Life Insurance

Types of Life Insurance

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Term Insurance
Whole Life Insurance
Endowment Plan
Child Insurance Plan
Pension Plan
Investment Plans
Unit-Linked Insurance Plan (ULIPs)
Money Back Plan

Term Insurance

It falls into the complete protection category. It provides pure protection. Basically, it covers the risk of dying. In this plan, the sum assured amount which the insurer promises to pay would be provided to the nominee or beneficiary as stated in the policy document in case of insured's death. If you survive in the policy term period, then you will get nothing or can get your premium back which basically varies from insurer to insurer.

If you are planning to buy pure life risk cover, then term insurance is the best and cheapest form of policies.

There's a choice to add riders to widen up the coverage.

The death benefit is payable as lump sum, monthly payouts, or a combination of both.

When it comes to term insurance, you should keep in mind that there will no payout if the insured survives. However, nowadays there are many term insurance companies that provides Term Plans with Return of Premiums (TROPS), under which the insured gets all the premium in case the insured outlives the term period. But, such plans are expensive as compared to the basic term insurance plan.

Features of Term Insurance

Most Affordable : As compare to others, Term insurance is the cheapest form of life insurance plan that provides complete risk cover in the hour of need.
Pure protection plan : It is basically designed to offer the required cover to the insured family to deal with unexpected circumstances and stands strongly with an adequate financial cover.
No investment option : Term insurance cover provide cover to the dependents. The sum assured is not reinvested in any manner
More coverage for low premium : Term insurance policies offers wider coverage at a low premium
Flexible premium payments : Consumers can choose from a wide range of premium payments options
Cover for a specific period : Cover is provided for a specific period only
Risk management : Assist insured's family in clearing all debts and liabilities.
Riders : You can buy numerous additional riders such as critical benefit rider, accidental death benefit and partial permanent disability are available
Variants : Numerous insurers offers term insurance plan with variants that includes level benefit, increasing benefit and decreasing benefit
No maturity benefits : In most of the term insurance plans, there are no maturity benefits in that if a policyholder survives, he or she doesn't get any maturity benefits. However, some insurance introduced new products with maturity benefits as well.

Benefits of Term Insurance

Provides financial security to your family in your absence
Higher sum assured at a lowest premium
Facility to buy term insurance online
Tax Benefits on the premiums and payouts under Section 80C and 10(10D) of the Income Tax Act, 1961.

Why should someone invest in term insurance?

Ideally, very person should invest in term insurance plan. Moreover, if you are the sole breadwinner fo the family and there is no one else who can take care of your family like you do and if your family depends upon you for their each and every requirement then you should invest in a term insurance plan today. It will not only protect your family but will also safeguards them against several unwanted emergencies.

For the security for your family
If you are the sole breadwinner in the family
If you have dependents - parents, spouse, etc.
If you are a single person who is planning to start a family
If you are running a business or a startup
If you have children and wish to secure their future even in case of your absence

Those who do not want their family to suffer for their daily needs after them should definitely give a gift of love to their family and there is nothing better than term insurance plan.

Bank Loans or any Outstanding Liabilities: Apart from the basic protection cover that comes in the form of lump sump benefit of regular income, there must be some loans and liabilities that you are having. Have you ever thought who will pay them after you, in such financial crisis would your family be able to clear all dues. Not sure! Then it is essential for to invest in a term insurance plan that will help your family in clearing all your liabilities and debts as well.

Income Gap Imagine you are the sole earner of your beloved family and some unforeseen situation arises. How would the income be replaced due to loss of regular income? How would this gap be met? Therefore, compare term insurance quotes online for different insurers to get a better idea of the sum assured. This will help you in maintaining the current lifestyle of your family members in your absence.

Whole Life Insurance

Rest of the plans that come under the same are-endowment plan, money back plans, ULIP, etc. provides coverage to the insured for a specific age- majorly 65 to 70 years, whereas a whole life plan provides coverage for the entire life.

In this plan, generally the insured is given a choice to pay a premium amount till the specified time which is also known as maturity period. If the insured person reaches maturity, then he/she has the option to continue the same till death without paying any additional premium and encashing the sum assured or bonuses.

As compare to others, this policy completely carry a different concept. Basically you can buy a whole life plan against a payment which can be made as a one-off sum, on a monthly or a yearly basis. If you have bought a unit-linked whole life policy, then your funds will be directed not only towards the purchase of your insurance for payment of the sum assured amount and the remainder of the amount will be invested in an investment fund.

Types of Whole Life Policy:

There are different forms of whole life insurance plan that is available in the market. Each of the same is designed in a way that can easily cater different needs of customers.

Non-Participating: A non-participating whole life policy has a level premium and face amount during your entire life. The advantages of such policy includes fixed costs and relatively low out-of-pocket premium payments. Since the policy is non-participating it does not pay you any dividends.

Participating : The participating whole life policy pays dividends. Payment of dividends basically shows that the extra earnings which the company has accumulated via investments, savings from expenses and favorable mortality of the organization. There is no assurance that insured will receive dividends. However, it is possible that dividends will be there in the form of cash that will be utilized to bring down the premium payment amount or will be allowed to accumulate and will attract interest at a specified rate. The dividends can also be used for buying paid-up additional insurance to improve the face amount of coverage provided.

Who Should Opt?

Basically, a whole life insurance policy is the suitable form of offering protection to several individuals. You can invest in a whole life insurance plan if-

You have made investment for your post retirement life and looking for others options for great benefits
You have an estate and wants to leave the estate and all your savings for your beneficiary that is alo refer as transfer of wealth
You are a young professional who has started earning and will be able to pay premium for a considerable time going into the future.

Advantages of Whole Life Policy

Cover for life: With such plan, the insured will be able to get the required cover for the long term. It is not like other plans where the policy term is fixed for a specific period of time. The other policies will get expire by the time and it will be hard in old age to insure yourself under an effective form of life insurance plan. In case of the insured's demise, the beneficiary will get a lump sum amount that will help them in maintaining their standard of living. Incase insured survive, then you will not get anything in return.

Assurance of coverage, periodic payments and tax benefits: A whole life insurance plan offers the lifetime coverage along with assure level premiums for a limited premium payment term. The premium will remain same throughout the policy's term. Sum assured is guaranteed, however the bonuses will depend upon the performance. There are a few companies which offer the survival benefit at the end of the premium payment term till the policy matures. Tax benefits are also available to the insured under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Source of cash: Expert of the industry says that a person must keep 6-8 month's living expenses in the form of liquid asset. It is difficult to save such a huge cash while meeting retirement and long term saving goals. However, under the same, you will get cash at the end of the premium payment term.

