Life Insurance

Provides you peace of mind so that your loved ones can be protected from financial losses, you have to be anything. Life insurance is not about you. It is about your family and financial security, if you are not around doing so, then you can promise them.

Life insurance can provide cash at the most when necessary. Depending on your needs and stage of life, you have to choose carefully what type of life insurance is best for you and your family.

 

 

Life Insurance

Which Type of Life Insurance should you Buy?

 

1. Term Life Plans

Term Life Insurance usually provides you with the highest cover at the cheapest price.

As the name implies, it is for a specific period, and in case of death, your nominated beneficiary is paid.

2. Savings Plans

The savings plan helps you to plan for your future with children's education, retirement or any other planned expenditure. At the end of the term (or investment term), the amount is paid back to you as a one-time sum. If you die, during the period, to keep your dream alive, a certain amount is paid to your family.

3. Whole of Life Plans

As the name implies, whole life (or permanent) plans provide you security for your whole life. Such a plan is guaranteed to pay on maturity

 

Frequently Asked Questions

What is Life Insurance?

Life insurance is a contract between the policyholder and the insurer or the assurance, where the insurer promises to pay the money (profit) to a specific beneficiary in return. Depending on the contract, other events such as terminal illness or serious illness may also start paying. The policyholder usually pays the premium, either as a regular or lump sum amount. Other expenses, such as funeral expenses, can also be included in profits.

Which are the traditional Life Insurance instruments available?

Mainly there are three types - Term Life Insurance, Whole Life Insurance & Savings Plan.

Should I buy Life Insurance policy even if my employer has already covered me under group policy?

Generally the amount of insurance cover provided by employers is guided by the employer's insurance requirement by terms of employment. This is the reason that, not often, there is not a match between the employee's insurance requirement and the employer's proposal. First assess your life insurance requirement, and then check that the cover under the group policy is sufficient or not. If it falls short of your requirement, then put it above with additional cover. Keep in mind that if your company is trying to cut costs or if you leave, you can no longer be covered. For that reason alone, it is prudent to buy a personal life insurance policy.