• Annuity payments are made by insurers: monthly, quarterly, half-yearly, or annually. • There are two types of annuity plans depending upon as to when will the payments commence: • (i) Immediate Annuity • (ii) Deferred Annuity FINtastic Women Program International College of Financial Planning
• 1. Immediate Annuity: • The client pays lump sum premium i.e. single premium. (also called purchase price) • Annuity payments are made by the insurer with immediate effect as per the client’s option for the frequency. FINtastic Women Program International College of Financial Planning
DEFERRED ANNUITY • 2. Deferred Annuity: • A client may desire annuity payments from a future date – called deferred date. • Such an annuity is named as ‘Deferred Annuity’. • The purchase price can be paid by the client in lump sum in the beginning; or in installments during the deferment period. FINtastic Women Program International College of Financial Planning
Type of Annuity: • Annuity payable for life at a uniform rate. • Annuity payable for 15 years certain and thereafter as long as the annuitant is alive. • Annuity for life with return of purchase price on death of the annuitant. • Annuity payable for life increasing at a simple rate of 3% p.a. • Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant. • Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. • Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor. FINtastic Women Program International College of Financial Planning
• HDFC Life New Immediate Annuity Plan • Age - 44 M • ANNUITY AND BENEFIT DETAILS • Type of Annuity: Lifetime Annuity with Return of 100% of the Purchase Price on Diagnosis of Critical Illness or Death • Premium excluding gst > 98,23,183 • GST Rate: 1.8% • Final payment 1,00,00,000 • Annuity Payable: 6,10,020 FINtastic Women Program International College of Financial Planning
• Lic jeevan shanti plan International College of Financial Planning • Age – 45 • Prem – 1018000 • Annual annuity - 56000 FINtastic Women Program
MEDICLAIM POLICY • Any insured Person shall contract any disease or suffer from any illness / ailment / disease or sustain any bodily injury through accident and if such disease or injury shall require an attention of Medical Specialist/Medical Practitioner, Surgeon to incur FINtastic Women Program International College of Financial Planning
POINTS TO BE CHECKED 1. ROOM RENT PER DAY> 1% of sum assured or not limit 2. ICU PER DAY > 2% of sum assured or no limit 3. CO-PAYMENT> 4. CLAIM AMOUNT LIMIT ON SOME DISEASES> 5. PRE-EXISTING DISEASES > FINtastic Women Program International College of Financial Planning
FEATURES : 1. CUMULATIVE BONUS> 2. COST OF HEALTH CHECKUP> 3. PRE HOSPITALIZATION EXPENSES> 4. POST HOSPITALIZATION EXPENSES> 5. MATERNITY BENEFITS> FINtastic Teens International College of Financial Planning
HOSPITALISATION PERIOD • Expenses on Hospitalisation are admissible only if hospitalisation is for a minimum period of 24 hours. • This time limit will not apply to following specific treatments ex. Dialysis, Chemotherapy, Radiotherapy, Eye Surgery, Lithotripsy (kidney stone removal), Tonsillectomy, Pancreas and bile duct Surgery of Hernia FINtastic Women Program International College of Financial Planning
DISEASES WHICH WILL NEVER BE INCLUDED UNDER THE POLICY • Any Injury Caused Due To War, War Like Operations, Nuclear Weapons Etc. • Any Cosmetic Surgery, Plastic Surgery, Aesthetic Treatment. • Cost Of Spectacles, Hearing Aids, Contact Lenses Etc. • Any Dental Treatment (Except Caused Due To Injury). • Intentional Self-injury/Suicide Attempt. • Injury Caused Due To Use/Misuse Of Drugs, Alcohol, Intoxicating Substances Or Any Such Addiction. • Hiv/Aids. FINtastic Women Program International College of Financial Planning
TAX BENEFIT • The premium paid on a health insurance policy is eligible for deduction under section 80D of the Income Tax Act. • The amount of deduction available is up to Rs.25000 for individuals below age 60 • Rs.50000 for senior citizens aged above 60 years FINtastic Women Program International College of Financial Planning
AGE 34, WIFE 32, KIDS 5,2
AGE: 40,40,15,13
SUPER TOP UP PLAN
• 1. Super top-up health insurance plans provide additional cover , typically over and above the basic hospitalization policy • 2. The premium amount is cost effective
BASIC COVER 5 LACS, SUPER TOP UP 100 LACS
BASIC COVER 10 LACS, SUPER TOP UP 100 LACS
TOP UP PLANS VS SUPER TOP UP CLAIM AMOUNT BASIC SUM TOP UP PLAN SUPER TOP PLAN ASSURED 20,00,000 20,00,000 15,00,000 10,00,000 10,00,000 5 LACS PAID 5 LACS PAID 900000 900000 900000 NIL NIL 900000 100000 NIL 800000 NIL NIL 900000 FINtastic Women Program International College of Financial Planning
PERSONAL ACCIDENT POLICY • The policy compensates individual against • death, • loss of limbs, • loss of eyesight, • permanent total disablement, • permanent partial disablement and • temporary total disablement, • solely and directly from bodily injuries sustained in an Accident, caused by external, violent and visible means. FINtastic Women Program International College of Financial Planning
1. Death only - 100% 2. Loss of two limbs, two eyes or one limb and one eye-100% 3. Loss of one limb or one eye-50% 4. Permanent Total Disablement -100% 5. Temporary total disablement - 1% of CSI per week up to 104 weeks S.A. = 1 CR PREMIUM = 12500+18%GST p.a. = Rs.14750 FINtastic Women Program International College of Financial Planning
HOUSEHOLDER POLICY • Home is an environment offering affection and security. • To ensure complete security & protection against accidental damages • Householder policy provides cover both to building and its contents. • 1. building > sum insured 5 crore > prem only ……14000 p.a. • 2. content > depends on type of content • Electronic gadgets • Jewellery etc. FINtastic Women Program International College of Financial Planning
CRITICAL INSURANCE • Acquiring critical illnesses is a life changing event which can disrupt dreams and goals for family and wipe out savings. • Critical illness health insurance policy is the only solution to these problems. It provides a lump sum money on diagnosis of the specified critical illness. FINtastic Women Program International College of Financial Planning
ILLNESSES THAT ARE COVERED • Cancer • Kidney Failure • COMA • Major Burns • Brain surgery • Blindness • Open heart replacement etc. FINtastic Women Program International College of Financial Planning
• I am calling from SBI , there is a scheme in which you need to deposit Rs.50000 p.a. for 5 years thereafter no need to pay for next 5 years. • At the end of 10 years from now you will get Rs.7.5 lacs. FINtastic Women Program International College of Financial Planning
• There was a super plan of LIC in which you needed to invest Rs.10000 p.a. for only 3 years, you would receive Rs.16 lacs* after total tenure of 20 years. FINtastic Women Program International College of Financial Planning
• Invest Rs.1 lac for 10 years, thereafter you will get Rs.1.85 lacs p.a. for next 10 years FINtastic Women Program International College of Financial Planning
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