Loan option: The surrender value of the policy rises over time and you can take loan against the policy's surrender value at any time. It is a good option as compared to borrowing against home or retirement accounts.

Your dependents will get benefits: No doubt, the return that your family will get will be a strong regular financial source in the family. This plan is great when it comes to estate planning. Individuals who want to pass on their estate to their legal heir as it helps create wealth.

Eligibility criteria for whole life policy: The eligibility criteria i.e. minimum/maximum entry age, premium payment term, etc., will vary from insurer to insurer. To get the details about the eligibility criteria for your chosen policy, you are advised to contact your insurance company directly who can guide you better.

Difference Between Term plan and Whole Life Insurance

Premiums: Talking about the premium in the term insurance it is to be paid for specific period whereas for whole life insurance the payment is to be done for whole life.

Maturity age: Most of the term plan covers till the age of 65 to 75 years whereas for whole life insurance the policyholder is covered for the entire life.

Cash value: There are no cash values in term plan whereas for the whole life plans cash value is there. Guaranteed and Non-guaranteed cash value which is called as dividend value is given.

Policy term: The tenure of the term policy varies from five to thirty years whereas for the whole life plan the policy is valid for the lifetime.

Paid up value: If the policyholder wants to surrender the policy there is no paid up value or any other feature offered by the term plan whereas whole life insurance can be paid up after a specified number of years.

Lapse: The term policy lapses after thirty-one days of a missed premium payment. In the case of whole life policy if the policyholder fails to make payment then a cash value is allowed to offset the premiums.

Endowment Plan

Unlike Term Plan, endowment plan pays you out the sum assured along with the profits in both the cases- death and survival. This plan charges a higher premium which is being invested in the asset market- Equity and Debt.

An endowment is a policy in which the insurer promises to pay the lump sum amount at the time of maturity. Majorly maturities are ten, fifteen or twenty years up to a definite age limit. Some plans also pay an amount in case of critical illness. Endowments amounts can be cashed early and the insured will receive the surrender value which would be determined basis how long the policy has been running and how much has been invested in it.

Types of Endowment Policies:

There are basically three forms of endowment policies which one can choose from.

Unit Linked Endowment -Under Unit Linked policies, the insurance premiums are directed into multiple units which are held under a specific investment fund that can be selected by the insured.

Full Endowment -Under the same, the basic amount ensured to be provided will be equal to the death benefit, right from the start of the policy. Based on the speculated market-based appreciation, the final payout will be comparatively higher.

Low Cost Endowment -This endowment plan is there for individuals to accumulate the funds which have to be paid after a specified time period, usually mortgage.

Key Features of Endowment Policies:

You will get the sum assured under an endowment policy either on survival to the term or on death occurring within the policy term.
Endowment policies are available as 'With Profit' and 'Without Profit' plans.
Under Endowment policies, bonus for the full term is payable on the date of maturity or in the event of death, whichever is earlier.
Premiums will be limited to shorter term or can be paid as single premium.
Premiums cease on death or on expiry of the term, whichever is earlier.

Benefits of Endowment Policies:

Endowment policies offers several benefits, a few of which are listed below:

An endowment policy will offer the insurance cover during the policy term.
It will pay a lump sum amount at the end of the policy term i.e. once the policy has matured.
It will serve dual purpose. Not only does it work as an insurance policy but also serves as a long-term investment offering decent returns.

Endowment policies come with tax benefits: In terms of investing, endowment policies are safer as compared to other investment options and offer returns which are close to those offered by mutual funds.

Endowment policies enable long-term savings: Under an endowment policy, you will surely receive a significant amount upon maturity.

Most endowment plans will extend the insurance and provide assured benefits even after the maturity date, in some cases up to a time when the life insured attains the age of 100.

Insured have the option of opting for additional riders which provide cover for specific illnesses, critical illnesses, disabilities, etc.

How Do Endowment Policies Work?

They are not very difficult from regular insurance policies. These policies not only offer the required cover, but also help them save regularly over a specific period of time. Under the same, the insured or his/her family will receive a lump sum maturity amount which can be utilized for meeting financial needs like purchasing property, children's education, organizing a wedding or preparing for one's retirement.

Child Insurance Plan

Provides financial coverage to your child's future needs and allows you to plan his/her future in a better way and stabilize way. It is basically a combination of insurance cover and investment that secure multiple stages of your child. Life cover is something that you will get as a lump sum amount at the end of the policy.

Apart from this basic cover, the plan also assist you in offering flexible payouts at important stages of your child's life. It is obvious that you don't want to think about your death or any unfortunate incident but have you ever thought that what your child would do after your death, how he/she will manage to secure future. Basically, a child insurance plan makes sure that child's future financial needs are taken care of even in your absence.

Why Buy a Child Plan?

It is a question that normally arise. However you must be aware that normal savings would not be able to deal with the growing education costs. For the bright future of your child, you must be thinking of providing everything best to him and in such scenario education fees should be a constraint. Child insurance plans allow you to invest based on your child's education needs, your current financial status, and other monetary goals. Typically, child insurance plans offers a life cover of around 10 times the annual premium. Additionally, you will also get the withdrawal facility as needed. Along with this, you can also avail tax benefits for the premium paid.

Benefits of Child Insurance Plans:

Life cover for the child.
Investment for child's future needs.
You can add riders to the plan.
Death benefit and maturity benefits are paid.
You can select the premium amount based on the sum assured and the maturity amount than you choose.
Policy term will depend upon the age of your child. The policy term can be planned around the time you think that you require extra cash flow.
Waiver of premium rider can also be opted.
Partial withdrawals are allowed as and when you need to meet your child's educational needs or for meeting other related expenses.

Who can take Child Life Insurance?

Anyone who want to secure his child's future can invest in this plan. You can also take this plan if you wish to secure major event of your child's life such as higher education, marriage etc. In case you died then this pan will not allow your child to suffer financially and will make sure that he/she is receiving the best.

How a child insurance plan will secure your child's future?

Offers financial security during the most vital stages of your child's life
Provide a perfect mixture of investment and savings in a single plan
Safeguards child's future, even after demise of the parent
Favours disciplined, long term savings, that usually becomes a challenge

Pension Plan

This plan assists you in securing your post retirement life financially. Choose from multiple options.

