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Friday, October 31, 2014

Types of Life Insurance

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Types of Life Insurance

Life insurance should be an important part of your financial plan. It offers security to your family members should anything untoward happen to you. Let's look at the different types of life insurance policies that are available in the market today:

Term Plan

A term plan is the simplest type of insurance in which you buy in an insurance cover for a specific number of years and at a certain premium. This type of insurance plan does have any other investment component. In case, the policyholder dies during the term of the policy, the sum assured is given to the beneficiary.

Whole life insurance plan

A whole life plan covers you for the 'Whole of your life' that is as long as you survive. A slight variation of whole life plan could be a whole life endowment plan, which will practically cover your whole life and will have the provision for maturity benefit too after a considerably long interval say at 100 years of age. The premium that you pay for this type of policy remains the same throughout the policy life. In case of the death of the policyholder, the sum assured is given to the nominee.

Endowment Plan

An endowment plan is a life insurance plan designed to pay a lump sum after a specified term (on its 'maturity') or on death. Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it.

Money Back Plan

In a moneyback insurance plan, the policyholder gets a percentage of the sum assured at regular intervals, rather than getting the whole amount as lump sum. It is essentially a type of endowment plan with benefits of liquidity. One of the best features of this type of plan is – in the event of death of the policyholder during the policy term, the claim amount comprises the full sum assured. Also, there are no deductions made to the survival benefit amount that has already been paid.

ULIPs

ULIPs or Unit Linked Insurance Plans are investments made with risks associated to the capital markets. As this investment risk is borne by the policy holder, one needs to be discerning enough. Before buying a ULIP, it will be wise to consider your risk appetite and your requirements beforehand. There are several unit liked insurance products that are specially designed to suit your goals – be it for your health, marriage, retirement planning or for your child's education.

Retirement Plan

The main objective of retirement plan should be to create a corpus sufficiently large enough to take care of the regular stream of income post retirement. It is a type of retirement solution that can help you with regular flow of income to maintain your existing lifestyle. While planning for a retirement solution, one should take a look into vesting provisions as set out under such plans like – minimum vesting amount, open market option, i.e., flexibility to choose annuity from any of the annuity providers in the market, types of annuity being offered, etc.



 

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