LIFE INSURANCE
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum.
Term Insurance
Term Plan is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active - or in force - then a death benefit will be paid.
Term insurance is initially much less expensive when compared to permanent life insurance. Unlike most types of permanent insurance, term insurance has no cash value.
Child Plan
Child Education Insurance Plans are insurance plans that take care of your Protection and Saving needs for securing the future of your children. In case of death of policyholder in a stipulated period of time, the insurance company also waives the future premium payments* for the remaining policy term to ensure that your children's future is always secure. There are several Insurance Companies offering various plans to secure the need of Child Education and Future Life. It can also be used as collateral for an education loan.
Child plan is a mixture of investment and insurance that usually aids in financial planning for Childs’ future needs and requirements.
Retirment Solution or Pention Plan
Planning for the old age when the ability to earn diminishes while the expenses to live a dignified and healthy life start rising is of utmost importance. Pension plan is an investment tool that helps you to save money for your post-retirement life. In these plans, insurance company pays you monthly income for a pre-decided period of time to meet your financial requirements apart from paying a substantial amount as lump sum. This ensures you have a steady income flow even during your old age and you will never be dependent on others for your monetary needs. Investing in a pension plan is to give yourself a gift in the old age: a gift in the form of money that will help you to meet routine expenses as well as manage any medical emergencies with your head held high! We are here to help you choose the best pension plan!
Benefits of Pensions Plans:-
Income Guarantee After Retirement: These plans offer you guaranteed income post retirement, when your salary is not available to you. You can avail this income either monthly/quarterly/half-yearly or annually depending on your requirements. Whether you buy deferred annuity plans or immediate annuity plans, the income is secure and guaranteed.
Takes Care of Your Family With Death Benefits: Not only a pension plan pays you regular income when you’re alive, it also ensures that your nominee receives death benefits in case you pass away. These benefits can also include any bonuses, if applicable. Your family can use the lump sum death benefit pay-out for many major expenses.
Avail Tax Benefits: These plans bring with them an array of tax benefits. While the premiums paid towards life insurance policies are covered under Section 80C of Income Tax Act, the maturity/death proceeds are also tax-free under Section 10(10D).
Endowment Plan
An Endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness
There is an amount guaranteed to be paid out called the sum assured and this can be increased on the basis of investment performance through the addition of periodic (for example annual) bonuses. Regular bonuses (sometimes referred to as reversionary bonuses) are guaranteed at maturity and a further non-guarantee bonus may be paid at the end known as a terminal bonus.
Money back
The money-back policy provides life coverage during the term of the policy and the maturity benefits are paid in installments by way of survival benefits in every specified interval. In the event of death within the policy term, the death claim is made up of full sum assured without deducting any of the survival benefit amounts already paid. The bonus is also calculated on the full sum assured. The premium paid is tax-deductible under section 80C of Income Tax Act 1961.
ULIP
ULIP (Unit Linked Insurance Plan) Plans are insurance plans that offers risk cover as well as investment in some qualified investments such as Bond Fund, Debt Fund, Equity Fund, etc. The investment in this plan is subject to the market risk.
Important Note: - The contents available on this site is for General awareness/Knowledge only. The actual canvases depend upon the cover opted for and subject to terms and condition of the policy issued by respective Insurance Companies.
