Life insurance policy:
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Life insurance is a contract between an insurer and a policyholder, in which the insurer guarantees payment of a death benefit to the named beneficiaries upon the death of the insured. The purpose of a life insurance policy in India is to provide financial protection to the family members after the death of an insured. Everyone knows why life insurance is important, but many of us choose to ignore the reality of what would happen if we were to die suddenly without proper protection. It is essential for applicants to analyze their financial situation and determine the standard of living needed for their family members before purchasing a life insurance policy in India. The policyholder has to pay a premium, either regularly or as one lump sum.
Types of life insurance policy:
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Term Insurance: Term insurance is a life insurance policy in India offered by an insurance company that offers financial coverage to the policyholder for a specific period of time.
Unit Linked Insurance Plans: These are unique insurance plans which are basically a mutual fund and term insurance plan merged into one.
Whole life: Whole life insurance policy in India provides lifetime coverage for a set premium amount.
Endowments: Endowment plans pay out the sum assured under both scenarios - death and survival
Money back: Money back plan is an investment plan which provides life insurance cover against the death of the policyholder along with periodic returns as a percentage of sum assured.
Policy for Child: Child plans help to build funds for a child’s education and marriage.
Importance of life insurance policy:
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| Source Google |
Whether it's for replacing lost income, paying for your child's education or making sure your spouse gets the much-needed financial security, life insurance policy in India could save the day for your family members. It would help you achieve your long-term goals such as buying a home or planning your retirement. You could save taxes with insurance policies irrespective of what plan you buy. Death is unavoidable. In the face of tragedy, the least you can do for your family is to secure their financial future. Even if it is a small policy, you know that you've done all you can to help them tide over difficult times. With a life insurance policy in India plan, you can ensure you have a regular stream of income every month. A life insurance policy will ensure that your children can go to college, buy a home and even pay for their wedding.
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