 2 Lakh|
|Maximum Sum Assured||No Limit, subject to board approved underwriting policy||No Limit||No Limit|
|1 to 12 years for an endowment plan|
10, 11, 12 years for a short term income plan
5, 10, 12 years for a long term income plan
1, 6, 8 years for deferred income option
|5, 7, 10, 15 and 20 years||Single Premium
8, 10 , 12 years for Limited Premium
15, 20, 25 years for Regular Premium
|Rider Option||Term Rider|
Life Hospital Cash Rider
Life Accidental Death
Life Premium Waiver Rider
|New Major Surgical Benefit Rider|
New Critical Conditions (25) Rider
Term Life Insurance Benefit Rider
Family Income Benefit Rider
|Accidental Death Benefit Rider
Accidental Total and Permanent Disability Benefit Rider
Preferred Term Rider
|Loan Against Policy||Up to 70% of the Surrender Value||Not Available||Not Available|
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