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Know life insurance variants!

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The policy holder is not entitled to any money during his or her own lifetime, i.e., there is no survival benefit. This plan is ideal in the case of leaving behind an estate. Primary advantages of Whole Life Insurance plans are guaranteed death benefits, guaranteed cash values, and fixed and known annual premiums. – PowerPoint PPT presentation

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Title: Know life insurance variants!


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Life Insurance Plans
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Know life insurance variants!
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When considering a life insurance policy with
riders, make sure to understand the exclusions in
the policy. For example, under Term Insurance, if
the insured person commits suicide, whether sane
or insane, within one year from the date of
commencement of a term policy, the cover will
become void, i.e. the nominee cannot claim the
sum assured. Only the premiums paid up to the
date of death will be refunded after deducting
the expenses incurred by the insurer for issuing
the cover. Why is life insurance important? Is
it something that you should consider? Have you
thought about your familys financial state, or
your security after youve retired? How will you
take care of them, or yourself? Before we get
into the whys of life insurance, heres a brief
overview
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Types of Insurance There are four types of
insurance Life, Fire, Marine and Miscellaneous
Insurance. Life insurance is treated separately,
while Fire, Marine and Miscellaneous insurance
all fall within the General Insurance
umbrella. What is Life Insurance? Life
insurance is a policy that may be bought from a
life insurance company, which helps beneficiaries
financially after the owner of the policy dies.
It is a contract between the policy owner (you)
and the insurer (the life insurance company),
which assures the paying out of a sum of money in
the event of the policy holders death, or
terminal or critical illness. Specific
exclusions are often written into the contract to
limit the liability of the insurer for example
claims relating to suicide, fraud, and war. The
cost or premium on your life insurance decides
the type and kind of coverage you get under a
life insurance plan.
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Life Insurance in India The Insurance Act, 1938,
and Insurance Regulatory Development Authority
Act, 1999, have made life insurance in India a
federal matter. Therefore, all life insurance
companies in India have to comply with the strict
regulations laid out by Insurance Regulatory and
Development Authority of India Types of Life
Insurance Taking out a life insurance policy
covers the risk of dying early, by providing for
your family in the event of your death. It also
manages the risk of retirement providing an
income for you in non-earning years. Choosing
the right policy type with the coverage that is
right for you therefore becomes critical.
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Term Insurance Term Insurance, as the name
implies, is for a specific period, and has the
lowest possible premium among all insurance
plans. You can select the length of the term for
which you would like coverage, up to 35 years.
Whole Life Insurance Whole Life Policies have
no fixed end date for the policy only the death
benefit exists and is paid to the named
beneficiary. The policy holder is not entitled
to any money during his or her own lifetime,
i.e., there is no survival benefit. This plan is
ideal in the case of leaving behind an estate.
Primary advantages of Whole Life Insurance
plans are guaranteed death benefits, guaranteed
cash values, and fixed and known annual premiums.
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8
Visit us to know more on Life Insurance Plans
https//www.bajajallianz.com/Corp/life-insuranc
e/life-insurance.jsp
Thank You.!
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