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Life insurance

When buying a life plan, there are certain things you must keep in mind:

  • Your age–this is critical
  • Replace an income
  • Maintain your family's current standard of living.
  • Future financial goals
  • Guaranteed Sum Assured Maturity
  • The premium paid and the payouts received are tax-free under Section 80C & 10(10D) of Income Tax.
  • Pay off a mortgage
  • Pay for childcare or Education costs
  • Lifestyle
  • Risk coverage and required riders (if needed).
  • Waiver of premium

What is a Life Insurance Policy?

A life insurance policy is a contract with an insurance company. In this policy, a person has to make regular payments(known as premiums)to the insurance company in order to receive a sum of money that will be paid to them after a period of time, or to their family, in case of the policyholder’s death, or if the policy matures. Typically, this type of policy is chosen based on your needs and goals.

Different Types of Life Insurance Policies in India:

There are two basic types of life insurance policies:

1.) Traditional Whole Life :- A Whole Life Policy is a policy in which you pay till death of the policy holder

2.) Term Life Insurance :- A Term Life Insurance is a policy for a fixed amount of time.

Sr No. Type of Insurance Policy Features
1 Term Life Term insurance is a life insurance product offered by an insurance company which offers
2 Insurance Financial coverage to the policy holder for a specific time period.
3 Whole Life Policy The policyholder pays regular premiums until his death, upon which the corpus is paid out to the family.
4 Endowment Plans Endowment plans pay out the sum assured under both scenarios - death and survival
5 Unit Linked Insurance Plans ULIP is a life insurance product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments.
6 Money Back Policy Money back plan is a life insurance product as well as an investment plan which provides life insurance cover against death of the policy holder along with periodic returns as a percentage of sum assured.