Hello friends, welcome to technorahul27.in In this post we will cover types of life insurance policies we will look after money back plan term plan, whole life plan and endowment plan to your lips so this post is essential.
What Is Life Insurance - Life Insurance Definition & Meaning, Because you know that insurance is essential, to cover the risk and loss caused due to any uncertainty and when we are talking about life insurance it becomes more important because you have dependents on your life. And the financial problem that occurs in your absence can be covered easily.
Before taking any life insurance policy at a very low premium you are going to buy any life insurance, you should have proper knowledge about each plan available so that you can discuss with your insurance agent with your insurance company and you can decide your requirements. You can tell and you can know that you are not being misled and that you are buying the right policy for your requirement.
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What is life insurance
So let's see and understand and in fact life insurance and life insurance can be defined as a contract between the insurance company and the policyholder, so yes in fact it is a contract because the insurance company has to be covered in any uncertain situation. You are bid by law to pay you under the stated terms and policies.
The event happens when you lose your life or you die or the benefit has to be provided on maturity or on maturity, so here the insurer provides the coverage.
which is the amount of money to the insured, which means that the policyholder is the insurer. The insurance company will provide the coverage and in return for the premium, you as the policyholder will pay the premium as the insured will pay you the premium after the asset maturity period or on death. will do,
Policy Terms and Conditions
Yes as per the terms and conditions the insurance company of the policy will be bound to pay you the coverage amount which is the amount of money on maturity or on your d account as per the terms and conditions of the life insurer which you are now taking , we will look after various life insurance policies,
First there will be term plans then endowment plans, money-back plans Julep and pension plans. We will be reading about them one by one. We will learn about each of these and try to understand the basic difference so that you can choose the one that suits your needs. The type of policy you can mix with for your life coverage.
So earlier term plan is now term insurance is a pure risk cover product it pays benefits only if the policyholder dies during the period for which he is insured hence it is a pure risk or pure insurance product Is
Because the insurance product is not meant to provide you any benefits, it is meant to cover you against any.
insurance against risk or loss
type of risk or loss then tom insurance solves that basic purpose it will provide you benefit if you die if you don't want to provide any kind of profit then this is the basis of tom plan which is a pure insurance product is,
It will provide you benefit only when you die as it is a life insurance product and if you have no fear then no benefit will be provided to you if you are not dead.
Hence term life insurance provides life insurance coverage for your specified period for a specified premium even after maturity hence it is called term life term life plan
Because it is for a specified period for example five years to thirty years it can be depending on the policy you are taking the insurance company which is providing you,
So it depends on the number of years for which you are taking the term plan and you will be paying the specified premium which is very less amount in the term plant you can do term plan you can get around two estimated one crore coverage amount per annum One can get around five hundred rupees from the premium, so it is a small amount of premium.
Which you are paying for a larger amount. Hence it will be beneficial if you choose to cover any kind of uncertainty related to your life risk. Term insurance premiums are generally lower as it only covers the risk of death. Covers and gives no return, as I said, for example term plan you have taken in that 10 years time didn't you die for 10 years hence providing you with any kind of benefits want, any type of coverage that you wish to return with your premium,
Which you have already paid, but if you die in the meantime we'll wind up providing you the full coverage amount which will be a much larger amount than the premium you have paid, so it Is a pure insurance product to cover life risk if the policy holder or life insured dies earlier
That specified period is over his beneficiaries receive a payout and if he survives this period then there is no maturity benefit as I already mentioned if you dive within that time period So you will be provided with the benefit benefit or or coverage amount but if you have saved then there will be no maturity benefit second is endowment plan, now endowment insurance policy gives insurance coverage along with saving feature,
So here you are. This is one of a kind product where you are putting your money to save money also so it is not just an insurance risk cover, it provides you a savings option as well as some assured and no accrued bonus. The payment is made on the maturity of the plan or if the death occurs during the term of the policy, then if you are dying during the term of the policy, you will be provided with your beneficiary. I mean you will get full insurance and any accrual Bonus will be provided if the company has declared that it is going to pay to the policyholders which will be provided on the maturity of the plan as well as on the maturity of the plan,
Endowment plan
For example you have taken an endowment plan for 10 years, so on maturity after ten years you will get coverage amount hole along with any accrued bonus and also if you die earlier in the middle of that term. Full coverage amount and bonus amount will be provided as we see in term plan that benefit was provided to you only if you have died but here even if you have not died, you will get coverage as well as on maturity Bonus amount is also provided so it is an endowment plan which is also referred in savings plan but the only thing is to maintain
The note here is that since it is providing you with a kind of savings option, the premium rates will be higher as compared to term plans and coverage may be less as compared to term plans, which are offering lower premiums. was. See that this is our next point. Premiums are generally higher than term plans and really scared that a small bonus is provided on maturity so it argues that because you are being provided with guaranteed cover There is anger as well as the bonus amount on maturity you have to pay premium which is higher as compared to term plan, the maturity period of the policy can be from five to thirty years,
Money back plan
As we discussed in the town plan, the doorman plan also provides you this change in term tenure which you can choose, so it is between five to thirty years, our next money-back plan, so money- Back insurance policies are types of insurance policies that provide life coverage and also assure a certain percentage of return. Sum Assured in the form of cash payments at regular intervals, so if you are looking for an insurance product that can also provide you with regular cash flow, this is a money-back plan, here you can pay cash at regular intervals As can get a small amount.