For planning your retirement, there are heaps of pension plans available in the market. These plans are different from each other. Their benefits, features, exclusions etc. are different too. Pension plans are basically an investment or saving tool that cater future retirement needs.

All the pension plans are divided into two parts

The first part is all about accumulation where insured pays the premium.
The second refers as distribution.

Under the same, the insured will get a regular income via an annuity plat during your post retirement days. Annuity plan is a form of insurance plan that pays regular income from the started and rest depend upon the features of the plan chosen by you.

Types of Pension Plans in India

There is no doubt in saying that pension plans are there to provide peace and comfort during post retirement days and it will be there to fulfill all your financial desires when the regular income cease. But nowadays there a wide range of pension plan to choose from

Pension plans offer a sense of peace, comfort and security once your working life ceases. But there are multiple types of pension plans offered by different insurers. Let's have a look here:

With cover and without cover pension plans: Here, there is a "life cover" in the "with cover" pension plans. Under the same, the insure pays a lump sum to the family of the insured post in case of his/her death. The cover value is not really high under the "with cover" option. However, under the "without cover pension plans" do not offer life cover. Under the same, only the premium amount along with interest will be paid to the nominee on the death of the insured.

Deferred Annuity: Here, this form of pension plan allows you to pay premiums either with a single premium or through regular premiums. The pension commences once the policy term completes. You get good tax benefits. Rather, the funds are tax-free unless you plan to withdraw during an emergency.

Immediate Annuity: Here, the pension begins immediately once you deposit a lump sum amount. The pension however depends on the amount you invested as lump sum. Under Income Tax Act, 1961, the premiums that you pay are exempted for tax purpose. The beneficiary gets a compensation in case of the death of the insured depending on the annuity option chosen.

Pension Plan	About the plan	Entry Age	Policy Term	Annual Premium Amount	Sum Assured
LIC Jeevan Nidhi Plan	A deferred annuity plan which provides additional bonus, it offers multiple pension options. Bonus is accrued after the 6th year, with the premium paid eligible for tax exemption under the Income Tax Act.	Minimum: 20 years Maximum: 58 years (regular premium), 60 years (single premium)	Minimum: 5 years Maximum: 35 years	Minimum: Rs.10,000 for single premium, Rs.3,000 for regular premium	Minimum: Rs.1 lakh (regular premium), Rs.1.5 lakh (single premium)
SBI Life Saral Pension Plan	A plan which offers guaranteed bonus ranging between 2.50% and 2.75%, it also provides an option for life cover through riders.	Minimum: 18 years Maximum: 60 years (regular premium), 65 years (single premium)	Minimum: 5 years (single premium), 10 years (regular premium) Maximum: 40 years	Minimum: Rs.7,500 Maximum: No upper limit	Minimum: Rs.1 lakh Maximum: No upper limit
HDFC Life - Click2Retire Plan	An online pension plan which secures the retirement of an individual through assured vesting benefit. Being a unit linked plan it invests in funds which meet certain growth requirements	Minimum: 18 years Maximum: 65 years	Minimum: 10 years Maximum: 35 years	Minimum: Rs.24,000 Maximum: No upper limit	Based on premium
LIC Jeevan Akshay VI Plan	An immediate annuity plan which provides pension immediately after paying the single premium.	Minimum: 30 years Maximum: 85 years	NA	Minimum: Rs.1 lakh Maximum: No upper limit	Based on premium
ICICI Pru-Easy Retirement Plan	A unit linked plan which provides an assured benefit to help meet financial requirements after retirement.	Minimum: 35 years Maximum: 70 years	Minimum: 10 years Maximum: 30 years	Minimum: Rs.48,000 Maximum: No upper limit	Based on premium
Reliance Smart Pension Plan	This is a non-participating unit linked plan which offers a regular source of income after an individual retires.	NA	Minimum: 10 years Maximum: 30 years	NA	Based on premium
Bajaj Allianz Pension Guarantee Plan	This is a non-linked, non-participating plan which provides immediate annuity to individuals, with an option to choose between 6 payout modes.	Minimum: Varies based on the payout mode chosen. Ranges from 0 years to 37 years. Maximum: 80 years	Lifetime	Minimum: Rs.25,000 Maximum: No upper limit	Based on premium
Max Life Guaranteed Lifetime Income Plan	This is a non-linked, non-participating plan which offers a lifetime pension to policyholders.	Minimum: 50 years Maximum: 80 years	Lifetime	NA	Based on premium
Birla Sun Life Empower Pension Plan	This is a unit linked non-participating plan which offers a death benefit in addition to annuity.	Minimum: 25 years Maximum: 70 years	Minimum: 5 years Maximum: 30 years	Minimum: Rs.18,000 Maximum: No upper limit	Based on premium
HDFC Life Assured Pension Plan	This is a unit linked plan which is suited to those looking at an investment cum protection plan.	Minimum: 18 years Maximum: 65 years	Minimum: 10 years Maximum: 35 years	Minimum: Rs.24,000 Maximum: No upper limit	Based on premium

Investment Plans

This plan helps you in enhancing your wealth, savings and get an insurance coverage as well. With the motive of improving lifestyle, better & luxurious living aspirations and the growing concern makes people to think about investing an amount to secure the future.

With the same motive investment plan is there to secure all your financial goals with the current investing resources. It is true that investing your money takes a great deal of time, tools and resources. It is true that people are different and so their needs are, so a single investment plan would definitely not go well with everyone's requirements. Nowadays, insurance companies are offering a wide range of effective investment plans

Eligibility to Buy Investment Plans!

All Indian citizens, salaried, non-salaried, self-employed, any other professionals, and state/ central government employees above the age of 18 years can invest in any form of investment plan provided by several financial institutions and insurance companies.

The documents that you must be able to produce if asked, while buying an investment plan:

Address Proof In Original and an Attested Photo Copy For Records
Photo Id Proof In Original and an Attested Photo Copy For Records
Aadhar Card In Original and an Attested Photo Copy For Records
Bank Passbook
Pan Card In Original and an Attested Photo Copy For Records

Key Advantages and Features of Investment Plans!

Investment Plans act like a blessing for all those who believe in systematic savings and want to have a corpus of funds that can assist them in the hour of need. Under the same, you will be able to get high returns.

Features of investment plans:- SIP or systematic investment plans under which you can invest in mutual funds regularly to get compounded returns. IT is one of the biggest investment benefit that you will get as an investor.

