Life Insurance cover is one of the most important covers that one must have. There are many life insurance plans which cater to various needs of an individual. A person can not only secures the future of his beloveds by subscribing to a good life insurance plan but can also save for his rainy days or old age through it. Income tax benefits u/s 80C, 80CCC, & 10(10D) also apply on the premium paid and returns gained through these plans.
Most popular life insurance plans are as follows:
Term Insurance – People who are worried about the welfare of their family after their demise take this policy. This policy provides high cover at very low rates. There are 2 type of Term Life insurance policies. One is with return of premium at the time of maturity and second one is without any return of premium at the time of maturity.
Unit Link Insurance Plan (ULIP) – This policy provides the insurance cover just like any other life insurance policy with the advantage of mutual fund like investment. Client gets couple of fund options like Equity, Debt, Government Securities or a combination of these investment avenues to choose from. Client gets option to shift his fund to between various options during the policy period.
Money Back plan – This policy provides return to customer at regular intervals of 5 years depending on the policy period chosen. This plan is quite popular among those people who have younger kids and they need money from time to time to take care of their needs.
Pension Plan – With the increase in average life span of individuals the need for having a pension plan is increasing day by day. One must save some money on regular basis to take care of his needs in old age. There are quite a few pension options life Immediate annuity and deferred annuity in this plan.
Insurance companies announce regular bonuses for its policyholders. Customers also enjoy loyalty bonus over and above regular bonus in case the policy continues till the end and remains claim free.
To know more about most suitable Life Insurance plan for yourself please contact us.