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Life Insurance
Life insurance is the best way to create wealth & secure the family’s future in the event of the unfortunate death of the policyholder. Life insurance can be availed either through “Term plans” that offer life cover for family’s protection or through “Investment Plans” that help in wealth creation with financial security to meet individuals’ financial goals.
What is Life Insurance?
Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.
The life insurance application must accurately disclose the insured’s past and current health conditions and high-risk activities to enforce the contract.
Types of Life Insurance in India
Many different types of life insurance are available to meet all sorts of needs and preferences. Depending on the short- or long-term needs of the person to be insured, the major choice of whether to select temporary or permanent life insurance is important to consider.
- Third-party insurance policy: Third-party insurance policy offers liability cover. It uniformly applies to all vehicles, including motorbikes, scooters, private cars, commercial vehicles, etc.
- Comprehensive motor insurance policy: This type of motor insurance policy covers both own damage of insured vehicle as well as third party cover. This policy applies to all the motor bikes, scooters, private cars, and commercial vehicles.
Savings Plan
Savings plans are financial products designed to enable disciplined savings while delivering steady returns that help you achieve your financial goals. As they are primarily a life insurance product, these plans also ensure the financial security of your loved ones in case something happens to you.
GLT- Group Life term
A Group term plan provides an ideal cover to protect the dependents of your employees from any adversity. A group term life insurance plan helps to cover any kind of death of the insured person and can help maintain a healthy retention ratio for the employer.
ULIP- Unit Linked Insurance Plan
ULIP is an insurance product that combines insurance and investment benefits in a single plan. ULIP, or Unit Linked Insurance Plan, offers life cover which is a major benefit over the traditional wealth creation tools. It not only helps your money grow but also protects your loved ones’ future from life’s unexpected turns.
Term Plan
Term insurance is also called a term life insurance plan, which provides high life cover at low premium rates. A term plan offers financial coverage to the policyholder’s family against a fixed amount of premium for a specific period of time i.e. policy ‘term’. In case of the unfortunate demise of the insured person during this term, the chosen cover amount is paid to the nominee as a death benefit.
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Frequently Ask Questions
Term life insurance provides death benefit protection without any expensive "cash value" or investment component add-ons.
Yes, Insurance companies provide various options for premium payment. The premiums can be paid on a monthly, quarterly, half- yearly & yearly basis. Some policies are also available with the feature of a one- time premium payment.
Your health insurance will either pay your hospital bills directly if opted for the cashless facility or it will reimburse any payment made by you towards medical expenses incurred due to an illness or injury.
Life cover is useful to ensure the financial stability of your family in case you are unable to earn due to an accident or illness. The policy also pays the benefits to your beneficiaries in case of an untoward event. Procuring such coverage ensures that your family can to meet their expenses and sustain their lifestyles even in your absence.
Learn who insurance will benefit and how it fits into life's different stages.
You should review your life insurance coverage at least once every 5 years or when you experience a major life event.
