Loan Suvidha

Life Insurance

Life insurance refers to the legally binding contract between a policyholder and an insurance company that provides financial protection to his/her family. The insurer promises to offer the insurance benefit in exchange for regular premiums paid by the life insured. The ‘financial protection’ under life insurance is provided in the form of life cover, also known as sum assured. It is a pre-agreed amount that is payable in case of an untoward incident with the life insured :-

Types Of Life Insurance

Basic Plan

The basic life insurance plan includes a death benefit that is paid in the form of a lump amount if the policyholder dies within the policy period. The standard life insurance plan includes a paid-up life cover.

Life Insurance with Accidental Death Cover

This insurance policy includes a life insurance policy that pays out a lump amount if the insured dies during the policy period. The basic life insurance plan includes a paid life cover.

Demo Insurance with Accidental Death Cover

This life insurance plan includes a death benefit that is paid in the form of a lump around if the policyholder dies due to illness within the policy period. The basic life insurance policy includes a paid life cover.

Life Insurance with Critical Illness Cover

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This life insurance plan includes a death benefit that is paid in the form of a lump around if the policyholder dies due to illness within the policy period. The basic life insurance policy includes a paid life cover.

Life Insurance Plans

Life insurance is a financial contract or arrangement between an individual (the policyholder) and an insurance company. In this arrangement, the policyholder pays regular premiums to the insurance company, and in return, the insurance company provides a death benefit to the policyholder's designated beneficiaries upon the policyholder's death. Life insurance is designed to provide financial protection and support to the policyholder's loved ones or beneficiaries in the event of their passing.

Term Life Insurance

A long-term, pure financial protection strategy designed to safeguard your family's financial well-being.

Whole Life Insurance

Offers lifetime coverage, extending until age 99, ensuring long-lasting life protection.

Unit Linked Insurance Plan (ULIP)

Allows investment in a diversified mix of equity and debt funds, with a 5-year lock-in period for partial withdrawals.

Endowment Plan

Ensures the guaranteed receipt of the intended sum at the policy's maturity, providing financial security.

Money Back Plan

Aids in the management of cash flows, particularly for goals like financing your child's education or marriage.

Retirement Plan

Helps you build a substantial retirement fund or establish a pension to secure your golden years.

Child Insurance Plan

Safely invest in your child's higher education and marriage goals while providing life insurance coverage.

Group Insurance Plan

Beneficial for corporations and other organizations to protect their employees and customers from unforeseen risks.

Savings & Investment Plans

Direct your savings toward achieving future financial objectives.

Terms About Life Insurance

The process of assessing an applicant's risk and determining policy eligibility and premiums.

Offers lifetime coverage with a savings component and higher premiums.

The person or entity who receives the death benefit upon the insured's passing.

The regular payment made for the life insurance policy.

The payout given to the beneficiary upon the insured's death.

The duration for which the life insurance policy is valid.

The sum of money the policy pays to the beneficiary.

The savings component in some policies that can grow over time.

Optional policy add-ons that offer extra coverage or benefits.

Provides coverage for a specified period with lower premiums.

FAQ

Frequently Asked Questions

Life insurance is a financial contract between an individual (the policyholder) and an insurance company.

Life insurance is a kind of life insurance that offers protection for a predetermined number of months or years, or a term. In the tragic event that the insured passes away during the policy term, this sort of life insurance offers a financial benefit to the nominee. Low-cost term insurance products offer excellent life coverage. For e.g.: The cost of a $1 billion term insurance policy might be as low as $485* every month. These set premiums may be paid all at once, periodically, for the duration of the policy, or only temporarily. Depending on the type of premium payment method selected by the buyer, the premium amount varies.

Individuals with financial dependents, such as spouses, children, or aging parents.
Breadwinners who contribute significantly to the household income.
Anyone with outstanding debts, such as mortgages, loans, or credit card balances.
Parents who want to ensure their children's education and future financial security.
Business owners looking to protect their businesses and provide for their families in case of their demise.
Individuals with specific financial goals, such as leaving an inheritance or legacy.
Those who want to ensure their funeral and final expenses are covered without burdening their family.
People seeking to build cash value or investment opportunities through certain life insurance policies, like whole life or universal life.

Various types Life Insurance available here.

Life cover.
Life Insurance with Accidental Death.
Demo Insurance with Accidental Death Cover.
Life Insurance with Critical Illness Cover.

Determining how much life insurance coverage you need depends on various factors, including your financial obligations, lifestyle, future expenses, and long-term goals.

Term life insurance and permanent life insurance are two primary types of life insurance policies, each with distinct features and benefits

Term Life Insurance : Provides coverage for a specific period, such as 10, 20, or 30 years. If the insured individual passes away during the term of the policy, the beneficiary receives a death benefit. Once the term expires, coverage ends unless the policy is renewed or converted. .
Permanent Life Insurance : Offers coverage for the entire lifetime of the insured individual, as long as premiums are paid. There is no expiration date on permanent life insurance policies, and coverage remains in force until the insured's death, provided premiums are paid as required.

The regular payment made for the life insurance policy.
The person or entity who receives the death benefit upon the insured's passing.
The payout given to the beneficiary upon the insured's death.
The duration for which the life insurance policy is valid.
The sum of money the policy pays to the beneficiary.
The process of assessing an applicant's risk and determining policy eligibility and premiums.
The savings component in some policies that can grow over time.
Optional policy add-ons that offer extra coverage or benefits.
Provides coverage for a specified period with lower premiums.
Offers lifetime coverage with a savings component and higher premiums.

LifeInsurance