Life is the gift of god. We work hard to earn lot of money. It is imperative to save huge amount to fulfil your desires. Life insurance is the best option and is a contract between policyholder and insurance company.
Why Life Insurance?
Life insurance is an integral part of everybody’s life. Your financial position and coverage can be taken care in a systematic manner. Life insurance is fast creating waves in the Indian financial world.
Advantages Of Life Insurance:
Life Insurance offers various advantages to the policyholder like:
Liquidity: Most of the insurance company offers plans, to take care of any emergencies.
Flexible In Nature: Insurance plans are flexible in nature and products would consist of Unit Linked Plans, offering asset allocation, having risk appetites, and premium payments.
Broad Options: An investor will try to take a plan, suiting his/her requirements in a logical fashion. The huge asset allocations will be done in a Unit Linked Plan.
Specific Goal: A good insurance policy is ideal in fulfilling goal of the policyholder. It will play a vital role in effectively using the funds in a logical fashion.
Ultimate Security: A good life insurance is pivotal in providing good security to people from various walks of life. It is Ideal for middle class and upper middle class of the people.
Disadvantages Of Life Insurance:
Life Insurance comes with some negative aspects like:
- Higher the benefits, higher the premium
- Once you discontinue life insurance plan, you gain nothing
- All Insurance companies are not genuine
- Some terms and conditions are very confusing
Types Of Life Insurance:
Many types of Insurance are present and some of the types of the insurance policies and procedures In India are given below as follows:
Money Back Policy Insurance: It is one of the types of life insurance, where in policyholder receives some amount at regular intervals. Nominees will get the complete amount, when the policyholder dies.
Term Life Insurance: Insurance Company will pay some amount to the nominee, during the death of policyholder. Policies are available for
- 5 Years
- 10 Years
- 15 Years
- 20 Years
- 30 Years
Slowly term life insurance is getting popular in India. Premium on these insurance policies are very less compared to other insurance policies.
Permanent Life Insurance: Most of the money, paid as the premium is invested in policies. It plays a vital role in earning interest on the amount, avoiding the taxes. Furthermore, your individual situations and standard of living must be considered.
Annuity/Pension Schemes: Various funds and the pension schemes are introduced to make the policyholder pay premium through instalments. Investor will receive amount from certain date onwards. After death of the investor, the amount invested is returned along with some additional increments.
Remember, it’s your life. Life is very precious; secure your life today for a brighter tomorrow.
For More Information
Give Us a Missed Call On 022 – 62116588
(Or) Download Our Money Mindz Financial Freedom App
(Or ) Visit : http://www.moneymindz.com/