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There are numerous varieties of insurance policies under this space, like Term Life Insurance, Endowment Plans, Whole life plans, ULIPs (Unit Linked Insurance Plans), etc.
Term Life Insurance: premiums are paid to cover the life of the assured (insured person) and premium depends on the age and profile of the individual, term of the insurance, medical factors, etc.. At maturity, no amount is receivable and on the death of the person insured, the sum assured is paid by the Insurer.
Endowment plans: a fixed maturity amount (sum assured) plus guaranteed additions ( if any) and bonus ( if declared) are receivable from the Insurer ; during the term of the policy, the sum assured with add-ons is paid by the insurer upon death of the insured individual.
Money Back /Children Policies: Under this scheme, which is a variation of the endowment plan, certain sums of monies are paid out periodically by the insurer, which would be useful to the insured person to meet expenses of his children’s education, family expenses, etc,
Pension Plans: Premiums are paid over a period of specified time frame, and the applicant starts getting a pension amount post his retirement.
ULIP (Unit Linked Insurance Plan): This type of plan has become very popular in the recent past, as they offer much higher return compared to the traditional policies.
Points to Consider while choosing Insurance:
It is always better if the individual chooses to start taking insurance policies at an early age, as the premiums are lower for young ages.
While opting to choose ULIP type plan, you must be careful about choosing the type of Investment Pattern under the ULIP, as the same might adversely affect your rate of return on your investment also.
Choosing the right company, which offers personalized service is also very important, as insurance is a type of long term investment and making claims must be a simple procedure, without much complications.
Contact Us, right away, to take you through the various jargons of the insurance industry and to help you choose the right policy for yourself and your family.
Reach us to help you choose the right product for you and build financial freedom for your family.Because, by choosing the correct policy, you not only save money, but also make Money, With No Worry!
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