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Life insurance is a backup plan in every person's life. We all hope for the best in life but that may not always be the case. Life insurance is very important for every person to deal with difficult situations. It mainly helps in securing their life. Especially during retirement and promises a financially secure future irrespective of marital status, job or business stability.
Life insurance provides financial coverage to the beneficiary after the death of the insured. A life insurance policy is a contract between a policyholder and a policy company. In a life insurance policy, the policy companies pay a specified amount of money to the policyholder's loved ones in the absence of the policyholder for a specified period of time. In return, the policyholder pays a specified amount of money to the insurance company.
There are certain types of policies where the policyholder is also able to opt for critical illness benefits. Life insurance plays an important role in dealing with unfortunate events such as accidents.
Life insurance is a simple and straightforward financial investment that has a fixed maturity period, which provides a guaranteed return after the death of the insured. In order to provide maximum benefits to the residents of our country, various types of life insurance are provided. This diversity has customers with diverse needs who can uniquely benefit from this diversity of insurance. Be sure to consider all the types of insurance that you seek for your needs, which are mentioned below.
Term life insurance is a general insurance plan, in which the customers get the opportunity to choose the term while taking insurance. The premium in this policy is very low which covers only pure life. These insurance benefits are provided only for death or disability. After the death of the insured during the term, the financial benefit is provided to the nominee of the insured after his death.
This whole life insurance policy provides financial benefits to the policyholder for the entire life of the policyholder. In this case, the policyholder gets the benefit of this beneficiary premium after death. There are many benefits available in the whole life insurance plan which are - Collateral facility for taking loans, payment of dividends at regular intervals.
This is a dual-beneficial life insurance policy plan where the policyholder gets the benefit of both an investment along with returns. In this plan, life insurance policyholders get the benefit of receiving the full amount before the policy term expires and along with this, they get a bonus related to the life of the insured person.
This money back life insurance policy provides financial protection with guaranteed returns at regular intervals. This policy ensures that the insured person receives periodic payments and is committed to providing the full sum assured upon maturity or in the event of unfortunate death. Known for its lucrative benefits, this policy is one of the expensive insurance options. However, its guaranteed returns in the form of survival, benefits, death benefits and maturity benefits make it a great choice for those looking for both protection and financial growth.
A Unit Linked Insurance Plan is a dynamic blend of life insurance and investment that makes it very attractive to policyholders. It specializes in providing dual benefits. It is committed to providing life coverage while investing a portion of the premium in financial instruments like mutual funds, stocks and bonds. With the expertise of professional fund managers, fund allocation is strategically managed, providing a balance of security and asset sourcing.
Protecting your future and that of your loved ones through life insurance is a wise decision. You should ensure that your loved ones have financial stability in times of need so that they can face any adverse situation. There are numerous companies in India that are committed to meeting the growing demand for life insurance. Each company is ready to offer different policies to suit different financial goals and protection needs, with their main goal being to provide a resilient life to their customers.
There are a total of 58 formally listed insurance companies in India, out of which 34 are general insurance providers. Some of them have made a significant impact on the industry by providing comprehensive coverage and customer-centric services.