Why Life Insurance
Life insurance provides financial security for loved ones in the event of the policyholder's death. The death benefit can be used to cover funeral and burial expenses, pay off debts, or provide for the family's future financial needs. Choosing the right life insurance policy is an important decision. There are many factors to consider, such as the policy's death benefit, premium payments, and terms. It is important to compare different policies and choose the one that best meets the needs of the policyholder and their beneficiaries.
A life insurance policy typically covers the policyholder's death, but it can also cover other events such as terminal illness or critical illness. The policy's terms will determine what events are covered and how the death benefit is paid out.
A life insurance policy is actually a contract with a insurance company. A lump sum amount is provided, in exchange for premium payments, known as the death benefits, to the nominees or beneficiaries upon the death of the insurer.
What Life Insurance Offer?
Most life insurance policies offer a death benefit, which is a lump sum of money paid to the beneficiaries of the policyholder upon their death. Some policies also offer living benefits, which are payments made to the policyholder while they are still alive. These benefits can be used to cover expenses such as long-term care or medical bills. Life insurance is a long term investment tool that helps you meet future costs like daughter marriage plan, retirement expenses, children education plan etc.
There are wide range of life insurance plans available, depending on an individuals needs, many of these plans can also be customized to meet their goals.
Types Of Schemes/Plans
Tax Benefit Plan
Tax saving investments are central to financial planning and growth as they offer tax saving under Section 80C and 80CCC of the Income Tax Act of India – while also acting as a backup plan for unexpected expenses and emergencies.
Lifetime Income & Protection Plan
Retirement years are surely the golden phase of life and anyone would wish to do all those things,which they had been planning for long or had not given it much of a thought or priority. Retirement is the golden phase where in you would want to everything and not worry about the financial expenses.
Child Higher Education Plan
Child Education Insurance Plans are insurance plans that take care of your protection and savings needs for securing the future of your children As a parent, one of your most important goals would be to make sure that your children have a bright future and lead their lives comfortably.
Happy Retirement Plan
The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future, inflationary pressures as well as healthcare costs. It is not about the quantity, it is more about the quality and your future needs.
Money Back Policy
A money back policy is a type of life insurance product that provides the dual benefit of investment and protection. With a money back policy, you can receive returns at regular intervals during the policy term. A money back policy also provides a life cover that keeps your loved ones financially protected in case of an unfortunate event.
Daughter Marriage Plan
Planning for children’s marriage starts when the children are young You must save and invest as early as possible to give the money the time to grow into a large corpus. You must choose an investment that offers return above inflation over the long term.
Term Life Insurance
Term insurance is a type of life insurance that provides coverage for a specific period of time or years, i.e., a term. This type of life insurance provides a financial benefit to the nominee in case of the unfortunate demise of the insured during the policy term. Term Insurance policies provide high life cover at lower premiums.
Endowment Plan
Endowment plan is a life insurance policy which provides you with a combination of both i.e.: an insurance cover, as well as an savings plan. It helps you in saving regularly over a specific period of time, so that you are able to get a lump sum amount on policy maturity, if the policyholder survives the policy term.
Whole Life Policy
Are one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Whole life insurance is the original life insurance policy, But whole life does not equal permanent life insurance as there are many types of permanent life.
Unit Linked Insurance Plans (ULIPs)
ULIP is the acronym for Unit Linked Insurance Plan.
A ULIP is the combination of investment and insurance. Within this plan,the policyholders can make the premium payment annually or monthly. One part of the premium amount is used to provide a life insurance cover and the remaining sum is invested.