Skip to main content

Three Types of Life Insurance Policies You Can Apply For

Life Insurance Policies

When talking about life insurance, some people call it a waste of time and money. They argue that death is inevitable then what is the need for a life insurance. It’s probably because we don’t live alone our entire life, and with time we get married, produce kids, and become responsible for the well-being of many more people other than ourselves - those who we refer to as a family. 

Now, you might not be capable to fulfil their needs for the rest of your life, especially after your death. But you can take a life insurance policy to pay for your family’s financial needs after you, and ensure a sustainable life for them as long as they don’t grow self-independent financially. 

Owing to the above discussion, below are three popular types of life insurance policies you can apply for:  

1. Term insurance: Term insurance is the cheapest and the simplest form of life protection plan to understand. It covers you for a particular period. The premiums are quite lower as compared to other plans, and you get financial cover for your family in case of your unexpected death. The only drawback is, you don’t receive anything if you survive throughout the expiry of the policy. 

2. Complete life insurance: This is the ideal plan suggested by most insurance experts, the same covers you throughout your life. The beneficiary gets a lump sum amount if the insured dies along with the bonus that matures on the assured sum.

3. Money back policy: A relatively popular scheme wherein a portion of the assured sum is paid to you throughout the scheme’s duration, referred to as the survival benefit. The remaining balance is paid in form of maturity balance in case the policyholder survives. Having said that, if the insured dies, the family receives the entire assured sum irrespective of the periodical survival benefits paid earlier.

Labels:

Comments

  1. Sophia1 March 2021 at 12:13

    The great blog about health insurance.Thanks for sharing the blog about Health Insurance.

    ReplyDelete

Post a Comment

Popular posts from this blog

Quick Guide For Zero Depreciation In Car Insurance

Some parts of your car face wear-and-tear faster than the others and these parts are often referred to as depreciated parts. Once you file for an insurance claim, the insurance company deducts a value equal to the depreciated value of all such parts and does not settle your claim in full. The parts that are made up of rubber, plastic, fiber, etc. fall in this category. If you want to avoid this deduction from the final claim amount, you can avail of a zero depreciation car insurance cover. It is also known as nil depreciation cover as it nullifies the deduction from the claim amount due to the deprecated components of your vehicle. The benefits of a zero depreciation car insurance policy are stated below: Comes at a reasonable price  If you have already purchased a comprehensive car insurance policy, you can avail of a zero depreciation car insurance cover at a nominal price. It is because it is an add-on insurance policy that only enhances your claim amount to reduce the part of the
Post a Comment
Read more

Necessary Information On Hospital Cash Insurance Plan

Medical treatments these days are a matter of the huge amount of money. And if you need quality treatment facility from the super-specialty hospitals and clinics you need a medical insurance plan for you and your family. If you are planning for the medical insurance plan with hospital cash cover , then be sure to consult with the best insurance plan provider.  Let us discuss in details. Financial companies such as reputed NBFC Bajaj Finserv and other insurance companies have their own health insurance policies that range from smaller amounts of bigger amounts. All these medical policies fall under the pocket insurance policy scheme. It gives clients the facility to get benefits with minimum investments. The procedure is quick and does not require lengthy documentation. You can get a higher amount of money with such hospital cash insurance to continue medical treatments even for critical patients. Just make sure you read the policy details clearly before you in
Post a Comment
Read more

Stay Protected on the Road- Understanding the Importance of acko car insurance

  Having a car insurance policy is essential for every car owner. It not only provides financial protection in case of any damage or loss but also ensures a safer driving experience. Acko is one of the leading car insurance providers in India, offering a wide range of insurance plans to suit the needs of all car owners. In this article, we will be discussing the importance of Acko car insurance in India and how it helps to stay protected on the road. We will also look at the various benefits and features of Acko car insurance policies that make them an ideal choice for car owners. Understanding the Importance of Acko new car insurance in India As the number of vehicles on Indian roads increases, so does the number of accidents and other related incidents. Traffic jams, road rage, and bad driving habits are some of the major causes of accidents. It is important for drivers to stay safe on the road, and to do so, they must have a car insurance policy. Acko new car insurance is one of
4 comments
Read more