Pension Plans
Basics of Investment Insurance Plans The basic fundamentals of life insurance and pension are different. Where Term-Life insurance covers the risk in case of the death of the earning member, a pension plan is taken to ensure that after a certain age, you can provide for yourself. Yet most pension plans combine the benefits of insurance and pension. Any pension plan has two phases;first is the accumulation phase when you pay towards your annuity. Second is annuitization phase, where you receive regular payments from your annuity that you have created over the time. Looking into your future, you will have to take certain decisions now to get the right pension plan. Must know for investment plans: MAXIMUM MATURITY AGE - Maximum maturity age is the age up to which you can remain invested in a policy. In most traditional plans it will be fixed based on the policy duration and your age at the time of taking the policy. In a ULIP, you have the flexibility to choose an investment period although maximum maturity date is still fixed. • PREMIUM PAYING TERM - It is the duration for which you choose to pay the premium. For certain plans it is the whole tenure of the policy, for some, it is a fixed term like 5 years, 7years, 10 years etc. Some plans, generally the ULIPS are more flexible. Premium paying term varies based on particular policy and also if it is a traditional policy or a ULIP plan.
• GUARANTEED ADDITION - Guaranteed addition is a percentage of sum assured guaranteed by the insurance company in addition to the maturity amount. This assured amount is given to the policyholder according to the number of years the premium has been paid for. It is payable at the maturity date along with the maturity amount. It is applicable to the traditional plans only.
• RISK COVER - Risk cover is the sum assured or the death benefit i.e. the amount for which you have been insured. This amount is payable only to the nominee in case of death of the insured person.
• MATURITY BENEFIT - Maturity benefit is the survival benefit or the maturity amount that one gets after completing the duration of insurance. Maturity benefit includes the guaranteed amount, guaranteed additions and bonus (non Guaranteed)
Sunrays Policy
Product Description
The basic fundamentals of life insurance and pension are different. Where Term-Life insurance covers the risk in case of the death of the earning member, a pension plan is taken to ensure that after a certain age, you can provide for yourself. Yet most pension plans combine the benefits of insurance and pension. Any pension plan has two phases;first is the accumulation phase when you pay towards your annuity. Second is annuitization phase, where you receive regular payments from your annuity that you have created over the time. Looking into your future, you will have to take certain decisions now to get the right pension plan.
Must know for investment plans:MAXIMUM MATURITY AGE - Maximum maturity age is the age up to which you can remain invested in a policy. In most traditional plans it will be fixed based on the policy duration and your age at the time of taking the policy. In a ULIP, you have the flexibility to choose an investment period although maximum maturity date is still fixed.
• PREMIUM PAYING TERM - It is the duration for which you choose to pay the premium. For certain plans it is the whole tenure of the policy, for some, it is a fixed term like 5 years, 7years, 10 years etc. Some plans, generally the ULIPS are more flexible. Premium paying term varies based on particular policy and also if it is a traditional policy or a ULIP plan.
• GUARANTEED ADDITION - Guaranteed addition is a percentage of sum assured guaranteed by the insurance company in addition to the maturity amount. This assured amount is given to the policyholder according to the number of years the premium has been paid for. It is payable at the maturity date along with the maturity amount. It is applicable to the traditional plans only.
• RISK COVER - Risk cover is the sum assured or the death benefit i.e. the amount for which you have been insured. This amount is payable only to the nominee in case of death of the insured person.
• MATURITY BENEFIT - Maturity benefit is the survival benefit or the maturity amount that one gets after completing the duration of insurance. Maturity benefit includes the guaranteed amount, guaranteed additions and bonus (non Guaranteed)
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About the Company
Sunrays policy is India’s new emerging insurance service provider company seeking both life and non life insurance. Sunrays itself means getting the rays of light in your life and its policy protect the life of human beings. Here we help you to find the insurance plan that best suits your needs, after factoring in the features and benefits you wish to avail at a price you can afford. Our main objectives are to cover the risk, planning for life stage needs, safe and profitable long term investment, assured income through annuities , growth through dividend , tax benefit etc. Each case is different but most people take out life insurance to ensure that their family is financially secure and can continue to maintain their standard of living even after unexpected death.
We believe that more you ask, the better are the chances that you end up with buying the right policy. Insurance gives you peace of mind and you know that if anything happens to you, your family or your business then insurance is the only source which may going to support you.
The best course of action is to prepare for the worst and hope for the best. To put it simply, shine your future!!
Seller Contact Details
B-47, First Floor, B Block, Sector 63 , Sector 63 Noida - 201301, Gautam Budh Nagar, Uttar Pradesh, India
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