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Why Life Insurance
Looking for Investing in a Life Insurance product? But not sure exactly how it works?
Well this page is aimed to give you a complete understanding on how it works and what you need to understand to choose the products that suits you the best. As at every life stage, everyone has a set of primary needs that requires sufficient funds to fulfill them. This is where life insurance comes into the picture- as it offers tailor made products to cover every aspect at different stages of life.
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There is no doubt that life insurance is a must have for everyone. Hence its very crucial to have a complete understanding of the value a life insurance policy can bring in to your life and that of your loved ones.
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A life insurance policy is actually a contract with a insurance company. A lump sum amount is provided, in exchange for premium payments, known as the death benefits, to the nominees or beneficiaries upon the death of the insurer.
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While choosing a life insurance, the advisor will help you to map your needs & goals. This will help you pick out the options that suits you the best.
What Does It Offer?
Insurance has lot to offer in terms financial security and peace of mind. It ensures that your family is taken care of in your absence. It not only helps in providing coverage for all sorts of risks, but builds an opportunity to help you grow your investments. Life insurance is a long term investment tool that helps you meet future costs like children's education expenses, retirement expenses etc.
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There are plenty of life insurance plans available, depending on an individuals needs, many of these plans can also be customized to meet their likes.
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Types Of Insurance
Term Life Insurance
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The most affordable form of life insurance, premiums of plan under this category are cheap compared to other life insurance products.
The Sum Assured is paid out to the beneficiaries on the completion of the policy tenure.
Whole Life Policy
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As in the name, this type of policy covers an individual for his/her entire life. This type of insurance covers insurance and investment components.
The insurance part covers the nominee in the event of death of the policyholder and the investment component helps the holder to borrow or withdraw against
Types Of Insurance
Endowment Plan
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One main difference that Endowment Plans offer from term plans is the Maturity Benefit.
This type of plan pays out sum assured along with profits under both scenarios - death & survival. The profits that are availed in such plans are the result of investment in equities & debt.
Money Back Policy
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This type of policy gives out periodic payments over the policy term.
Incase of the death of the policy holder, the beneficiaries get the full sum assured and if the holder survives the policy term, he/she gets the balance amount (sum assured).
Types Of Insurance
Pension Plan
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Your pension helps you to maintain a middle-class standard of living, and retirement savings provides important supplemental income for unforeseen expenses. Lic pension plans. provide guaranteed, monthly income for life, which makes retirement security much more achievable for Indian's who have them.
Unit Linked Insurance Plans (ULIPs)
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As the name suggests, this plan is linked to the markets.
This type of plan are a variant of traditional endowment plan and pay out a certain sum assured on death or maturity, whichever is earlier.
Why Is It Important
Life insurance is of significant importance if you wish to protect your family or dependents from any economic hardship in your absence.
It's not an expense-many people think of it as one & choose to completely even consider its importance. It's an very essential tool that will help you build wealth and at the same time offer complete protection to you and your family.
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Single Individual
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Even if you have no immediate dependents relying on you financially, it doesn't mean that you don’t need a life insurance. There are many costs that you need to factor in and which needs additional income to fulfill them. Life insurance helps you meet such expenses while safeguarding your current income
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With Family
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Unexpected passing of an individual leaves a lot of void and the surviving members are left to cope with a lot of stress and trauma. And no matter what, expenses never ceases to exist; it just piles on- be it rent, childcare expenses, loans, etc. In such scenario, loss of income would cause an immediate financial hardship and your loved ones are left struggling. Nobody wishes this upon their family, hence life insurance needs to be seriously considered.
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