The term plan may also cover hospitalization charges and critical illness treatment, giving you a comprehensive protection package. The payouts from life insurance can help to pay the bills for the education of your children, as well as expenses for their wedding or medical costs if any.
The significance of having a life insurance is to avail the "peace of mind" that it brings along. However, having an adequate amount of life insurance effectively sets your mind free of some important questions like:.
Traditional Life Insurance plans offer multiple benefits in terms of life cover and returns, thus providing safety and security to the insured. These policies are considered risk-free. This is because they provide a fixed benefit Cover Amount in case of death of the insured person or at end of the term. Following are the three types of Traditional Life Insurance plans:.
Term policies are considered largely risk-free, low cost and usually with the highest coverage. Let us understand the plan with an example:. The policyholder will receive a lump sum amount if he or she survives until the date of maturity of the policy.
These plans are great if you are saving for a big purchase. In a money back policy, the customer gets a certain percentage of the sum assured as guaranteed payouts at fixed intervals.
In short, money back plans are endowment plans with liquidity. As these products are linked to capital markets, they may have the potential to deliver better returns than traditional plans. Life, as we know it, can throw a surprise at any moment.
Surprises are welcome as long as they are pleasant. Rude surprises completely take us by the hook! A heath emergency, an accident, or sudden death — these are some eventualities that you and your family must always be prepared for. That is where the importance of life insurance lies. Here is what our delighted customers have to say about their online buying experience.
Life Insurance - Meaning Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. In some policies, you are paid an amount called Maturity Benefit at the end of the policy term. There are two basic types of Life Insurance plans -. Click here to know more about different types of Life Insurance Plans.
In today's era, having a life insurance policy is a must for every individual as it is one of the best ways to secure one's future along with their loved ones. There are many different types of life insurance policies available in the market.
However, before choosing one, it is important to understand how a life insurance policy works. Let us look at an example to understand how life insurance works:.
Life insurance not only covers the risk arising due to an unfortunate event, but also gives you additional benefits like tax benefits, savings and wealth creation over a period of time. The right life insurance plan from a trusted company can help one get long-term risk cover plus savings, i. All due premiums in the policy have been paid and the policy has been active for a continuous period 3 years.
Interest shall be at the bank rate that is prevalent at the beginning of the financial year in which death claim has been received. All rights reserved. Customer helpline number - Timings — A. Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale.
Toggle navigation Search. Employees Branch Sales Former Employees. Login customer employee advisor corporate. Buy Online meet advisor. Know More meet advisor. View All Plans. What is Term Insurance? What is Health Insurance? What are ULIPs? Insurance companies also utilize deductibles - the amount of money you have to pay out-of-pocket before insurance kicks in with the rest, and co-pays, or the portion of coverage you have to pay before insurance covers the remainder.
Many types of insurance have qualifiers that affect eligibility and premiums. For example, if you are 95 years old and in poor health, a life insurance or health insurance policy may not be available -- if it is, you will be required to take a physical exam and will likely be charged very high premiums.
Insurers are, after all, trying to mitigate their own risk in covering you. Likewise, if you have a terrible driving record, with numerous collisions and citations, auto insurance will cost you significantly more than someone who has never had an accident. For best results, shop around for the best insurance prices by requesting quotes from at least three insurance companies, and compare their rates and coverage options to find what suits your needs. Lisa McQuerrey has been an award-winning writer and author for more than 25 years.
Types of Skills Required in Insurance Jobs. Life insurance : pays cash policy benefits to your survivors in the event of your death. Car insurance : pays off repair costs if you damage your own vehicle, or damage another driver's vehicle or cause bodily injury to another.
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