A life insurance policy is a contract made between an individual and an insurance provider, in which the insurance company pays the policyholder a monthly fee (called a premium). Provides financial security.
Based on this arrangement, on the death of the policyholder or, if the policy matures, after some time,
the insurance provider pays a lump sum amount to the person or his family. There are different types of life insurance policies in the market to suit the individual demands and needs of the policy buyer.
What financial goals can you secure with life insurance?
Life insurance plans help in meeting various financial objectives of an individual and his family.
Some of the goals that a life insurance policy helps an individual achieve are:
Financial protection in case of death
Education for children
marriage of children
Buying/Owning a Home
Pension or regular income after retirement
With the help of life insurance plans, you can achieve some financial goals. Life insurance plans are quite versatile.
You can plan for the life goals you have set and align your insurance to help you achieve them,
Tailored to an endowment plan (traditional or market linked) You can use the corpus to pay for a house in future.
Income
With the help of life insurance plans, you can achieve some financial goals. Life insurance plans are quite versatile. You can plan for the life goals
you have set and or market linked) You can use the corpus to pay for a house in future.
What are the different types of life insurance?
Since you know what life insurance is, now you should know about the major types of life insurance plans:
Term Life Insurance Plan – Pure Risk Cover
Unit Linked Insurance Plan (ULIP) – Investment opportunity along with insurance
Endowment Plan – Insurance and Savings
Money Back – Insurance with Periodic Returns
SHAKE EFFECTWhole Life Insurance – Whole life coverage for the life assured/whole life coverage for the life assured.
Child Plan – Children's life goals like education and marriage
Retirement Plan – Income after retirement
Let's delve further and understand the nuances of each life insurance plan.
1. Term Life Insurance Plan
Term life insurance plan is the purest form of life insurance.
It provides you life cover with no savings or profit elements. Term life insurance plans are the most affordable type of life insurance
as the premiums are much cheaper than other life insurance plans. This is the purest form of life insurance.
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