Life Insurance
Life insurance in India is a financial product that provides financial protection to the policyholder’s beneficiaries in the event of the policyholder’s death. It helps ensure that loved ones are financially secure after the policyholder is no longer there. Here’s an overview of life insurance in India:
Term Insurance
- Provides coverage for a specific term (e.g., 10, 20, 30 years).
- Offers a death benefit if the policyholder passes away during the term.
- Generally, the most affordable option, as it does not accumulate cash value.
Whole Life Insurance
- Covers the policyholder for their entire life.
- Accumulates cash value over time, which can be borrowed against.
- Typically more expensive than term insurance.
Endowment Plans
- Combines life insurance with savings.
- Provides a lump sum amount at the end of the policy term or in the event of the policyholder’s death.
- Useful for long-term savings goals.
Money Back Policies
- Offers periodic payouts during the policy term while also providing a death benefit.
- Aimed at individuals looking for both insurance and regular returns.
Unit Linked Insurance Plans (ULIPs)
- Combines life insurance with investment.
- Part of the premium goes toward life cover, while the rest is invested in market-linked instruments.
- Offers potential for higher returns but comes with investment risks.
Child Plans
- Designed to secure a child’s future.
- Offers a lump sum amount at a specified age or in the event of the policyholder’s death.
Life Insurance Benefits
Financial Security
Tax Benefits
Long-term Savings
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