Financial planning is the process of developing a personal roadmap for our Financial well being.
Save money effectively to make a better and brighter future.
Invest with confidence, reap the rewards
Create a secure future your child deserves.
Life Insurance investment is vital to secure our family, manage and handle financial debts, and become financially independent. Life Insurance is the preliminary phase towards providing financial security and managing huge expenses. Choosing a reliable life insurance plan is vital for achieving our long-term financial goals.The policy acts as a protective cover for those who lack financial stability. Moreover, life insurance is a helping hand for those who fall upon unexpected financial loss.
Listed below are the life insurance policy features that help the applicants understand the policy and choose the best one that suits their financial requirements.
Insured is the person who receives the coverage benefits specified in the insurance policy plan. The life of the insured will be secured with the life insurance plan.
A policyholder is the person who purchases the insurance policy by paying the premium amount. He or she owns the policy and gets the coverage benefits after the policy purchase.
The life insurance premium is the amount paid to purchase the life insurance policy plan. The premium amount can be paid monthly or yearly basis.
The term maturity denotes the sum of money paid by the insurance provider to the insured at the end of the policy tenure.
The sum assured in terms of life insurance is the sum of money received by the dependants from an insurance provider in the event of the sudden demise of the insured.
Policy term is the maximum period or duration the policy coverage will be active. The applicants can decide the policy term to choose the life insurance plan that provides maximum coverage to the dependants in the absence of the insured.
An insurance claim is a request provided by the policyholder to the life insurance provider or the insurance company to obtain coverage benefits or compensation to manage the financial expenses incurred.
The nominee is the person who receives the coverage benefits of an insurance policy in the absence or sudden demise of the insured. A nominee can be a spouse, sibling, child, or parent.
Life insurance plans are categorized into different types. Here are the popular plans offered by the top life insurance providers.
Term life insurance is affordable coverage, ensuring benefits to the nominee in the event of insured's sudden demise during the policy term
An endowment life insurance policy offers dual benefits to the insured such as lifetime insurance coverage and wealth creation.
Money-back policies offer liquidity benefits, providing coverage at intervals for achieving short-term goals.
Whole life policy offers lifetime coverage and ensures long-term financial protection to the insured and dependents.
The ULIP plan, with a five-year lock-in, provides lifelong coverage, merging insurance and investments. It secures the family financially while fostering wealth creation.
The type of life Insurance policy provides coverage benefits or financial protection to the insured after retirement.
Understanding the life insurance benefits offered helps the applicants choose a reliable policy to manage and handle their financial needs. Here are the benefits offered by a life insurance policy plan.
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Life Insurance tax benefits are provided for the premium paid. The tax benefits offered depend on the health insurance policy type and the policy term. The benefits can be claimed according to section 80 c of the Tax Exemption Act. For persons holding more than one life insurance policy, tax deductions of up to 1.5 lakhs will be accepted every year.
