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  #1  
June 3rd, 2016, 02:43 PM
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IRDA Plans

I want to know the Insurance plans offered by Insurance Regulatory and Development Authority of India (IRDAI)?
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  #2  
June 3rd, 2016, 04:34 PM
Super Moderator
 
Join Date: Mar 2012
Re: IRDA Plans

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. The agency operates from its headquarters at Hyderabad, Telangana

It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999

Insurance plans-

Kinds of Life Insurance plans:

Term Insurance

You can choose to have protection for a set period of time with Term Insurance.

In the event of death or Total and Permanent Disability, your dependants will be paid a benefit.

Whole Life Insurance:

With whole life insurance, you are guaranteed lifelong protection.
It pays out a death benefit so you can be assured that your family is protected against financial loss that can happen after your death.

Endowment Policy


An Endowment Policy is a savings linked insurance policy with a specific maturity date.

Money back plans or cash back plans:

Under this plan, certain percent of the sum assured is returned to the insured person periodically as survival benefit.
On the expiry of the term, the balance amount is paid as maturity value.

Children Policies:

These types of policies are taken on the life of the parent/children for the benefit of the child.

Annuity (Pension) Plans:

When an employee retires he no longer gets his salary while his need for a regular income continues.
Pension is therefore an ideal method of retirement provision because the benefit is in the form of regular income.
It is wise to provide for old age, when they have regular income during their earning period to take care of rainy days.

There are two types of annuities (pension plans):

Immediate Annuity


In case of immediate Annuity, the Annuity payment from the Insurance Company starts immediately.

Deferred Annuity

Under deferred Annuity policy, the person pays regular contributions to the Insurance Company, till the vesting age/vesting date.

Unit Linked Insurance Policy

Unit Linked Insurance Policies (ULIPs) offer a combination of investment and protection and allow you the flexibility and choice on how your premiums are invested.

Contact details-

IRDA

Head Office: Hyderabad
3rd Floor, Parisrama Bhavan,
Basheer Bagh,
Hyderabad - 500004,
Telangana, INDIA.


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