Small Investment:- There is no doubt in saying that investment plans are great for achieving long term financial goals. You can even start with a small amount and that will leads you towards great returns. For example a Mutual Fund investment of Rs. 500 at regular intervals of week, fortnight, month or quarter is an affordable way to save and get good returns.

Disciplined investment:- If someone asked to invest or save money on your own then you might fail to do that. And investment is necessary to achieve financial goals. Investment needs dedication and focus. Keeping your habits in mind, you must start with small amount and raise it on regular intervals. With the same, you will get the habit of saving.

Easy Investment plan:- Best thing about investment plan is that you can buy the same online and offline as well without much paperwork. Thus it is the most effective and convenient tool to invest your hard earned money. Online portals facilitate a paperless transaction and hassle free procedures.

Unit-Linked Insurance Plan (ULIPs)

In all the above plans you don't have any option to select where you want to invest your money. For securing your capital most of these plans invest in debts, whereas Unit-linked insurance plan (ULIP) provides complete authority to you in choosing the best way to invest your money which you can invest in debt and equity as well. If you want to switch the current investment method, then you can do the same easily. Those who have good knowledge about the stock market can understand this easily.

ULIPs is basically a financial tool that offers insurance cover and allow you take advanatge of wealth creation.The double benefit of protection combined with freedom to choose your investment avenue makes ULIPs a truly popular financial instrument among customers.

Why you Should Buy ULIPs

A ULIP provides investors with a number of advantages, which are listed below:

Flexible: ULIPs come out with the option of switching funds as per your choice. Investors has the option of investing their hard earned money in equity or debt funds that completely depend upon your risk appetite and market situations.

Risk appetite: It allows the investors to choose among different available options as per their risk appetite. Those investors who do not want to invest big or don't want to carry any risk associated with market should go for debt funds and those who are willing to take a higher risk can opt for equity funds.

Tax benefits: Like other insurance products, it also come along with the option of tax benefits. However this tax benefit that directly linked to the form of ULIP invested, as equity funds could be taxed 15% under certain conditions.

Low charges: ULIPs do not have high charges associated with them. IRDA has put the limits on annual charge on ULIPs at 2-2.25% p.a. for the initial 10 years, with the charges on par with those of mutual funds.

Long term investment: ULIPs are a long term investment option that occur because of increased lock-in period that also reap bigger returns.

How Do ULIPs Work?

A ULIP or a Unit Linked Insurance Plan is a financial s a financial tool tat offers the needful risk cover as well as investment options for the insured. ULIPs also allow customers to invest in stocks, bonds or mutual funds. The insured can choose the investment type based on his risk appetite as all option guarantee returns.

Initially, ULIPs was not an ideal tool as it didnt offer assure retursn and primarily focus on long term wealth generation product. Nowadays, however, almost all ULIPs offer investors assured returns of double or more their initial investment.

When someone invest money in ULIPs, the insurance company divides the amount between equity markets (shares, bonds etc.) and online life insurance plans.

The investments are managed by fund managers from the insurance company, taking away the need to track the investments.

ULIPs allow the investors to invest in multiple options, ranging from low-risk to high-risk as the case may be.

ULIPs also allow the policyholder to switch between their investments, allowing them to maximise their gains when market conditions are conducive.

Features/Benefits of ULIP

ULIPs offer incredible features and benefits to customers and hence are great investment tools especially in today's fast-paced world where returns matter as much as security. Here are a few highlighting features of unit linked insurance plans that make these instruments stand out among a host of investment options.

Flexibility: ULIP schemes offer flexibility that is not just applicable to one aspect of the policy but is comprehensive in nature.

Money Back Plan

Money-back plans are just like endowment plan with only a single difference that the payout can be staggered with the policy term period. In this, some part will be returned to the insured on time to time basis as per the policy tenure. In case of death full sum assured amount will be paid out. It also includes bonus. Because of these additional features, the premiums of this plan are higher than the normal life insurance plans online.

Why you need to buy a Money Back Policy?

Money back insurance policy is a good option fro all who want to have an insurance based investment but they also want some liquidity in the same. With a money back plan or money back scheme, you will get life insurance cover along with the option of income profits. In case where you are a young individual, the policy will assist you at different stages of life.

Those who have investing in money back life insurance plan will get regular intervals for different financial needs that includes purchasing new vehicle or home, medical care needs, clearance of debts such as loans and other liabilities funding the wedding of yourself, siblings or children, etc.

Money back policies being endowment policies, the risk factor of money back plans is usually low and therefore you don't have to worry that your investment will not yield good results. Almost all money back policies gives guaranteed and fixed returns, that will allow you to plan your finances well.

How does Money Back Policy work?

When you invested your money in a money back policy, then the insurance company will tell you about the tenure for which you have to make premium to keep your money back plan active. Some policies require you to pay premiums throughout the tenure, while in some policies you need to pay for a limited number of years only.

This premium will be invested in secure avenues, and a small part of the amount goes into administrative fees and taxes. Once you start paying premium, you will get a certain percentage of the sum assured at regular intervals. It can happen when you are paying premium or once you stopped paying premiums.

The policy documents will also assist you in getting the money back payouts. Some policy offers cash on every 5 years where as some will entertain you with the same towards the last few years. You will receive the benefits of money back regularly until the scheme reaches maturity or until the policyholder dies, whichever is earlier.

If the insured meets his maker before the policy's maturity, the nominee/s will get the sum assured and death benefits as per the policy. Even if money back payouts have been made before the death of the insured person, it will not affect the sum guaranteed as death benefit. You can also add riders to the money back plans just to increase your protection levels and get higher death or maturity benefits.

For the same, you have to pay a slightly higher premium if you are adding riders to the policy. Maturity benefits, along with sum assured and accrued bonuses, are given to the policyholder if he or she outlives the plan.

Features and Benefits of a Money Back Policy:

A money back life insurance plan offer the required life cover along with the guaranteed returns on survival. It refers to be an ideal insurance product for all those people who want to offer the required financial assistance to his/her family in case of his/her unfortunate demise and it is also a good source of another income that would be beneficial for the long run.

