What is Life Insurance?
Life Insurance is basically a security to your own life and your loved ones. Life Insurance is an agreement between the policy holder and the Insurer to pay a fixed lump sum amount on the death of the policy holder. These benefits also include the return of amount if the policy holder is suffering from Terminal Illness and the Critical Illness.
Why do I need Life Insurance?
Today the life is most unpredictable thing. Life itself includes if between Live and end. What if something happens to the head of the family who will financially help my loved ones?
The successful person is one who financially plan and secure his life and his family future together.
Life Insurance is basically required to give financial security to your family. If you are earning member of the family and god forbidden if anything happens to you who will secure your family? The answer is never know so better you secure your loved ones today itself.
Forms of Life Insurance:
Life Insurance is present in the market in various forms some are death benefit plan, Guaranteed return plan, and child education plan, retirement /pension plan, Market linked plan etc.
- Child Plan :
Child Plan is one which is basically brought into the market to facilitates and sure your Child future. These plans are made targeting Child Education, Financial security from any crises and Marriages. It is simply collecting small funds on a monthly basis and getting the best returns when you need it most at your Child right age.
- Retirement Plan :
It's an old age Insurance plan that gives you regular Income even after your retirement so that you can enjoy your old age independently. Pension plan facilitate you to get the lump sum payment at the age of retirement.
- Term plan :
Term plan is basically made to provide high sum assured at a low cost so that your loved ones get secure at minimum investment. It's a death benefit plan where if anything happens to a policy holder the total Insurance cover will be given to the Nominee.
- Investment plan :
It's a plan to park your amount you want to invest and get the best return with an additional benefit of Insurance. It's a Investment cum saving plan to ensure a better return.
- Market Linked Plans :
These plans are the one which are market linked and Invest your money in debt and money as per fund decided by you. It's a systematic investment plan with the life cover.