And the best part of child plan is that — it remains enforced even
after the demise of the life insured.
Term plans not only offer the maximum cover to safeguard your
family after your demise in comparison to other insurance policies, but a few plans also offer a range of benefits.
This plan is basically limited payment whole life plan that can be used also used as a long term annuity
plan after the demise of the life assured.
Maintain family's standard of living: With an adequate life insurance plan, your family can maintain the same standard of living
after your demise as well.
Suddenly, your family may be faced with the scary prospect of having to cope with the financial burden of
life after your demise.
Although insurance covers life and offers
sum after demise, pension plans offer money where you can enjoy life consistently without changing your lifestyle.
Adults who don't want to leave their loved ones to pay for debts and funeral
expenses after their demise should have some coverage in place.
Insurance of certain amount is provided to every Credit Card holder which is
paid after the demise of that individual.
The idea is to arrange for self sustainability of dependents so that life style can be maintained and future needs could be
settled after the demise of a policyholder.
However, a child insurance plan provides a lump - sum
payment after the demise of the policyholder, but the policy does not come to an end.
The beneficiary will get the complete pension amount accumulated by the policy
holder after the demise of the subscriber and his companion.
So, it is not solely about the insured's income but also the lifestyle expenses, the family needs to
maintain after the demise of the insured.
The main reason for getting insurance is to provide your dependents with at least the basic
needs after your demise.
If you leave your loved ones without a source of
income after your demise, chances are they would seek financial support, which means more burden.
A life insurance policy will ensure that your family stays
protected after your demise as the insurer will give your family a lump sum or monthly pay out.
Therefore, it is necessary to buy an individual term insurance plan apart from the group insurance policy to take care of your financial
liabilities after your demise.
But with a life insurance plan, your spouse would be able to deal with all such situations
easily after your demise also.
With an under insurance coverage, your family will receive an amount, which is inadequate to meet their financial obligations and they have to face a severe financial
crunch after your demise.
This insurance plan can help getting rid of any loan
burden after the demise of the insured person like a home loan.
The plan is an endowment plan that can also be used as a long term annuity
plan after the demise of the insured person.
This would be a financial disaster for your dependents that need the life insurance payout to live a normal
life after your demise.
Under the same, the beneficiary will get a sum assured amount as regular income or in the lump
sum after your demise.
The deal comes a
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People who inherit a lot of money may feel secured about their future and also about the financial security of their
dependents after their demise.
The first payout is received
immediately after the demise of the parent or the guardian in the policy and the second payout is received by the child at the close of the plan or when the child turns major, all depending on the child plan policy construction.
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