A life insurance policy provides financial protection wherein the insurance company guarantees to pay a certain amount to the nominated beneficiary upon the policyholder’s demise during the term of the life insurance plan. Here the policyholder pays premium towards the insurance on a regular basis.
Term insurance is the simplest and most affordable form of life insurance. Term plans provide peace of mind by ensuring that the insured person family is financially secure and independent, in your absence. When an individual person is insured, they pay a specific premium amount at fixed intervals during the policy term. In the event of an unfortunate demise (of the insured person) during the policy term, nominees will receive the ‘Sum Assured’.
Term insurance is a form of life insurance that is active for a fixed period of time (popularly referred to as the term). These plans are easy to understand and provide financial protection that the family will need if person insured is no longer around.
New age term plans provide additional protection through optional benefits like Critical Illness Cover and Accidental Death Cover.
This is the most basic, simple form of term insurance where the sum assured it is constant throughout the policy tenure, and benefits are paid to the nominee in the event of death of the person insured.
These type of Term plan comes with a maturity benefit wherein the total premium paid is returned to the person insured if she/he survives the policy tenure.
In these plans, the policyholder has the option to increase the sum assured on annual basis during the policy tenure, while maintaining the premium amount at the same value. Due to this reason, the premium for these plans is usually on a bit higher side as compared to level term plans.
In this type of term plans, the sum assured keeps on decreasing every year in these plans to meet the decreasing insurance requirements of the life assured. This kind of plan is helpful to get the cover in cases where the policyholder has taken a home/personal loan and is paying an EMI towards the same.
These plans come with an option wherein the policyholder can convert these plans into any other type of plan at a future date. For instance, a term insurance can be converted into an endowment plan, a whole life insurance plan, etc. after the specified number of years.
This type of plan comes with rider options such as accidental death cover, critical illness cover, waiver of premium etc. which can be purchased along with the normal term plan by paying a small additional amount.
Life cover, which is an integral part of a life insurance policy, protects the policyholder for a specific term or for the entire life.
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A life insurance policy acts as a road map for meeting your financial needs across different stages of life.
Life insurance helps in saving and building wealth. It is a systematic way to save financially and take care of future plans like a child’s education, marriage, retirement etc. Therefore, it provides the dual benefits of savings as well as protection.
Life insurance companies offer plans customized for different stages of life. Every family has certain goals which require thorough planning. These goals may include planning for kid’s education, buying a house, retirement planning, etc.
The primary and the most important advantage of a life insurance policy is providing a life cover. The insurance company is liable to pay the life cover to nominee in case of any unfortunate event. This life cover ensures to keep the insured and insured’s family secured always in an unfortunate event.
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