About Life Insurance Policies
Life is uncertain, and every single earner of the family tries his best to fulfill his family needs. But, a time cannot remain always same. An unnatural incident can occur and can hamper the smooth functioning of life.
With the fear of this, some of the people plan the future of their family. Opting for Insurance Policies is one of the most important decisions that a person can look for.
When you plan to opt for Life Insurance Policies, you must make sure to look for the best package that can suit you and your family.
Life Insurance Policies vary from person to person. These policies can be categorized into segments namely customer segment and benefits of coverage. Under customer segment, child insurance plans, retirement plans, investment plans are covered. On the basis of benefits plans covered are endowment policies, whole life policies and term life insurance plan.
Different insurance and financial institutions are offering different policies that are listed below:
Term Insurance Plan:
A kind of plan that will cover the risk of your death for the period of your plan is known as Term Insurance Plans. In this plan, you will have to pay the premium amount year after year.
In case if you die before your plan tenure, the insurance sum known as Sum Assured will be credited to your policy nominees. On the other hand, if you do not die within policy you will lose the entire premium amount you have paid.
Whole Life Insurance Plans:
This endowment plan is different from Term Plan because it offers insurance cover till 70 Years, but the whole life insurance plan provides insurance cover until your death. It provides an opportunity to the person to pay premiums till a certain age known as maturity age.
An investment option that helps you to set up an income source in your retirement age is known as pension Plan. For this plan, you will need to give away your savings to the insurance company which will invest you savings after charging a nominal fee.
Child Insurance Plan:
Children are the most precious and valuable assets of every person in this world. By availing Child Insurance Plan, your child can enjoy various benefits like maturity and death benefit.
This child plan with provide the enough financial support to your child when educational expenses are too much difficult to afford in the next coming years.
A kind of Insurance Policy that assures the policy holder a lump sum amount to fulfill your and your family expenses is known as Investment Plan. It is designed to meet all of the short term and long term financial needs.
Thus after evaluating above plans you can have a better idea to select the best insurance deal that suits you and your family best.
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