A new policy has arrived for those wanting pension after retirement. Star Union Daichy Life Insurance formed by Bank of Baroda, Union Bank of India, and Dai-Chi Life of Japan introduced this new policy called SUD Life Gaurantee pension plan. The specialty of this plan is one-time payment after retirement. One can get pension by investing this amount in annuity plans. This policy can be utilized by any one between ages 35 and 65. Policy is available for 5, 10 15 and 20 years. It is sufficient to pay premium for a limited time. If something happens to the policy holder before maturity, sum of 6% interest to the total premiums paid so far or 105% of total premiums, whichever is higher, will be paid to the nominee. Compensation can be obtained as a single installment or on an yearly basis in parts. Premium can be paid monthly, quarterly, half yearly or yearly. There is exemption from tax under 80C.
Double the premium amount!
Birla Sun Life Insurance released an unique plan with insurance and income. The policy that gives secured income after maturity for some years is called Secure Plus Plan. Choice of policy depends upon the amount and time of maturity. This policy can be taken by anybody between ages 5 and 50. Policy duration is 13 years and premium should be paid 12 years. The least premium is 50000 and minimum policy amount is 7,25,000. Based on the age of policy holder, this provides insurance from 19-14.5 times the premium paid. There are two options for income after maturity. If option A is chosen, policy holder can get 1 to 6 times of income for 6 years. For example if a 35 -year-old paid 1 lakh per year for 12 years, he gets insurance up to 16 lakhs. If he continues till policy duration, after 13 years, starting from the 14th year, he will get 1 lakh for the first year, 2 lakhs in the 15th, 3 lakhs in the 16th, 4 in 17th, 5 in 18th, 6 in 19th. In option B, one can get income for 12 years. For example if a person paid 1 lakh per year for 12 years, then he will get 2 lakhs per year for 12 years starting from the 14th year. There is tax exemptions for the premium as well as the income. The benefits will be paid to the nominee if something happens to the policy holder before the term. There is arrangement for double payment in case of accidental death.
Up to 25 lakhs…
Topup policy can be availed to support hospital expenses for health policy. Star Health and Allied Insurance added new benefits to the already existing policies of Star Super Surplus and Star Super Surplus Floater named Gold Plan. Through this, policy can be to a maximum amount of 25 lakhs. This policy pays for all the expenses, deducting mandatory reductions, that exceeded the health policy. The total amount can be used for a single hospitalization or for different ones. Payment is made without any limit to hospital room rent. Up to 10% of policy amount is paid for air ambulance. Policy is also applicable to 405 daycare procedures. Anybody below 65 years can take this policy without any medical tests.