Life insurance policy is one of the most essential things that a person should acquire in his or her lifetime. Earning members of your family should particularly get a top life insurance plan to help their dependents tackle the challenges of life in case of their sudden death.
To avail advantages of life insurance all you should do is pay a small amount of money every 12 months to your insurance provider. In the event of your death, your nominee would receive an amount called the sum assured. These funds can be used for the education of children, to pay loan or even to meet the everyday needs of life. Though life insurance can’t fill the emotional trauma of the family members of deceased, although it is quite valuable in making them capable of meeting the financial difficulties that can occur in the wake of a death.
Additional benefits of life insurance
Life insurance is viewed as a useful means of investment. Unit Linked Insurance Plans (ULIPS) are preferred amid people who may take a higher element of risk. You may take a policy that fits your need and even risk appetite. Additionally, tax saving is another good reason that a lot of people take insurance plan. According to section 80C, money paid as premium of life insurance policies is exempted from income tax close to the limit of Rs. 1,00,000 per year. Besides that, the proceeds from a life insurance policy on maturity also get tax exemption.
Sorts of insurance policies
Various types of insurance policies are available these days. You can compare life insurance and buy a policy that best meets your financial goals. Certain popular forms of insurance policies are mentioned below:
Term insurance in India
This kind of insurance policy is even known as the pure protection plan. Term Life Insurance is a clear-cut policy of which features simply the risk of death of the policyholder for a given time period. If the policyholder does not die during this stipulated time period, then no payment is made. Term Insurance is the lowest priced form of life insurance and even is ideal for those seeking to insure their life at minimum cost of premiums.
Experts feel that term insurance must be taken at an early age, as the premiums are lower. As it’s a pure risk coverage option, the policy can be taken by anyone regardless of their age, occupation or sex. Moreover, Term insurance must be taken for as long tenure as available from the insurance provider.
Best pension plan in India
Pension plans give you monetary security to policyholders during their retirement days. This kind of policy is considered crucial in today’s scenario whereby kids are increasingly moving away from the joint family structure and elderly have to look after themselves. A person needs to do pension planning during income earning years so as to get regular payments through retirement days. Under this plan, a policyholder gets Pension payments or annuities as long as he/she is alive. In certain policies, the pension is paid to the spouse or nominee even after the policyholder’s death.
Experts think that a person must take a person early in the career. However, just before choosing a policy it is advisable to make an evaluation of the pension amount you may require and the premiums you can pay for.
Best child plan in India
Child life insurance policy is quite helpful in securing your kid’s future. A policy can be taken by the parent of the guardian as early as when the child is three months old. Since the policy is began at an early age premiums are low. The policy covers the risk of the child’s life and the amount assured amount gets transferred in the name of the child once he/she is 18 years old. That amount of money can be utilized for child’s higher education, business ventures, marriage or else any other investment.
Selecting the best life insurance plan: To choose the best insurance policy you can take help of insurance comparison websites such as MyInsuranceClub.com. The websites allow you to compare prices from major insurance providers in India. You can compare insurance and also select a policy that best meets your requirement.
