Life Insurance

Life Insurance

Life insurance is insurance for you and your family’s peace of mind. Life insurance is a policy which can be the basis of protection and financial stability after insured’s unfortunate demise. But now Life Insurance has also become a tool for savings and investments.

Types of Life Insurance

Term Plan

Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount over a specific period of time.

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Whole Life Plan

Whole life insurance is a life insurance policy that remains in force for the insured’s whole life and requires (in most cases) premiums to be paid every year into the policy.

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Endowment Plan

An endowment policy is a life insurance contract designed to pay a lump sum after a specified 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.

Policies are typically traditional with-profits or unit-linked. Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid in to it.

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Money Back Plan

Unlike other schemes of life insurance, you will be able to enjoy the money benefits on the completion of a particular period of policy. In case of the death of the insured, the nominee will be eligible to claim the entire sum insured without any deductibles.

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Pension Plan

Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.

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Child Plan

As a parent, your priority is your children’s future and being able to meet your children’s dreams and aspirations. Today providing a good education and establishing a professional career is expensive and will further increases as time goes. Marriages are also no longer a simple affair when it comes to finance. The event has become more expensive over the years and making it important for everyone to sit down and work out the budget well in advance.

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Loan Protection Plan

Loan Protection Plan is a protection plan that shields your family against the burden of your loan when you are not around. When you take this plan along with your loan, it serves like a safety net so that you are not worried about your family, and the repayment of your loan in case of untimely death. This plan provides a reducing cover that is matched to your liability with minimum paperwork.

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Group Insurance Plan

Group insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives, weaker sections of society, etc. It also provides insurance coverage for people in certain approved occupations at the lowest possible premium cost.

Group insurance plans have low premiums. Such plans are particularly beneficial to those for whom other regular
policies are a costlier proposition. Group insurance plans extend cover to large segments of the population including those who cannot afford individual insurance

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