Which Life Insurance Plan is Right for You: Insurance helps a lot in any unwanted event in the future. Life insurance and health insurance are taken for this. When these insurances mature, good returns are also available. Apart from this, tax benefits are also available.
Get more information about the best life insurance plan through this Which Life Insurance Plan is Right for You article.
Which Life Insurance Plan is Right for You
Best Life Insurance Plan: A life insurance policy is a contract between an individual and an insurance company. In this contract, the insurance company provides financial protection to the policy holder in lieu of premium.
The policy matures on the death of the policy holder. After some time the insurance company pays the sum assured to the person’s family. There are different types of life insurance policies in the market as per the individual demands and needs of the policy holder. Here an attempt has been made to provide detailed information about Life Insurance.
Highlight Point of Best Life Insurance Plan
Which Life Insurance Plan is Right for You
Along with life insurance, you can secure several other financial goals. A life insurance plan helps in meeting various financial objectives of an individual and his family. Here we will tell about some goals of any person. A life insurance policy helps to fulfill that. These goals are as follows.
Financial security in case of death
For the punishment of children
For child marriage
To buy a house
Pension or regular income after retirement
How many types of life insurance are there?
Which Life Insurance Plan is Right for You: There are different types of life insurance. You can choose any plan as per your requirement.
Term Life Insurance Plan- This is a fully risk cover plan.
Unit Linked Insurance Plan- This plan is an opportunity to make investments along with insurance.
Endowment Plan- Insurance and Savings.
Money back- regular periodic returns with insurance cover.
Whole Life Insurance – Whole life coverage for the policy holder.
Plans for children- Children’s life goals like marriage and education.
Retirement Plan- For income after retirement.
Term Life Insurance Plan
Which Life Insurance Plan is Right for You: Term life insurance plan can be said to be the best type of life insurance. This gives you life cover, even without any savings or profit element. Term life insurance plans are the most affordable type of life insurance. Term life insurance plans have lower and cheaper premiums as compared to other plans.
Unit Linked Insurance Plan (ULIP)
Which Life Insurance Plan is Right for You: A unit linked insurance plan is a perfect blend of investment and insurance. A part of the premium paid for a unit linked insurance plan is used as insurance cover and a part is used to invest in various funds.
Depending on the risk taking capacity of the policy holder the policy holder can invest in various funds introduced by the policy company. The insurance company then invests the collected amount in various money market instruments like shares and equities.
Which Life Insurance Plan is Right for You: An endowment plan is a traditional life insurance policy. Which is a combination of insurance and savings. In an endowment plan, if a policyholder outlives the policy period, the insurance company also pays the maturity benefit to the policyholder. Apart from this, some endowment plans also offer bonuses from time to time. This bonus is paid on maturity or in case of death of the policyholder
Money Back Plan
Which Life Insurance Plan is Right for You: Money back life insurance plan has as a survival benefit. A portion of the sum assured is paid directly to the policyholder at regular intervals. In this way the policyholder can achieve short term financial goals.
Whole Life Insurance
Which Life Insurance Plan is Right for You: A whole life insurance plan offers life insurance coverage for the entire life or in some cases up to the age of 100 years. The sum assured is determined while buying a whole life insurance plan. A nominee is mentioned after purchase. In case of any unfortunate event they are also paid death claim and bonus if applicable.
Name of 10 major insurance companies of the country
|Company Name||Website Links|
|Life Insurance Corporation of India||Click Here|
|ICICI Prudential Life Insurance Co Ltd||Click Here|
|Bajaj Allianz Life Insurance Co Ltd||Click Here|
|SBI Life Insurance Co Ltd||Click Here|
|Reliance Life Insurance Co Ltd||Click Here|
|HDFC Standard Life Insurance Co Ltd||Click Here|
|Birla Sun Life Insurance Co Ltd||Click Here|
|Max New York Life Insurance Co Ltd||Click Here|
|Kotak Mahindra Old Mutual Life Insurance Ltd||Click Here|
|Aviva Life Insurance Company India Ltd||Click Here|
Top 10 Life Insurance Companies in India