Do you want to buy a life insurance policy, but are unsure which one would suit your needs?
Continue reading to find out which policy is right for you.
Understanding different types of life insurance will help you choose the right one.
An endowment plan
=
Double Benefit of
Life Cover (Death Benefit)
+
Savings (Maturity Benefit)
To know more,
A term plan gives payout(s) to the nominees in the event of the life assured's demise.
Whole life insurance is a plan that covers the life assured for his entire life time.
Money Back Plan
=
Maturity Benefit
+
Survival Benefit/ Regular Payouts
+
Bonuses/ Guaranteed Additions
+
Life Cover
ULIP
=
Double benefit of
Life Cover (Death benefit)
+
Wealth Creation (Market Linked Returns)
Payout(s) to secure the important milestones of a child’s life
+
Waiver of premium in case of parent(s) demise to ensure the payouts(s) are available without any future premiums.
Retirement plans
=
Lump sum and/or monthly income in the form of payouts to enjoy a worry-free retirement!
It pays a lump sum when life insured is affected by a critical illness that can be used for:
• Medical treatment
• Post treatment nursing and
• As income during the affected period.