What is Life insurance?
What is Life insurance?
Life insurance is a financial resource for your family and loved ones in case of your death. It is a cover which allows your family to maintain a standard to living as they are currently, and meet their financial obligations. It also serves as an effective investment and tax saving tool.
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Life Insurance Products
Endowment
The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typically this policy matures in 10-30 year.
Term Insurance
Term life insurance is the simplest and purest form of life insurance that provides financial protection to the policyholder’s family at an affordable / low premium rate for a specific time period. An assured sum or a death benefit is paid to the nominee if the person insured dies during the policy term.
Whole Life
This plan represents a contract between the insured and insurer that as long as the contract terms are met, the insurer will pay the death benefit of the policy to the policy’s beneficiaries when the insured dies. The premiums are typically much higher than those of term life insurance.
Money Back
A money back policy is a type of life insurance that permits the insured to receive periodical payments at a predetermined point throughout the policy duration (usually 4th, 8th, 12th and so on). This enables the investor to obtain Money Back coverage that is tailored to specific financial objectives. Money Back policy’s returns can be guaranteed. This enables them to obtain Money Back coverage that is tailored to specific financial objectives.
Marketlink (ULIP)
ULIP is a combination of Mutual Fund & Term insurance. Investments are made in equity share market & bonds. In ULIP, the investor or the nominee gets the sum insured or the investment value whichever is higher.