Life Insurances 266 views
Many of you will surely agree on the fact that life is very unpredictable, and there is no getting away from this fact. However, if you are the only breadwinner of your family, it is your responsibility to ensure that the needs of your family will be taken care even after your unfortunate demise. And, this is where family life insurance comes in. Gone are the days, when the choices for family life insurance plans were very limited in India. Today, this industry is witnessing a tremendous growth, hence you have endless choices to choose from.
Yes, some insurance plans provide you with the plain and simple insurance cover, while others give you the facilities such as survival benefits, pensions, etc. So, before going any further, let's discuss different types of life insurance plans for families along with the benefits that each one of them is offering you.
Term Insurance Plans
It would not be wrong to say that term insurance plans are also known as the basics form of life insurance. In this plan, you pay a premium and insurer ensures that you get the coverage by a specific amount till the duration of the policy. In simple words, you decide the duration of the policy and select the amount you are willing to get the cover for. Moreover, you pay the premiums for said amount and in case of your unfortunate demise, your family will receive the amount that you are insured for. As far as duration is concerned, the period of such policy usually lies between 10 years to 20 years, depending on the condition set forth by the insurer.
Money back policies are such policies that don't stop by just insuring your life for a specific amount. Here, the general principles of life insurance policy also apply, except the fact that in this regular payments are being made to you at particular intervals, as per its name money-back. More to the point, if something worst happens, during the effect of this policy, your family will get the entire sum assured even if you have already received some money under this money-back policy.
Unit Linked Insurance Plans (ULIPs)
Unit Linked Insurance Plans or commonly known as ULIPs are such insurance plans in which the part of the premium you pay is completely dedicated in providing the life insurance cover to your family members, and the remainder is invested in the market.
As the name itself suggests, is one such family insurance that you plan to take for the future. However, it is very much true that you will not work forever, so what happens if you take the retirement? This is where the pension policies come in as they make sure that you get a monthly income even after your retirement, so that you can live your life freely and enjoy every moment with your loved ones.
Joint life Insurance
When it comes to joint life insurance, it is specifically designed as a life insurance plan for all your family members. Under this insurance plan, a couple may take the life insurance policy together under a single contract. The plan that they take can either be a term plan or ULIP or any other type of plan that ensures that you and your spouse will remain financially independent after the unfortunate demise of the one.
Child Insurance Plans
Many insurer providers these days are offering the best deals for child insurance plans to avail. Once you take these insurance plans, you don't have to bother about your child's future. With the help of such a plan, you can be rest assured as your child's future will remain safe and protected for the long-run.
Advantages of Family Life Insurance Policy
◦ Financial future
◦ Plans for everyone
◦ Get something in return
◦ Double payment
◦ Tax Benefits
◦ Protection not limited to death
◦ Lots of options to choose from