Provide
life insurance cover for life's unfortunate problems: A life insurance policy safeguards against various small or big problems that life may throw at you.
Before getting into these different permanent life insurance products, you'll need to understand a few basic concepts of
permanent life insurance cover.
Part of the premium goes into
buying life insurance cover while the remaining part of the premium is invested in an asset class (equity / debt), based on one's choice.
This is a plan that provides pure
life insurance cover along with return of premium on maturity if the insured survives the tenure of the policy.
In case of death of the insured member, apart from the scheme specific death benefit, fixed
life insurance cover amount of Rs 1000 per member, shall also be payable.
You may
get life insurance cover through your workplace so it's important to check what they provide before taking out a policy.
One of the major benefits of this plan is that along with the maturity benefit, it offers double
life insurance cover as well as regular income.
But the return of premium for term life insurance increases with increase in age thus it is important to buy term
life insurance cover at the earliest in your life.
In addition, child insurance plans also provide
life insurance cover on the parent's life, thus ensuring financial security to the child in the event of an unfortunate demise of the parent.
The policyholder has to pay the reasonably affordable premiums for a limited time and
enjoy life insurance cover for an extended timeframe.
A
joint life insurance cover pays the sum assured on death of each of the life insured, so the death benefit payable is twice compared to a separate life cover.
As the names suggest, term
life insurance covers only a specific amount of time, while permanent life insurance offers lifetime coverage.
Simply put, you should have
enough life insurance cover so that your family can cover the liabilities and manage for at least 5 - 7 years without your income.
While checking for
life insurance cover online, you can read the reviews of the policyholder online and can get every detailed information about the policy plans and benefits on the company's website.
An adequate
life insurance cover safeguards your family should ideally cover all your outstanding loans, provide for financial goals and family's regular expenses.
If you have serious health issues and / or permanently disabled, you'll likely be limited to the Guaranteed
Issue life insurance covered earlier in this article.
Joint life insurance policies such as first - to - die life insurance and second - to -
die life insurance each cover two people under one policy.
Depending upon the type of card you are holding, the card holders are provided with assurance of certain amount against the
various life insurance cover.
Phrases with «life insurance cover»