Life insurance policy provides you assurance that your family will get financial security and support even when you are not around. This is the best way where the insured person can save his family from financial crisis at the time of any miss happening or after death.
With a populace of in excess of one Billion, just 35 million individuals in India are secured with life insurance .There are such a large number of purposes for this low infiltration of Life insurance. Without a doubt, lack of awareness about insurance, absence of learning about offices and expense effectiveness of insurance -are a percentage of the reasons. That is the reason Indian business info will be of much help fo r each one of the individuals who are searching for successful extra security arrangements.
Life insurance is an agreement between two parties i.e. insured and insurer where in insurer agrees to indemnify insured in event of any contingency leading to death and injuries.
Life Insurance Investment plans offer more than one benefit to the consumers
i. Protection to loved one‘s
ii. Goal based savings
iv. Tax Benefit under section 80C and 10(10D) of current income tax act
v. Options to obtain loan .
Term life insurance plans give insurance to an individual for a fixed tenure. It is the pure and cheapest form of life insurance for an individual. This kind of arrangement is suitable for individuals who are not able to pay high insurance with a specific end goal to purchase endowment policies
Whole life policies are totally opposite to term life plans. A whole life insurance policy covers risk to a single person for their whole life.
Endowment life insurance policies are referred as traditional policies as well. Endowment policies covers risk to a single person for a particular time of time he picked strategy and it likewise pay backs total guaranteed and guaranteed rewards at time of development too.
Money back insurance policy is a type of life insurance under which money is paid to a single person at diverse phases of life yet covering their risk for a particular time of time.
Unit linked insurance plans are the modern form of insurance. In addition to insurance cover provided by the provider, money is also invested in various avenues therefore providing opportunity to derive good returns as well. So, it serves as an insurance policy and investment plan.
After your retirement things which worry you most is financial security and the comfort which you were enjoying earlier. Today with rising prices, increasing health care costs and higher life expectancy you need concrete post retirement planning which helps you to deal with it. Hence you need a plan that continues to pay you an income throughout your retired life. IBI Solutions Immediate Annuity Plan is a traditional non-participating plan where you get the benefit in the form of regular income throughout your life.
These plans help you to save money and also provide you investment opportunity to grow your money. These types of policies are implied especially for children. The basic motive of these policies is to provide financial assistance to a child at various stages of their education and thus making their bright future.
Life insurance claims are differentiated into two different forms as below
Death claims are made by nominees of the individual in the event of death of the insured. There are few formalities to be provided to the insurance company like policyholder’s death certificate, original policy contract, a duly filled claim form and proof of identity of the beneficiary.
Maturity claims are made by the individual when policy term gets completed and to avail this benefit insured has to furbish original policy bond and duly filled maturity claim form.
One of the key factors while buying insurance is tax. In India, tax rebate is provided to an individual for the sum invested in insurance policies. The amount invested in life insurance is eligible for deduction of the amount from taxable income.