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Investment Plans 846 views March 6, 2021
A life insurance plan can help people protect their loved ones in case something unfortunate happens to them. Some life insurance plans offer beyond the life cover i.e. some return on the money you pay via premium. But it’s important to choose a plan that can fit your requirements. Considering the same, we have picked three popular plans among customers – Bharti AXA Life Shining Stars, Reliance Nippon Life Future Income, and LIC Jeevan Labh Plan. All these life insurance plans help people get assurance about their financial security. So, we will compare all three plans here so that you can choose the best one for you. Before comparing these plans, it would be good to look at the striking features of these plans. Check the below table to know the same.
| Bharti AXA Life Shining Stars | Reliance Nippon Life Future Income | LIC Jeevan Labh Plan |
|---|---|---|
| The flexibility of choosing the policy term and premium payment term Choice of 2 maturity payout options Inbuilt cash benefit in case of death Tax benefits Affordable premium | The perfect combination of savings and income Protection for your family Flexible policy term Loan against policy Tax benefits | Flexible policy term and premium payment term Loan against policy Rebate on choosing a higher sum assured Reversionary bonus through participation in benefits |
Now that you have understood the key features of Bharti AXA Life Shining Stars vs. Reliance Nippon Life Future Income vs. LIC Jeevan Labh Plan, we will discuss them in detail. Do read to know more!
Table of Contents
- 1 Death Benefit Comparison of Bharti AXA Life Shining Stars vs. Reliance Nippon Life Future Income vs. LIC Jeevan Labh Plan!
- 2 Maturity Benefit Comparison of Bharti AXA Life Shining Stars vs. Reliance Nippon Life Future Income vs. LIC Jeevan Labh Plan
- 3 Additional Features of Bharti AXA Life Shining Stars vs. Reliance Nippon Life Future Income vs. LIC Jeevan Labh Plan
Death Benefit Comparison of Bharti AXA Life Shining Stars vs. Reliance Nippon Life Future Income vs. LIC Jeevan Labh Plan!
A life insurance policy provides a death benefit to the nominee or beneficiary in case a policyholder dies during the policy term. Do remember that the policy should be in force, and all due premiums should have been paid as on the date of death to receive these death benefits. You can check the below table to know more about death benefits provided by Bharti AXA Life Shining Stars, Reliance Nippon Life Future Income, and LIC Jeevan Labh Plan.
| Bharti AXA Life Shining Stars | Reliance Nippon Life Future Income | LIC Jeevan Labh Plan |
|---|---|---|
| The death benefit will be equal to the sum assured, which will be the highest of the following amounts - 11 times the annualized premium 105% of all premiums paid as on date of death Absolute amount assured to be paid on death equal to the Sum Assured Sum Assured on Maturity, equal to the Sum Assured under the policy | If a death happens during premium payment term - The sum assured on death plus simple reversionary bonus as on the date of death and the terminal bonus will be given. If a death happens after the premium payment term - The sum assured on death plus simple reversionary bonus as on the date of death and terminal bonus (if any) minus reversionary bonus already paid as a part of the income benefit, will be payable | Sum assured on death plus vested simple reversionary bonus and the final additional bonus will be payable, where the sum assured on death will be higher of the - 7 times the annualized premium Absolute amount assured to be paid on death equal to the Sum Assured Do remember that death benefit shall not be less than 105% of all the premiums paid as on the date of death |
Maturity Benefit Comparison of Bharti AXA Life Shining Stars vs. Reliance Nippon Life Future Income vs. LIC Jeevan Labh Plan
All these life insurance plans from Bharti AXA, Reliance Nippon and LIC also provide maturity benefits to the policyholders if they survive until the end of the policy term. To know the respective death benefits of these plans, you can check the below table.
| Bharti AXA Life Shining Stars | Reliance Nippon Life Future Income | LIC Jeevan Labh Plan |
|---|---|---|
| Here, you will get to choose between maturity payout options - Flexi Payout Option - With this option, you can receive a maturity benefit as a lump sum amount at the end of any year during the maturity payout period. The benefit will be equal to (Flexi payout factor * sum assured) where the factor can be 105%, 110%, 116%, and 122% for respectively 1, 2, 3, and 4 years after the maturity date. Annual Payout Option - Here, maturity benefit will be paid as five equal annual payouts at the end of each year during the maturity period starting from the date of maturity. Each annual payout will be equal to 22% of the sum assured amount. | Terminal Bonus (if any), plus Last installment of Income Benefit Where income benefit is the (base sum assured + vested simple reversionary bonus) x income benefit factor | Sum assured on maturity equaling the basic sum assured along with vested simple reversionary bonus and final additional bonuses will be payable as a lump sum at the end of the policy term |
Additional Features of Bharti AXA Life Shining Stars vs. Reliance Nippon Life Future Income vs. LIC Jeevan Labh Plan
Apart from death and maturity benefits, we are comparing Bharti AXA Life Shining Stars, Reliance Nippon Life Future Income, and LIC Jeevan Labh Plan based on other factors such as policy term, premium payment term, sum assured, etc. Check the below table to know more!
| Features | Bharti AXA Life Shining Stars Plan | Reliance Nippon Life Future Income | LIC Jeevan Labh Plan |
|---|---|---|---|
| Minimum Sum Assured | INR 50,000 | INR 2,00,000 | INR 2,00,000 |
| Maximum Sum Assured | No Limit | No Limit | No Limit |
| Policy Term | 12, 13, 14, 15, 16, 17, 18, 19 or 20 years | 14, 16, 18, 20, 22 or 24 | 16, 21 or 25 years |
| Premium Payment Term | 7, 8, 9, 10, 11, 12, 13, 14 or 15 years | Half of the Policy Term | 10, 15 or 16 years |
| Minimum Premium Amount | INR 2,169 per annum | INR 15, 680 per annum | |
| Maximum Premium Amount | No Limit | No Limit | |
| Premium Payment Frequency | Annual, Half-yearly, Quarterly and Monthly | Yearly, Half-yearly, Quarterly and Monthly | Yearly, Half-yearly, Quarterly and Monthly |
| Rider Options | Hospi Cash Rider Accidental Death Benefit Rider Term Rider | Term Life Insurance Benefit rider Major Surgical Benefit Rider Critical Conditions Rider Accidental Death Benefit Rider Accidental Death and Disability Rider Accidental Death and Disability Plus Rider | Accidental Death and Disability Rider New Term Assurance Rider |
| Loan Against Policy | Up to 70% of the surrender value (with a minimum of INR 15,000) | Up to 80% of the surrender value | Available |