Know the types of Life Insurance well before opting for one
When planning to buy a life insurance plan there are many options available, but which of these is apt for you is the choice that needs to be made wisely. Presently every life insurance company is offering numerous plans that can confuse insurance buyers. More choices however give buyers the liberty to choose what is apt for them and then take the final call. Below mentioned are some of the most opted for life insurance plans that you can consider opting for.
Term life insurance: Term life insurance plans can be purchased for a specific term or period. This insurance plan is a sort of agreement between the insurance company and the policy buyer wherein the nominee is entitled to receive the agreed upon amount after the policy holder’s death. The time duration can be chosen by the policy buyer which normally varies from 5 to 30 years. By taking this policy the policy holders can be sure, their loved ones will get the assured amount of money when they aren’t present to help them financially.
Money back life Insurance: As the name suggests, a money back life insurance plan will give the policy holder survival benefits. When a person opts for such a policy, he can choose the coverage period, in case of his death within the coverage period the beneficiary gets the whole assured amount. However if the insured person is alive until the policy duration, he is entitled for money back option as survival benefits. Thus money back policy can be a good savings option and act as a savoir for the nominees after the policy holder’s death.
Endowment life insurance: An endowment policy guarantees monetary benefit to the beneficiaries after the death of the policy holder. In case the policy expires before the insured person’s death he himself is entitled to receive the lump sum amount. If the policy holder is unable to continue the policy he can choose the option of surrendering it and is eligible to receive certain amount of premium payments he had made. This way the policy isn’t lapsed and the holder will be assured certain amount of money even though he chooses to discontinue.
Unit Linked insurance (ULIP): For people who wish to earn more out of their life insurance investments, ULIPs are the ideal option. In such kind of policies, the premium amount the policy holders pay is invested in the stock market thus increasing the final amount that they will receive after the policy matures. These policies give dual benefits of acting as a life insurance on one hand and a good market investment opportunity on the other hand.
Life insurance plans, currently come along with many other added benefits that the buyers can benefit from. If you too are planning to buy a life protection insurance plan consider knowing the available options well before making the final choice.
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