Death Benefit: In case of demise of the insured, the nominee as per the policy's document will receive the death benefit. The death benefit amount is equal to the sum assured and decided by the insured at the time of purchase of the policy. Additional bonuses accrued, if any, will also be provided to the nominee. The death benefit of a money back policy is a guaranteed income.
Maturity Benefit: If the insured survives during the policy's tenure, then he/she will be liable to get the maturity benefit. The maturity benefit is equal to a percentage of the sum assured amount chosen by the insured. Also, any bonuses collected during the tenure of the policy will be included in the maturity benefit as well.
Survival Benefit: The survival amount basically refers to the amount where the insured is alive and healthy. The regular payouts related to the same will be to spread through the term and it usually carry a fixed percentage of the sum assured which is decided by the insured. The installments can be utilized for expenditures at important stages of the insured's life like a wedding, children's education funds, down payment for a new house, etc. However, if the policyholder passes away during the policy term, the survival benefit payouts will cease, the death benefit and bonuses, if any, will be paid out and the policy will be terminated.
Bonuses: Many moneyback polices come out with the option of reversionary bonus. A reversionary bonus is a bonus declared by the insurance company at the end of each year. The amount is equal to a certain percentage of the sum assured. The reversionary bonus is either simple or compounded. The simple reversionary bonus will not be assded in the sum assured every year, the compound reversionary bonus is.
Apart from this, the bonus will be calculated with the assured amount, so the bonus increases over time. Money back policies also provides terminal bonus for the on-time and consistent payment of premiums by the policyholder. It is paid with the maturity benefit or the death benefit and is not fixed since it is at the discretion of the insurance company.
Riders: Almost all life insurance companies offers certain riders with the life insurance policy to raise the basic policy type. The add-on riders charge an extra premium and cover the insured against several risk types. Money back policies also provides critical illness riders, accident/disability rider, term rider, hospital cash rider, waiver of premium rider, or accelerated sum assured rider. Each of the riders are designed to lend a hand to the policyholder in times of need.
Tax benefits: Tax benefits can be enjoyed by policyholders who pay premiums towards the money back policy. The benefits are defined under section 80C of the Income Tax Act, 1961. Also, the survival benefit, maturity benefit, and bonuses are tax-free.

Money back policies is the best option for those who are looking for optimum life cover and assured returns.

Top Money Back Plans in India

Money Back Plans	Premium Payment Options	Policy Term	Min. Entry Age	Max. Entry Age	Min Sum Assured	Maturity Age
HDFC Life Super Income Plan	Limited Pay - 8, 10 or 12 years: Annual, semi-annual, quarterly, monthly	16 years, 18 years, 20 years, 22 years, 24 years, 27 years	30 days to 2 years	48 to 59 years	Rs. 1,28,337	18 to 75 years
Reliance Nippon Life Super Money Back Plan	Limited Pay for half of the policy term: Annual, semi-annual, quarterly, monthly	10 years, 20 years, 30 years, 40 years, 50 years	18 years	55 years	Rs.1 lakh	28 to 80 years
SBI Life - Smart Money Back Gold	Regular Pay: Annual, semi-annual, quarterly, monthly	12 years, 15 years, 20 years, 25 years	14-15 years	45to 55 years27 to 70 years (67 years for 12-year plan)	Rs.75,000	27 to 70 years (67 years for 12-year plan)
Birla Sun Life Insurance Bachat Moneyback Plan	Regular Pay: Annual, semi-annual, quarterly, monthly	20 years	13 years	60 years	60 times the monthly base premium	33 to 80 years
ICICI Prudential Cash Advantage	Limited Pay - 5, 7 and 10 years	15 years, 17 years, 20 years	0 to 3 years	60 years	105% of total premium paid	18 to 80 years
Aviva Dhan Samruddhi	10 years: Annual, semi-annual, quarterly, monthly	10 years, 15 years, 20 years	13 years	55 years	Rs.1 lakh	23 to 70 years
LIC Money Back Plan 20 Years	Limited Pay for 15 years: Annual, semi-annual, quarterly, monthly	20 years	13 years	50 years	Rs.1 lakh	70 years

Money Back Plans Features

Parameter	Endowment Policies	Unit Linked Insurance Policies	Money Back Policies	Whole Life Policies	Pension/Annuity Policies	Term Insurance Policies
Overview	These are protection plus investment policies	These are investment plus insurance policies which are unit-linked and participatory in nature	These are protection plus saving policies which are participatory in nature	These are protection plus saving policies which are participatory in nature	These are traditional policies which are non-participatory in nature	These are the simplest insurance policies
Term*	Term ranges between 10 -35 years	Term ranges between 10 - 20 years	Typically ranges between 5 to 25 years	Covers the whole life of a policyholder. Term can be as long as 40 years	Typically there are no fixed terms, with annuity kicking in post-retirement	Typically ranges from 5 years to 30 years
Premium costs	High premium costs	Premiums are on the higher side, owing to investment costs	Affordable premiums	Generally have higher premiums associated with them	Premiums are moderately priced, with most policies requiring one-time payment	Affordable premiums, lowest among all policy classes
Ideal for	People with income to pay high premium and those who are looking to protect themselves and multiply their investment	People who are looking at a medium term investment goal to diversify their portfolios. Also suited to those with high income and keen investment sense	Individuals who are looking to secure their life but wish to earn some money at regular intervals. It is ideal for people looking at an investment plus protection plans	People who want to protect the interest of their family and those looking to secure the financial future of their loved ones irrespective of what happens	People who are worried about their retirement life, and those who wish to have a regular income source post retirement. Not suited for those looking at higher returns on their investment	People who are looking to secure the financial interest of their family members without having to pay exorbitant premiums. Individuals looking for short term protection can opt for these plans
Maturity benefits	Maturity benefit will be paid to policyholder on survival at end of term	Maturity benefit will be paid to policyholder on survival at end of term	Survival benefit will be paid on maturity of policy	Maturity benefits are typically paid when the policyholder reaches a certain age (could range between 80 years to 100 years)	No maturity benefits per se. Policyholders are entitled to regular pension for the term specified.	No maturity benefit will be paid on survival

More About Life Insurance

You are here on this page that means you want to buy a new life insurance plan? Wait, before you make any commitment regarding the same, it is essential to understand the premium concept of the desired life insurance plan. Yes, there are different choices available in the market that come under the life insurance plan, such as a term plan.

A Term Plan works for a limited time, the whole plan that builds up cash value or the universal policies and much more. In all life insurance plans, the annual premiums are influenced by numerous factors such as health, gender, hobbies, height, weight, occupation and much more. You must be aware that the premium rate varies from plan to plan and company to company. If you are thinking about a whole life policy, then the rate of return on the cash value can also affect the premium rates.

