Term Life Insurance
A Term Life Insurance policy that offers financial protection to your family in case something happens to you. In your absence, the life insurance policy would provide a substantial sum assured to your family to help them stay financially independent.
Why Should You Buy Term Insurance Plan?
Term insurance plan in India bought early incur low premium charges. Moreover, the term plan does not include any waiting period clause which means that one is covered from the day of paying the first premium amount. Life’s uncertainties may manifest themselves as chronic disorders or sudden accidents leading to permanent disability or death. It is important to secure cover that helps your loved ones face the hurdles of life with essential financial support. If you have started working, it is important that you consider the idea to create additional financial support apart from your daily savings for your dependents. Buying a term plan is the best way to allocate a small part of your earnings towards availing prolonged monetary protection to family members dependent on your income.
Providing Much-Needed Protection to Your Dependents
- A Stress-Free Future
- Tax Saving
- Low Premiums for High Sum Assured
- Assured Death Benefits
- Rider Options
- Premium Paying Flexibility
- Return of Premiums Option
Endowment Plans
An Endowment Policy is a savings linked insurance policy with a specific maturity date. Should an unfortunate event by way of death or disability occur to you during the period, the Sum Assured will be paid to your beneficiaries. On your surviving the term, the maturity proceeds on the policy become payable.
Annuity or Pension Plans
An Annuity or pension plan is an insurance instrument that can be utilized to receive income post-retirement. A pension plan is the best instrument to plan the golden years of life.
Immediate Annuity
In case of immediate Annuity, the Annuity payment from the Insurance Company starts immediately. Purchase price (premium) for immediate Annuity is to be paid in Iumpsum in one installment only.
Deferred Annuity
Under deferred Annuity policy, the person pays regular contributions to the Insurance Company, till the vesting age/vesting date. He has the option to pay as single premium also. The fund will accumulate with interest and fund will be available on the vesting date. The insurance company will take care of the investment of funds and the policyholder has the option to encash 1/3rd of this corpus fund on the vesting age / vesting date tax free. The balance amount of 2/3rd of the fund will be utilized for purchase of Annuity (pension) to the Annuitant.
Unit Linked Insurance Plans
A Unit Linked Insurance Plan (ULIP) is an insurance product that combines life cover as well as investment.
The insurance provider invests the collected premium in various investment schemes and thereby helps customers to grow their money along with insurance protection
Four types of ULIP fund options:
Equity Fund
These are high risk avenues that allocate funds in shares. The expected returns from this kind of policy are high and are ideal for long term wealth creation.
Balanced Fund
Such a fund distributes a part of the premium toward high risk equity units and the rest toward fixed interest units. This has medium risk, because the high risks of the equity units are balanced by the lower risk of the fixed interest units.
Debt Fund
These invest the premium in corporate bonds, government securities and other fixed income instruments. As a consequence, these have medium risk.
Secure Fund ULIPs
This type of fund carries incredibly low risk. The funds are invested in instruments like cash and bank deposits. Returns from these plans are comparatively low.
Money-Back Plans
Money back plans the insured receives the certain percent of the sum assured periodically. On the expiry of the term, the balance amount is paid as maturity value. The life risk may be covered for the full sum assured during the term of the policy irrespective of the survival benefits paid.
Whole Life Plans
As the name suggests this plan offers insurance coverage throughout the life insured life. The coverage is offered only in the case where the amount of premium is paid. In the event of the death of the life insured the nominee is entitled to receive a certain sum of money as mentioned by the insured.
Children Plans
These types of policies are taken on the life of the parent/children for the benefit of the child. By such policy the parent can plan to get funds when the child attains various stages in life. Some insurers offer waiver of premiums in case of unfortunate death of the parent/proposer during the term of the policy.
