Life insurance coverage can assist your family meet their financial demands after your unexpected death. It pays off debts and supports their future goals, like as schooling or retirement. Before purchasing a life insurance policy, review your finances to determine the appropriate amount of coverage. This manner, you ensure your family’s financial security. There are multiple types of life insurance available to meet various financial demands

 

Benefits of life insurance

                                               Life Coverage                                   Tax Benefits                                                     Flexible Premium payment options                                                                Same Day Claim Processing

Life Coverage                  Tax Benefits*                     Flexible Premium payment options                Same Day Claim Processing

 

Types of Life Insurance

Term Insurance

Term life insurance

Term life insurance provides coverage in the event of death. You must pay premiums for a set period of time, and if an awful event occurs, your nominee will receive the sum promised. Term insurance is the most basic type of life insurance, hence the premiums are extremely low. Term insurance can also be purchased with add-on riders, such as

1.Term Insurance with Critical Illness rider & 2.Term Insurance with return of premium

1.Term Insurance with Critical Illness rider

A critical illness rider can be added to your term insurance policy for a small additional price. If diagnosed with a critical illness, you can use the sum assured from your critical illness insurance to pay for treatment, while your base policy’s life cover remains unchanged.

2.Term Insurance with return of premium

In the event that you live out the duration of your policy, you are eligible to receive a return of premiums from your term insurance provider.

ULIPs

Unit Linked Insurance Plan (ULIP)

A Unit Linked Insurance Plan (ULIP) is a form of life insurance policy that includes both life insurance and investment options. ULIP plans allow you to invest in many asset classes, including equity, debt, and money market funds, based on your risk tolerance. ULIPs have a 5-year lock-in term, but because everyone's financial goals are different, they allow you to choose your own funds. The flexibility to switch funds at the investor's discretion is a unique characteristic of ULIPs. Because these are market-linked financial products, you have the possibility to grow your investment; nonetheless, the policyholder bears the investment risk in the investment portfolio.

Endowment Plan

Endowment Plans

Endowment plans are types of life insurance that give death benefits or maturity benefits at the conclusion of the policy's term. You get paid a lump sum at the end of a certain time known as the maturity period. Endowment policies provide payment to a nominee in the event of death or to the policyholder after maturity.

Child Ins Plan

Child Insurance Plans

Child insurance plans are a sort of life insurance that protects a child's financial future, particularly for educational expenses. These life insurance policies combine life insurance and savings by requiring parents to pay premiums that accrue into a maturity benefit for their child's schooling.

Whole-Life Ins

Whole Life Insurance

Whole life insurance provides financial security for you until the age of 99. This type of life insurance is designed to offer life insurance coverage to the policyholder's nominee/family in the event that the policyholder dies before the age of 99. A whole life insurance typically has the same benefits as a life insurance policy, with the exception that it covers you until the age of 99.

Retirement Plans

Retirement Plans

Retirement plans are financial tools that help establish a corpus for retirement. Life insurance provides a financial benefit for retirement planning, ensuring a comfortable level of living without stress.

Pension Plans

Pension Plans

Pension plans are a sort of life insurance that provides regular income throughout retirement. A pension plan consists of two phases: accumulation and distribution. During the accumulation phase, premiums are invested in a fund or asset of your choice for a defined period of time, allowing you to create your retirement fund. During the Distribution period, you can begin receiving your benefits or withdraw the collected assets to purchase an annuity plan.

Group Ins Plans

Group Insurance Plans

Group insurance plans protect a group of persons, such as employees, under a single policy. This sort of life insurance provides uniform benefits to all members of the group, regardless of individual characteristics.

Money Back Policy

Money Back Policy

Money Back Policy is a life insurance option that provides both financial coverage and investment opportunities. A money-back policy might provide regular revenue during the policy's tenure. It allows a policyholder to provide financial stability to his or her loved ones in the event of death, and upon surviving, the policyholder receives the maturity amount at the end of the policy term.