When contacted, experts of insurance industries said that the age plays a vital role in the process of setting premiums in the term and whole life insurance plans.

The Age Aspects

The premium rates of life insurance policies depend upon the age of the person at the time of purchase and duration of the policy. The premium rates will increase by 8 to 10 percent every year because of the growing age. An expert of the insurance industry, said that the premium amount would increase by 5 to 8 percent in the 40s and if the policyholder is over 50 age then his premium will increase by 9 to 12 percent every year.

It is advisable to buy a life insurance plan at an early age as it helps in reducing premium rates and bring steadiness in the same. However, in the whole life insurance, the premium rates do rise with the age.

The rates of premium are determined by the insurer each year, depending on the actuarial tables of the book-keeper. And they increase at each consecutive age because each year there is a superior drain on the cash value, attributable to the increased mortality charges

How Does Age Helps In Getting Life Insurance Plan Easily?

According to the experts of the insurance industry, the age factor is an essential part as it helps in checking that the person is eligible for buying a life insurance plan or not. An older person has limited options of life insurance plans. There are many tests that an older person has to pass for buying a desired life insurance policy like medical tests, etc. The premium rates will be higher for an old age person. So, in short, buying an insurance plan at an early can make things quite easier for you.

The premium rates of any life insurance plan will increase by the year and that can leave a bad impact on your savings. So it is better to buy a helpful life insurance plan before your next birthday, it will surely make things quite easier for you. Buying a life insurance plan at an early age will give you the best coverage at low premium rates.

Premium: This is the amount paid to the insurance company to get the life cover. The premium you have to pay depends on the policy. It can be yearly or in one go even.

The insurer and Insured: The one who is the policyholder is the insured and the company which does the policy is the insurer.

Sum assured: It is the amount which the company is ready to pay along with the bonus. Being specific it is the amount which your nominee will get.

Bonus: This is an additional amount which is given along the submitted amount by the company to the nominee of the policyholder.

Maturity Value: The amount which the life insurance company pays on maturity is known as the maturity value. It is sum assured plus the bonus.

Surrender Value: If in between the policy you decide to discontinue, you can take the money which is due to you, the life insurer pays the amount which is called the surrender value.

Paid-up value: If you do not withdraw the money from the insurance company but you stop paying premiums, then the policy you own earns paid-up value. Depending on the number of premiums you have paid the company will reduce the sum assured considerably and pay the rest amount.

Survival Benefit: This is a fixed particular amount paid up by the company to the policyholder after a specific period.

Annuity: It is the regular payment which the insurance company agrees to pay after you cross a certain age. For example, if you cross 55, then your insurance policy will pay you monthly or quarterly the amount which is decided. Thus this payment is called annuity.

Thus to secure the future of your whole family including yours, life insurance is the best means which will help you to stay out of financial crisis in case of any issue or mishap. So get the best policy which suits your needs and fits your pocket.

Tips To Buy Best Policy

Buy Early: The earlier you buy the policy, the better it is. This helps in getting you an adequate risk cover as well as building a good corpus

Compare: You must compare Life Insurance Policies online in order to get a good deal and save a lot of money.

Analysis: You should do the proper analysis before selecting a policy which fulfills your needs.

How much to buy: Analyzing the potential needs of your nominee or beneficiary will help you in deciding which plan and how much insurance you need to buy.

If you have decided to buy life insurance online, then there are few documents that you need to provide such as:

Age proof : Any one of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.

Identity proof : Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one's citizenship

Address proof : Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.

Some plans require a medical check-up usually for elder people above the age of 45 years in order to make sure that the insured does not suffer from any chronic illness.

Passport Size Photo to have a record of the insured person`s identity for future references

Buying life insurance doesn't make sense for all individuals. if you do no longer have any dependents, and own adequate belongings to cover all prices related to your demise, which include attorney expenses, funeral fees, and so forth., the you should go for a right life insurance plan. It is also not necessary to have a life insurance in case where you have adequate assets to cover them in case of your unlucky and premature loss of life.

However, if you are the primary issuer of your own family and still have money owed which can be considerably larger than your belongings, insurance will training session useful for you. With an effective life insurance, you have your parents covered against unwanted emergencies. While, there are many people who do not forget life insurance as a form of investment, it doesn't provide too many appealing advantages whilst as compared with different traditional funding gadgets. Some forms of life insurance are considered as devices for investing funds for retirement or financial savings, and are known as cash-value rules, and they're basically policies that help in building up a pool of cash that accrues interest, a percent of the money will paid out to you upon the maturity of your policy.

In case you wish to surrender a policy, insurance carriers advise which you avail a loan out of your savings to continue making premium payments. At the same time as this solution seems smooth, you may incur expenses due to the loan as interest should be made to the coverage company for the cash you have got borrowed.

Term plan, then again, permits you to purchase a policy with a purpose to pay out a predetermined amount of cash in case of your unfortunate demise all through the coverage term. But, no amount could be paid in case you are alive at the maturity of policy. This product was designed in any such manner is to make sure that your property make you self-insured over a period of time. However, convertible and renewable term policy are the high-quality options regardless of your debts, profits, lifestyle, and many others. The insurance supplied by way of them is just like that presented with the aid of coins-cost guidelines and they're additionally relatively less expensive.

If your term plan has a renewable clause, it manner that you'll be allowed to renew your coverage at a predetermined rate without the need to undergo a medical examination. In essence, if you were identified with a serious illness while the policy has expired, the coverage can be renewed at a aggressive rate. Convertible coverage policies offer an opportunity to transform the coverage's face value right into a coins-value plan furnished by your coverage corporation whilst you attain sixty five years of age and do no longer have the economic protection to do with out insurance. A comprehensive research and assessment of guidelines will help you better recognize which plans can go well with your requirements and how much coverage you'll require.

On the account that life is unpredictable, its important to have a proper financial savings plan to cope with unforeseen circumstances and emergency fees. One of the top ways through which you could plan your savings whilst additionally ensuring that you and your loved ones are financially comfy.

There is no specific time that can be considered because the 'right time' to purchase life insurance as it relies upon on man or woman requirements and situations. The market has a number of options with various phrases and implications, and the key to selecting the proper coverage lies in research and comparison. In case you get the right policy on the right age, the advantages you attain while you maximum require it could be simply beneficial. It is also crucial to recollect such elements as future plans, dependents, earnings, and many others. Agood way to make an knowledgeable choice approximately the policy term, the premium and the quilt.

