What is the difference between guaranteed basis and non-guaranteed basis life insurance?
Take a look at the illustrations - they should have a "caveat" similar to this. Guaranteed Contract The guaranteed Accumulated Value is equal to the net amount of premiums accumulated Values and Benefits: at the minimum guaranteed interest rate of 2.00% for ten years since receipt of premium and 3.00% thereafter. The Withdrawal Value is equal to the Accumulated Value, less any applicable Withdrawal Charges. Non-Guaranteed Contract Values and Benefit: The non-guaranteed portion of the illustration assumes higher interest rates than guaranteed. Each premium payment assumes interest is credited at 3.50% (with an interest rate bonus of 3.75% that will be credited for the first year only). This is not likely to occur. Actual results may be more or less favorable than those illustrated. Interest rates illustrated will not be less than the Minimum Guaranteed Interest Rate at any given duration. The non-guaranteed Accumulated Value is equal to the net amount of premiums accumulated at the interest rates described. The Withdrawal Value is equal to the Accumulated Value, less any applicable Withdrawal Charges.
GAP (guaranteed asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purchased through the auto dealership or leasing company at the time of the initial purchase or lease. It's purpose is simple: If your car is totaled, gap insurance will cover the difference between what your insurance company says your car is worth (actual cash value) and what you still owe on…
A Bank is an organization that provides banking services like bank accounts, credit cards, loans etc. to the customers. Whereas, an Insurance Company provides Insurance. The main difference between a bank and an insurance company is the fact that it is not a bank. It provides insurance services to the citizens of India and it does not provide services like bank accounts, credit cards etc. to customers