What are the different types of life insurance? And which one should you choose when?
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Table of Contents
1. Term insurance plan
2. Term insurance with Return of Premium (TROP)
3. Savings plan
4. Moneyback plan
5. Unit Linked Insurance Plan (ULIP)
6. Retirement plan
Life Insurance Riders You Can Consider
Three Income Options + Five Different Riders to Choose From
Conclusion
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Disclaimer
¹ Scenario: Female policyholder, aged 21 years, buying a level term insurance, with regular premium paying term, and a policy term of 25 years (excl GST).
ABSLI Guaranteed Annuity Plus Plan (UIN: 109N132V01) is a Non-Linked, Non-Participating, Single Premium General Annuity Plan
ABSLI DigiShield Plan (UIN 109N108V06) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder's selection of Plan Option 9 (Level Cover with Survival Benefit) and Plan Option 10 (Return of Premium [ROP]) this product shall be a non-linked non-participating individual life savings insurance plan.
ABSLI Wealth Max Plan (UIN: 109L073V05) is a non-participating unit linked life insurance savings plan.
ABSLI Guaranteed Milestone Plan (UIN: 109N106V10) is a non-participating traditional insurance plan.
ABSLI Nishchit Aayush Plan. This is a non-linked non-participating individual savings life insurance plan. UIN No 109N137V06
^ - Provided 0 year deferment & monthly income frequency is chosen at the time of inception of the policy.
~ Male- 25 yrs invests in ABSLI Nishchit Aayush Plan with Level Income + Lumpsum Benefit. He chooses premium payment term 10 yrs , policy term 40 years, benefit option -Long Term Income, Sum Assured 7 times of Annualized Premium and Deferment Period 0 years. Annualized Premium is ₹1,20,000 (Exclusive of GST.). Annual Income of ₹45,900 (45,900*40=18,36,000) + Maturity Benefit (₹16,80,000)= ₹35,16,000
ADV/8/21-22/937
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