Insurance brings together people with similar risk profiles and these people then pool together the funds to meet the expenses that will arise if untoward incident occurs with anyone in the group.
What is life insurance
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
Why life insurance
Life insurance helps in compensating the financial loss if an earning member of the family dies and helps the family maintain the same standard of living which they were enjoying when the insured person was alive.
Types of life insurance
Term Insurance Plan
This is the purest form of Life Insurance. Term Assurance Plans are those plans where the sum assured is paid out to the nominee if the insured person dies before the expiry of the term of the policy. There is no maturity benefit under these plans. Due to this feature, the premium amount is very low.
Endowment plan is a combination of insurance and investment. The policy holder receives an assured amount at the end of the policy term plus bonuses. If, due to unfortunate circumstances, the insured person dies during the term of the policy, the sum assured and bonuses go to the nominee.
Money Back Plan
Money-back plans are insurance products which pay out pre-defined benefits at periodic intervals during the entire term of the policy. However, in the case of the unfortunate death of the insured person, the total sum assured (100%) and bonuses will be paid. For instance, in a money-back plan with a 20 year term, 25 per cent of the sum assured could be paid out after every five years (i.e., at the end of the 5th, 10th and 15th year) and the remaining 25 per cent of the sum assured along with the bonus, if any, would be paid out at the end of the 20th year.
Pension plans are designed to accumulate your savings during your earning years and thereafter provide you with a regular income after retirement so that you don't have to depend on your children or society.
You have the flexibility to choose the retirement age and the mode of pension
ULIP (Unit Linked Insurance Plan)
Unit linked insurance plans (ULIPs) combine the need of life insurance protection along with wealth creation. In ULIPs, a part of the premium goes towards providing you life cover & the remaining portion is invested in fund(s) selected by the policy holder as per his goal and risk taking capacity.
ULIP’s differ with conventional insurance plan in a significant way as they provide host of choices and flexibility to the policy holder.
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