Life Insurance

Life Insurance is a contract between a policy holder and an Insurance company. Life Insurance protects an individual or his/her family when their earnings are less or any death in family. An Insurance company does promise to pay a sum of money and in return policyholder pay premium to company

    Types of Life Insurance Policies

    Types of Life Insurance Policies

    Life Insurance divided in 5 categories those are:
    1.Whole Life Insurance   Whole Life Insurance policies are taken for the entire life. In these policies premium are paid on an annual basis since policy lasts. A certain amount is paid to the nominee if the insured dies. The policyholder can withdraw the policy or borrows against it anytime and maturity period for this policy is 100 years. If the insured person lives long and pass the maturity age than policy becomes matured endowment.
    2.Endowment Plan – Under the endowment plans lump sum paid to nominee once the policyholder dies or when the policy matures.
    3.Money Back Plans – The money back Insurance plans work like an investment instrument for policy holder that produces good financial returns in future for various purposes. A money back policy gives regular pay-outs and ensures a stable source of income to help policyholder.
    4.Term Life Insurance  Term Insurance or Term Life Insurance plans provide fixed payment over a period of time which is called term period. Once the period ends the policy holder can withdraw the policy or extend it.
    5.ULIPs  ULIPs are integrated financial products those have quality of Insurance as well as investment. These policies are very flexible which a unique feature. In this Insurance plan policy holders take benefit of Insurance and various investment plans like Stocks, Bonds and Mutual Funds etc.
    Who provide Life Insurance – Life Insurance companies provide life Insurance like LIC, Bharti Axa, ICICI and many more.
    How to apply for Life Insurance – You can apply online or by visiting their branch offices.

    Benefits of Life Insurance

    • Life Insurance provides you life cover so you and your family are protected from unfortunate event.
    • Life Insurance provides you death cover which protect your family.
    • Term Insurance is the best plan of Life Insurance where you get sum assured on completion on term.
    • Life Insurance also provides tax benefit up to 100000 INR.
    • Life Insurance also provides you loan facility against your policy.