Buying a life insurance coverage for your 20s - investing ina life insurance plan during you Nineteen or twenties can be an less expensive and comparatively clean affair as most life insurance carriers absorb to consideration the truth that you have the capability to make premium payment for numerous years after availing the policy. In strict statistical terms, they're at incredibly low threat to pay out. Moreover, the majority in their Twenties are at a level where they've just commenced their professional life with older age corporations. Therefore, life insurance groups select more youthful applicants because it facilitates in making plans their financial savings and future at highly low risk.

Investing in a life insurance during 30's - It is obvious that you have family, at the same time as your earnings will increase, so will your want to make sure about your family's security and monetary safety to your belongings. If you are investing in a life insurance during 30's, then the primary and predominant factor of security you should ave for your family's future needs. It is advisable for you to go for a plan with a sum assured of 10x s 10x your yearly earnings to protect your assets and family.

Buying a life insurance during 40's - Investment should be made after considering elements like your retirement plans, your kids's higher training and care of aging parents. a protracted-term is usually recommended at this level because it will make certain that your dependents could be covered for a good and you'll also have enough time to clear your loans and mortgages. A long term insurance is the first option as it provides funds accumulation in addition to financial protection.

Shopping for a life coverage policy to your 50's - People of such age group do not actually require an insurance policy as they'll have possibly cleared maximum of their debts and their youngsters will quite likely have completed their schooling too. However, permanent life coverage plans are a terrific option as they are able to come in accessible in case you plan to transfer your property to youngsters. Remember that life coverage at this point of your life might be tremendously luxurious because of more desirable health risks associated with old age.

There can be numerous reasons as to why you can want to cancel your life insurance policy. It could be because you not own the cash to make premium payments. It may be because of the fact that you have got a dire want to cash out the policy. It could be for any cause, but regardless of the reason, it's quite easy to cancel your life insurance coverage. Following are a few suggestions to cancel your policy:

Visit the website of the organization from which you got a life coverage: No matter whether or not you've got purchased a coverage from a local or big country wide insurance issuer, go to their website to test their cancellation coverage. The website of the business enterprise can be found on any correspondence piece which you have received from the insurer. You could also run a web search for the website with the aid of typing your insurance issuer's name.

Contact a dealer: Prior to the cancellation of the lifestyles coverage policy, it's recommended that you connect with the insurance company and clarify whether or now not you're making the proper selection. Even if you are satisfied about cancelling the policy, it is pleasant to talk about it to an professional as it will help you better understand whether or not you're cancelling your coverage. People who've no brokers can contact their insurance company and request for one.

Contact an accountant: Cancellation of policies can depart the door open for tax implications. Income and excess premiums help in constructing up the cash value for popular and complete life insurance policy. Whilst a policy is cancelled, a cheque for the particular amount is cut by your coverage business enterprise, and this amount might also or won't qualify for tax deductions. It's far consequently crucial to contact a tax expert as he / she can have solutions to all the questions you can have about the tax implications associated with the cancellation of a life insurance policy.

Consider partial withdrawal policy: Individuals who have bought insurance policies are commonly allowed to withdraw a partial amount from their coverage with out the need to completely cancel their policy. In part taking flight finances from your coverage will unfastened up some price range that can be used at once, and, at the same time, will still depart a few finances in the policy so that your family participants / nominees are covered in case of your premature loss of life. However, partial withdrawal is quite much like taking a loan against your life insurance policy, and it may have effects, making it instrumental which will seek advice from a broker before considering partial withdrawal. As an instance, some rules lower the death advantage whilst you choose partial withdrawal and you may no longer be allowed to repay the amount withdrawn so that it will boost the amount once more. Furthermore, in certain conditions, you should pay a tax on the amount you want to withdraw from your policy.

Do your research: Given the number of alternatives at your disposal in terms of choosing the right coverage issuer after which choosing the policy that fits your requirements from the substantial array of options, it's important to do your research before shopping a life coverage policy as it can not simplest assist you save a very good sum of money, however it can also help you get hold of maximum benefits. Make sure that you have additionally checked up at the insurer to ensure that there are not any surprising hassles in the future.

Undergo the phrases and situations: The phrases and conditions report of your coverage plan contains all the information regarding the coverage. The general public do no longer be aware of each element and as a end result, turn out to be handling disastrous outcomes in as an alternative difficult conditions whilst making claims. Ensure that you study the policy document and understand it fully earlier than shopping an insurance policy.

Lock-in duration: There are times when individuals buy insurance policies but understand in some days or perhaps weeks that they're now not absolutely glad with the phrases and conditions of the coverage. In such cases, some insurance businesses provide a free lock-in duration, that's a short span of time in which a policyholder and return the coverage to the insurer for no penalty or price. Lock-in periods are normally 15 days long, so make sure you purchase a coverage with the aforementioned feature because it will make it simpler so that you can go back the policy and buy any other in case you are not happy along with your initial purchase.

Recall premium payment alternatives: Most insurance vendors provide premium fee alternatives on an annual, semi-annual, quarterly or monthly basis. It is instrumental that you pick a term in an effort to let you make premium payments with out different consequences. no matter your premium fee alternative, it's also advised that you pick the digital take a look at machine to make premium payments as it will make sure which you make in no way miss a fee date.

Don't disguise anything: There are instances wherein people attempt to disguise some facts while filling out the software form and buying an insurance coverage. Your medical records must be accurately provided to the coverage employer, and you must also notify them if you are a smoker as each detail requested by them is an crucial factor in determining the phrases and conditions of your coverage coverage. Missing or deceptive information can purpose primary problems when seeking to make claims, even a total rejection of claims in a few instances.

With the coverage region maturing vastly over the last few years, humans have become increasingly more aware of the importance and absolute vitality of insurance policies(each health and life). Indian citizens have rendered themselves proactive and with the regular assist of economic advisors, planning in advance has come to be ever extra smooth.

Surge of NRIs in India: With an boom inside the wide variety of Non-Resident Indians wanting to put money into insurance policies in India, the platform has become extraordinarily expansive. Some of Indians starting place or PIO and a Non-Resident Indian has the overall liberty to buy a life insurance coverage in India to assure their lives. Multiple coverage companies and agencies have now begun to re-strategise their rules to suit the desires of PIOs and NRIs.