So maybe in six months to three months you have chosen the plan because of the time period you have chosen, you can now get the cash payout. That is why the money-back plan is getting popular at this time because this policy Not only covers your life, it is also providing your regular income source. Now regular payments made in money back plan is also referred as survival benefit, it is also called as survival benefit because you This regular payout is provided and you have survived till this period so you have you are not dead you have survived and hence it is called survival benefit payout,
The rate of return on this policy is quite low. Obviously the insurance products are not meant to provide you any investment option so the rate of return offered in any type of insurance product will be very low, so you should consider it as a savings option. It should be treated as a comfort coverage option and not as a necessity as an investment option. Option to Wealth Creation Full Sum Assured is paid in case of short death during the term of the policy irrespective of the survival benefits already paid.
that you are being provided with regular cash flow at regular intervals what happens now if you die before maturity between your rotom period then in that case full coverage amount will be provided to you so that you don't have to worry i guess that you have already been provided with regular cash flow so that the amount will be deducted and you will not be provided adequate coverage amount on your loans to your dependents to your family members to your beneficiaries Full Sum Assured will be provided as per the policy and entitlement, notwithstanding the survival benefits which have already been paid to you,
Unit linked insurance plan
The accrued bonus is paid on maturity or death, as is the case here also, if there is any bonus declared by the company for the policy so as to be paid on maturity or the same in case relating to the policyholder taking care of the Unit Length Insurance Plan Which is popularly referred as U Leap Plan, hence you Lip is an insurance plan which adds insurance cover within the mean option,
This product was introduced to link the future of both insurance as well as investment option, many people who are afraid to invest in stock markets and all this product proved to be useful as it gives you an investment along with your insurance. The option was providing and building trust, hence enabling the policyholder to earn market linked returns by investing a portion of the premium amount in different proportions. Equity and Debt Markets So here the premium you are paying as you have taken this EULA policy, the ratio of that premium to the amount of that premium will be invested in Equity and Debt markets, which will be subject to market volatility as per the performance. will be accordingly. The market you are making return will depend on your clothing and the return from your insurance policy as it will be market linked, some part of your money will be invested in it,
Hence it is providing you coverage by keeping the proportion of your money aside and investing some portion of the money in the market, so it is providing you insurance coverage with both the options as well as the investment option on the maturity of the EULA plan. Provides both death and maturity benefits to the time holder, the policyholder will receive the value of the fund as on the date from which you are lips. Market linked ratio is invested in the market, the value that the policyholder will receive as on the date Fund value will fluctuate and search price will fluctuate, so generally you provide good returns as compared to other insurance product
Pension plan
Because other insurance products are made to provide you coverage amount a saving option but it was not meant to provide you any investment but not designed to provide you a mentee return so here you get you based on market condition Will provide good return of around 10 to 12 percent and the only or drawback is that people do not accept you life as it is not pure insurance so coverage amount will be very less Ridgewood should be provided to cover the risk that That will be very less, however the return it will provide you, it will be good and it will act as an investment of investment option in case the policyholder dies during the term of the policy, the beneficiary will be either equal or equal depending on the terms of the policy. Get the Assured or Fund Value or both, so it will depend on the terms and conditions of the policy what you will get You need to discuss all these before you are going for any EULA plan
To understand what returns you can get and how it will help with your risk coverage, how it will help you get returns. One should not buy an insurance plan in the form of insurance primarily to cover the risk in case of any uncertain events
So if you are taking life insurance then you should look for high coverage amount which will be enough to serve your dependents with low premium to serve your family and you should not go for return returns etc., So whenever you are taking an insurance policy just see if you are getting good coverage to solve your family if you have to pay low premium all these options are good and you should focus on getting the returns there. Shouldn't be centered because it's your choice
You can always compare and choose the one that suits your preference. Pension plans, retirement plans or pension plans, are generally insurance plans in which contributions are made till retirement or for a specified period targeting retirement. These plants are those insurance plans that are generally targeted towards your retirement to settle your retirement so that you can get fixed cash flow after you retire as Matiz, premiums paid to all pension products But it is necessary to define a brief profit as the guaranteed return, so here again you will get the premium you are paying,
The assured and guaranteed return on that premium can be with 1az lump sum, the balance can be used to buy animosity which will pay monthly to the holder after retirement, so you are allowed to use a third. One third of the premium you have paid can be withdrawn in lump sum with interest and the balance amount you can use to buy funny and funny,
You must like it because after your retirement it will serve as a constant cash flow for your life to meet your life expenses, so it is good to have a stress plan which will help you here to solve your problems. Can do. Thank you for viewing your retirement needs.