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To maintain the security of your family at all times, it
is essential to invest in an insurance cover. An insurance policy is a contract
between the insurance company and the insurer to provide an assured sum in case
of the death of the insurer. It provides financial security to your family in
your absence. Also, there are insurance plans which help you grow your wealth as
well.
If you want to maximise protection and want to get high returns on your
investment, you can achieve the same through life insurance plans. Here are
three
types of life insurance policies you can choose from:
Term plan: A term plan is an insurance plan which covers the
insured for a specific period. In case of death of the policy holder, his/her
beneficiary gets the amount. The insured will pay an affordable premium for the
coverage period, and the frequency of the premium depends on the plan he has
opted for. In case the insured survives the end of the term, there are plan
options which allow for the return of all premiums paid. It is a customizable
plan which gives the flexibility to choose from the payout options. There could
be a full lump sum payout, payout as a lump sum and regular monthly income, or
lump sum and increasing monthly income and a lump sum in addition to regular
monthly income till the child is 21.
Heart and cancer care: In addition to providing coverage for
your health and safety, the policy offers heart and cancer care plan that will
cover you against cancer, heart or both the diseases and you receive lump sum
payouts at various stages of illness. You can also opt for additional monthly
income. You receive an inbuilt life cover and terminal illness cover from the
first day itself. In addition, there are special benefits and special rates for
women. You also have the option to choose to return of balance premium where you
will receive the sum of all premiums at the end of the policy term. It will
provide protection and help you achieve your goals with affordable, regular
premium payment.
ULIPs: This plan will help you achieve your financial goals at
every stage in life. You can enjoy a life insurance cover and achieve your
long-term financial goals. It is an investment plan that offers good returns. On
the survival of the assured, total fund value will be payable. You can also gain
the benefit of loyalty additions from the end of the sixth year of the policy
till the date of maturity if all the premiums are paid in due time.
If you want to generate wealth while remaining covered under a policy, you can
choose from one of the options mentioned above. Based on your current health and
financial condition, you can make the most of the available policies that
deliver in the long term. Every policy carries unique features and has benefits
for your health and wellbeing. It will provide financial safety to your family
in your absence and will keep you covered at all times. The wealth plan is a
systematic transfer plan that aims at wealth creation and will deliver high
returns in the long run. It is a highly preferred plan due to the benefits
associated with it.
It is essential to remain invested for the long term and to pay the premiums on
time. You can achieve all your financial goals while remaining covered for many
years. Consider your health and the requirements of your family before choosing
a plan. You need to ensure that the sum assured will be enough for your family
to survive after you are gone. Consider all the factors like lifestyle, the
standard of living and inflation before you choose a policy.
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