LIFE INSURANCE

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LIFE INSURANCE

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LIFE INSURANCE


Protecting one’s income for the family, in case of any eventuality is the first step in Financial Planning.

The purpose of life insurance is to provide a sense of security to your family, if you were to pass away or become terminally ill or in some cases if you are unable to work. This is used to cover your mortgage and your personal loans, such as your car loan, Home Loan and Loan against Property etc.

Types of Life Insurance Policies:



1. Protection Series:

Pure form of insurance, at very low cost, a high cover. Usually they don’t carry any maturity value. They are the best available option to provide Income protection to our family. Ideally as a thumb rule, one needs to have at least ten times of his annual income as Life Cover. This ensures your family will have a similar Lifestyle, even if we are not around.

Products available:

Online Term Insurance, Term Insurance with return of premium, Cancer care, Cancer and Kidney Care plans etc.



2. Savings Plans:

These are a combination of Risk cover and savings. Hence, mostly all these plans will have maturity value.

Products available:

Endowment Plans, Money Back Plans, Children Plans, Whole Life Plans, Unit Linked Plans etc.



3. Pension Plans:

These are meant for creating corpus at retirement by saving during working life.



4. Annuities:

These plans will generate a regular stream of fixed income mostly throughout the life of the investor to take care of post retirement regular expenses. There are different types of Annuity Plans available. One needs to choose based on his situation and needs.

Example: Life pension, Spouse Pension, Annuity Certain and Return of Purchase Price.