A life Insurance policy may be a contract (contract) made between a private and an insurance provider, during which the insurance firm pays the policyholder a monthly fee/fee (called premium). Provides financial protection.
Depending on this arrangement, the insurance provider pays a payment to the person or his family after the policyholder dies or, if the policy matures, after a while. There are various sorts of life assurance policies within the market suitable to the individual demands and wishes of the policy buyer.
Which financial goals (financial goals) are you able to secure with life assurance (Life Insurance)?
- Financial protection within the event of death
- Education for youngsters
- Marriage of youngsters
- Buy a house
- Pension or regular income (income) after retirement (retirement)
What are the various sorts of life insurance?
- Term life assurance Plan – Pure Risk Cover
- Unit Linked Insurance Plan (ULIP / ULIP) – Insurance also as Investment (Investment) Opportunity (Opportunities)
- Endowment Plan – Insurance and Savings
- Money-back – Periodical interests with insurance (periodic returns)
- Whole life assurance (Whole Life Insurance) – Whole Life Coverage for all times Assured / Whole Life Coverage for Insured
- Child Plan (Children’s Plan) – Children’s life goals (Jeevan Dhyaya) like education and marriage
- Retirement (Retirement) Plan – Income after retirement (Income)
What are the advantages of life assurance (life insurance) plan?
After knowing about the meaning and sort of life assurance (life insurance), you ought to realize the three major benefits of taking a life assurance policy. the three major benefits of a life assurance policy are:
- future saving (long term savings)
- Investment Options / Investment Options