Life Insurance In India

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Life Insurance In India
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Life Insurance Plans in India
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• Various Types of Life Insurance Plans
• Life insurance policy offer guaranteed protection
  in the form of financial assistance to the
  policy-holder. These insurance plans offers
  protection to the insurers family as well in
  case of any unforeseen incident There are various
  types of insurance plans, each catering to
  different needs and risk profiles
• Traditional Life Insurance Plans Traditional
  life insurance plans, also referred as
  conventional plans, offer guaranteed sum at the
  time of maturity along with bonuses, which
  depends on the plan one has opted. The investment
  is done in low risk return. However, one cannot
  choose the investment avenue the investment here
  is solely at the discretion and the strategies of
  the company. The partial withdrawal of ones fund
  is also not allowed although in some of the
  plans you get the facility to take a loan against
  your investment.
• Group Life Insurance Plans In this, a group of
  people are covered under a single insurance plan.
  It is common amongst a group of employees or
  members of union. Here, usually an employer or
  company adds other employees under a sample
  policy.

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• Every policyholder is provided with a legal
  certificate which acts as an evidence of their
  insurance.
• Endowment Life Insurance Plans In this kind of
  insurance plans, the insurer pays the periodic
  premiums which are invested as per the insurance
  companys judgment. Customers usually get
  bonuses, depending on the performance of the
  funds. At the end of the policy term, the
  investor receives back the guaranteed maturity
  amount which is accompanied by bonuses and other
  benefits. In case of the policy holders death,
  the assured sum is paid to the beneficiary.
• Money Back Life Insurance Policy In this type of
  insurance plan, the policy-holder receives a
  portion of the assured sum at regular intervals
  based on the plan chosen by him/her. This is
  often referred as the partial survival benefits.
  If in case the policyholder dies during the
  policy term, the entire insured corpus is given
  to the beneficiary, without deduction of the
  amount already paid back. If the insurer survives
  the policy term, he/she gets the remaining sum.

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• Term Life Insurance Plans A low cost insurance,
  Term Life Insurance Plan allows the customer to
  secure corpus for his/her family after his death
  or in case of any unfortunate event. In this kind
  of insurance plans, the customer and the company
  go into a contract where the company, in case of
  insurers demise, pays the deposited amount to
  the beneficiary, after a certain period of time.
  The period can vary from 5 to 30 years. The
  premiums are quite low here.
• Unit Linked Insurance Plans (ULIPs) In ULIPs,
  the investment is done as per insurers financial
  commitment, risk appetite and preferences. The
  investment done is subjected to various market
  risks, which are to be borne by the policyholder.
  There is also the option to invest a portion of
  the premiums in various funds such as equity,
  debt, money market or hybrid fund. This plan also
  provides the flexibility to change ones
  investment strategy . the policy-holder can
  redeem the collected units at time of maturity,
  at the then prevailing prices. Some plans also
  offer additional units or other benefits, either
  at the time of maturity or annually.

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• Annuities and Pension Plans In this insurance
  plan, the annuitant pays a certain amount for a
  decided period of time via periodic premiums. At
  the time of maturity, he/she receives the Life
  Insurance In India amount as the form of pension,
  which can be received either as a large corpus
  annually or as monthly payment. It also serves as
  protection from various kinds of financial risks.

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