Life Insurance Policies: Types and Their Benefits
There are various types of life insurance policies that the top-rated insurance companies provide to investors. An investor should go for a life insurance policy that is best suited for him and his family. Let us go An investor should go for a life insurance policy that is best.
1. Term Life Insurance
Term Life Insurance can be bought at a low premium most affordable life insurance available for investors. To secure your family’s financial future, Term Life Insurance can be bought at a low premium.
Benefits :
- In case of any mishap, for example, the untimely death of the investor, the family will receive the decided amount of insurance. This will help them deal with financial problems in case they arise after the death of their earning member.
- You can cover life terms at an affordable cost.
- It also provides tax benefits*, health/illness benefits, accidental benefits, etc.
2. Whole Life Insurance Plan
This plan provides insurance for the entire life of the investor contrary to various other insurance plans. Usually, the maturity period of the Whole Life Plan is 100 years, which means that the investor can claim the insurance for up to 100 years.
Benefits :
- This Plan offers to pay death benefits.
- It helps you save on your taxes.
- It also has a saving component, which lets you save your money as you invest it.
- It does not expire and the premium stays the same throughout the insurance.
- It builds cash value.
3. Endowment Plans
This kind of Plan provides insurance to the investor in case of any mishap, such as untimely death of the investor, etc. and allows you to save money simultaneously. Moreover, as soon as the Plan hits maturity, the investor receives a certain amount of money, even If they survive the policy term.
Benefits :
- The endowment plan offers tax benefits*.
- Your loved ones and family members are financially secure in case of any mishap.
- It helps you with loans. In case of a financial emergency, you may have to get a loan; Endowment Plan helps you acquire a loan.
- With this Plan, you can save your money as well as secure your future.
- There is no market risk involved.
- Premiums can be paid flexibly: monthly, half-yearly and yearly.
4. Unit-Linked Insurance Plans (ULIPs)
Under the ULIP, some of the amounts you invest are assigned to market equity. It lets you grow your wealth while providing long-term protection. The returns that you will get are dependent on the performance of the funds as chosen by you.
Benefits :
- It not only provides you with life insurance, but it also helps your money to grow.
- It helps you save on your taxes.
- Helps you achieve your life goals.
- Financially secure your family in case of any mishap.
- Helps you pay off your debts.
Which Insurance Company to Choose Your Life Insurance From?
You should always consider buying life insurance from a leading and top-rated insurance policy company that provides one of the best Life Insurance Policies to choose from. These companies can also offer various perks such as free health check-ups, cashless benefits, tax benefits*, etc.