As most of you must be conscious, a term plan is largely a pure safety policy, and therefore makes the most feel to be purchased for the safety of a whole family. A couple of coverage agencies in India have diverse time period plans which can be absolutely suitable to the wishes of an NRI or a PIO. With the help of a questionnaire, this type of an insurance coverage may be bought in a jiffy. They're now not completely one-of-a-kind in their shape, however people can also customise their polcie as in keeping with their wishes.

However, in India, currently a handful of insurance agencies have a streamlined device in area to assist the NRIs with their rules. Some necessities are there, whether or not it's a medical test or easy documentation, the personnel of those agencies will constantly be at your provider. Given under are a few of the firms who've a systemised structure in location:

LIC or Life Insurance Corporation Of India
Max life insurance
ICICI Prudential life insurance
Kotak Life Insurance

NRIs may additionally choose from sure insurance policies that rely entirely where the man or woman is living presently, their age, and other valid statistics.

Area: In case you are an NRI seeking life insurance policy in India, then you definitely need to bear in mind the fact that your geographical place will not be taken into consideration for doing so. However, for the medical take a look at, you might need to visit the place of beginning.

No extra charges in any way: If the dangers involved are more or much less the same, then there might be no distinction within the top rate rate of resident and non-resident Indians. The premium price could be impacted if the threat is multiplied for some cause.

Virtual charge: An NRI can choose to pay digitally through a overseas country's remittance, or a financial institution account with an Non-resident everyday (NRO) nature, and via a Non-resident (NRE)/foreign foreign money Non-Repatriable (FCNR) account.

Advantages inclusive of loss of life and maturity also can be deposited through the above-referred to techniques. In case you are paying the charges in a overseas foreign money, your proceeds can be rendered completely repatriable. But, this may no longer endure any impact on the coverage or the proceeds reputation whatsoever.

1. Why buy a Life Insurance Policy?

Life Insurance Policy is the best means to fulfil the goal which has been set by you. In the case of any tragedy to the policyholder, life insurance serves as the best way to help the families. Even the needs of the children are secure as the policy can help when the main bread owner dies. These policies protect you from taxes which are a great benefit. Premiums which are paid get a tax deduction. The policy can be taken for a special motive like the wedding of children or their education. Even the retirement life can be secured by taking the policy. Thus taking insurance policy is beneficial.

2. When to buy Life Insurance Policy?

The very moment when you feel that your family or loved ones are dependent on you for their needs without even thinking for a minute you should buy the policy. As there is no age limit so it's better to get it the moment you think the requirement arises.

3. How much life insurance you require?

The policy you require depends on the needs. To the more when you are young needs are limited but as you grow you have more responsibly and more people attached to you. So you should choose the best one keeping in mind your future needs.

4. What are the immediate financial expenses which your family may require immediately after your death?

When a person dies the family is in a state of grief and it takes months to come out from this shock. It is disheartening as you have lost your loved one but there are expenses such as for cremation and then other ceremonies which are to be done. Taking an insurance which covers all aspects will provide you with money to fulfill the immediate expenses which will be there after death.

5. How to know your present expenses to get the best insurance plan?

Before buying an insurance policy think about the liabilities which are there. From the loans of the banks to the credit card bills keep everything in mind. If your family is living in a rented accommodation think about the rent that the policy should be able to give till your children grow up and earn. Groceries, school fees, other expenses of families, taxes etc, keeping in mind all these then only select a policy.

6. How to know future expenses to get the best insurance plan?

Future expenses basically help you to get a vision of your needs in future. From settling the children, health issues to the retirement living, you need to think about all the expenses to get the best life insurance plan.

7. How long will your dependents need support in case of your sudden demise?

This is a critical question as you never know when you are going to leave for your heavenly abode. Before buying a policy think about the support your family may require. Maybe you leave the world early and your children are small. So, till the time they grow up and settle the policy should be such that it supports them. Even till your wife starts working or arranges some other income source policy should be there to help them. Thus this all depends upon what your family plans for their future and then only you can take a policy.

8. How to buy the best life insurance policy in India?

The simple way to choose a policy is to do it when you are young, thus you could increase coverage the amount. Research about your needs and then imply on the tools which insurance company gave you. Taking a note on them, choose the best policy.

9. Is it great to shop for life insurance policies at a young age?

Sure, purchasing a policy at a particularly younger age, permit you to avail the plan for insurance low premium.

10. Is it better to purchase a life insurance from an agent or have to I should buy one from an insurance company?

While insurance companies are the most dependable sources when it comes to purchasing life policies, coverage agents aren't absolutely untrustworthy. However, before you buy a policy from an insurance agent, it's suggested which you request for his or her authorisation card from the IRDA to make sure that they're certified sellers.

11. When does life insurance cover begin?

It will start on the date of commencement after the insurer has acquired and accredited of your insurance policy.

12. Are life insurance premium constant?

The premiums of such policies usually do not change and stay fixed for the term of the policy that's decided with the aid of the policyholder. A few policies have single pay or confined pay options Additionally where the premiums may be paid in a single lump sum or over a period of a few years.

13. Can older people purchase life insurance?

Sure, older residents who're above the age of 60 can also purchase life insurance regulations. There are numerous sorts of insurance policies like term policies, whole life policies and guaranteed life coverage guidelines that are designed to provide cover to older individuals. LIC and Reliance provide life insurance plans specially designed for senior citizens.

14. Is it great to take a single cover policy or a joint life insurance plan?

In case of single cover policy, each people are covered under separate and impartial regulations which don't have any effect. But, below a joint coverage, each individuals are covered below one plan. In case of a mishap where both individuals lose their life, their beneficiary will obtain only a single pay out, at the same time as in the case of two single policies, there might be pay outs, one from plan to another.

15. Do life insurance charges grow with the age?

Premiums for numerous sorts of life insurance policies like whole life insurance, as they do for term insurance plan. However, for term insurance policies, if you want to renew the policy after the stop of the coverage time period, the rates might also appreciably growth so as to cover the risk of a higher age.

16. Who is the claimant in a insurance coverage?

The person who files a claim oninsurance policy is known as the claimant. In case of the life insured suffering from injuries that not amounting to demise, the life insured becomes the claimant.

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More About Life Insurance

How Does Age Helps In Reducing Premium Rates?

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How Much Life Insurance Do You Need?

What Is The Right Age To Invest In Life Insurance?

Life Insurance Policy Cancellation

Dos and Don'ts of Life Insurance

Life Insurance for NRIs

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