BANKING & INSURANCE MANAGEMENT

PROJECT ON COMPARATIVE ANALYSIS OF TWO LIFE

INSURANCE & NON-LIFE INSURANCE COMPANIES
TWO LIFE INSURANCE COMPANIES:
1. Birla Sun Life Insurance
2. Life Insurance Corporation of India

Birla Sun Life Insurance

Name of the Scheme: Gold-Plus II Plan

Purpose:
A simple, hassle free plan it helps to strike the right proportion between protection and
saving.
Type of Policy:
This is a non participating unit linked savings plan.

Returns and added benefits:

i. Matches risk profile at every stage.

ii. Unlimited partial withdrawals after 3 policy years, free of cost.
iii. The policy can be surrendered and any time during the tenure of the policy subject
to surrender charges, the charge will be Zero after fourth policy year.
iv. At the end of the policy term we can get the fund value.
v. On death of the insured the nominee will get the greater of (a) the fund value or
(b) the sum assured reduced for the partial withdrawals.
vi. Minimum sum assured: 5* annual premium.

Additional Coverage:

NIL
Payment of Premiums:

Premium is paid for a period of 3 years with the flexibility to reduce the premium (subject
to minimum of Rs. 10,000) from the second policy years onwards without reduction in
sum assured.

Eligibility:

18 to 70 years of age.

Terms of maturity:

The policy term is 8 years.

Tax Benefits:

Avail of tax benefits under section 80C and section 10(10D) of Income Tax Act, 1961.

Birla Sun Life Insurance

Name of the Scheme: Saral Jeevan Plan

Purpose:
BSLI Saral Jeevan Plan comes with a bouquet of benefits, which fulfill needs of Life
cover and investment at an affordable rate.

Type of Policy:
Unit linked Endowment Plan.

Returns and added benefits:

i. An easy and simple plan.

ii. Earn efficient returns.
iii. Matches risk profile at every stage.
iv. Death benefits with a plus, that is, sum assured plus the fund value.
v. Unmatched liquidity.
vi. At the end of the policy term we get fund value.
vii. The policy can be surrendered at any time during the tenure of the policy
subject to surrender charge. The charge will be Zero after the 4th Policy year.

Payment of Premiums:

Pay the premium on an annual, semi-annual, quarterly or monthly mode.

Eligibility:

18 to 55 years of age.

Terms of maturity:

There is an option of three policy terms 10 years, 15 years, and 20 years.

Tax Benefits:

Avail of tax benefits under section 80C and section 10(10D) of Income Tax Act, 1961.

Life Insurance Corporation of India Limited

Name of the Scheme: Jeevan Saral.

Purpose:
Jeevan Saral comes with a bouquet of benefits, which fulfill needs of Life cover.

Type of Policy:
Traditional Plan

Returns and added benefits:

i. Maturity benefit is total premium + bonus (approx Rs. 50/thousand).

ii. Death benefit is 250 times of monthly premium.
iii. The policy can be surrendered at any time during the tenure of the policy subject
to surrender charge. The charge will be Zero after 4th Policy year.

Payment of Premiums:

Pay the premium on an annual, semi-annual, quarterly or monthly mode.

Eligibility:

18 to 70 years of age.

Terms of maturity:

There is an option of three policy terms 10 years, 15 years, and 20 years.

Tax Benefits:

Avail of tax benefits under section 80C and section 10(10D) of Income Tax Act, 1961.
 Life Insurance Corporation of India Limited
Name of the Scheme: Money Plus I.

Purpose:
The Money Plus I plan offered by LIC serves a dual role, acting both as an investment plus
insurance scheme. This endowment plan helps you utilise your income smartly, ensuring
you reap the benefit of smart planning.

Type of Policy:
ULIP Plan

Returns and added benefits:

i. Individuals can choose between 4 investment fund types.

ii. An individual is entitled to a minimum sum assured which is equivalent to 5 times
the annualized premium paid by them.
iii. Partial withdrawal is permitted on certain occasions.

Payment of Premiums:

Pay the premium on an annual, semi-annual, quarterly or monthly mode.

Eligibility:

18 to 70 years of age.

Terms of maturity:

There is an option of two policy terms 10 years and 30 years.

Tax Benefits:

Avail of tax benefits under section 80C and section 10(10D) of Income Tax Act, 1961.
TWO NON-LIFE INSURANCE COMPANIES:
1. National Insurance Company Limited
2. Reliance General Insurance

National Insurance Company Limited

Name of the Scheme: The National Mediclaim Plus Plan.

Purpose:
To provide financial support, spiraling cost of health care, protect your saving from
unforeseen circumstances.

Type of Policy:
Family Floater coverage available up to 6 members of a family including dependent
children under the age of 25 years and dependent parents below 65 years.

Returns and added benefits:

i. Covers pre existing disease, waiting period of 3 years (excluding chemotherapy,

radiotherapy and dialysis.
ii. Maternity coverage, nine months waiting period.
.

Payment of Premiums:

Pay the premium on an annual basis.

Eligibility:

Coverage of new born baby (3 months) up to 65 years of age.

Tax Benefits:

Avail of tax benefits under section 80D of Income Tax Act, 1961.
 Reliance General Insurance
Name of the Scheme: Reliance health wise policy.

Purpose:
To provide financial support, spiraling cost of health care, protect your saving from
unforeseen circumstances.

Type of Policy:
Family Floater coverage available for up to maximum 4 members, self, spouse, two
dependent children under the age of 21 years.

Returns and added benefits:

i. Covers pre existing disease, after two/four continuous renewals.

ii. Day care treatment expenses covered.
iii. Cash Less facility.
iv. Provides access to discounts of 10% to 40% on memberships, investigations,
medicines and other products.
v. The policy also comes with a free look period of 15 days.

Payment of Premiums:

Pay the premium on an annual basis.

Eligibility:

For the person of 5 years of age and above. Children too can be covered under this policy
provided one of the members is over 21 years of age.

Tax Benefits:

Avail of tax benefits undser section 80D of Income Tax Act, 1961.