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After the Association of Mutual Fund in India (AMFI) launched the ‘Mutual Fund Sahi Hai Campaign’ across the country, the Life Insurance Council of India launched the campaign of ‘Sabse Pehla Life Insurance’ on December 4th, 2019. The campaign was initiated to motivate people about the significance of life insurance and to cover them with suitable life cover. Let us understand the campaign – life insurance sabse pehle in detail now.
The penetration of term life insurance coverage in the country is among the lowest as compared to other nations globally. The general perception about Life Insurance in India is that people should buy life insurance to evade tax, while it doesn’t give any importance to the life insurance needs of the country.
To change this thinking among Indians and to encourage more and more people about the need for insurance coverage, the Council of Life Insurance in India came up with this influential campaign in association with 24 other Indian life insurance companies. The campaign received far reaching awareness among people about life insurance policies in the country.
This campaign spread across the country via various means of social and digital media promotion in different Indian languages and aims to reach every household to gain wide reach.
Read More: How to get loan against life insurance policy?
The Objective include:
Term life insurance is a contract between an insurer and a policyholder wherein the insurer agrees to pay a certain pre-fixed amount to the nominee of the insured in the event of policyholder’s death. In exchange the policyholder pays a certain premium to the insurance company.
It is important to have term life insurance coverage because it allows financial security to the insured and his/her family members. Not only the insured gets the security of life coverage, but the individual can also receive maturity benefit if he/she outlives the policy tenure. Further, life insurance policy offers mental peace to the insured and his/her family.
Below are the key benefits of having a term life insurance policy coverage:
There are several life Insurance products available that can be availed by policyholders. These include typical term plans which only offer death benefit as well as the other plans offering both life cover as well as investment options. Here are some options of life insurance as mentioned below:
1. Term Insurance – As mentioned above, term insurance is the most basic plan of life insurance. Here the nominee of the insured gets sum assured as death benefit in the event of the demise of the policyholder. However, if the insured outlives the term plan, the policyholder pays no maturity at the end of the plan.
2. Whole Life Insurance – Whole life insurance policies stay active as long as the policyholder stays alive and keeps paying the premium amount. In return, the nominee of the insured receives a death benefit along with an applicable bonus upon the death of the policyholder. This policy suits those who want to leave a legacy for their children.
3. Child Life Insurance – A Child Life Insurance plan is a combination of investment and insurance policy that protects the needs and requirements of a child throughout life. Starting from education to career and marriage, everything is taken care of by a child insurance plan.
4. Endowment Plans – Endowment or traditional life insurance plan, as it is commonly known, offers a combination of life coverage along with investment opportunities. Here, the insured receives maturity benefit if the person outlives the term of the policy.
5. Pension Plan – Pension plans ensure a peaceful retired life to the insured. These plans help the policyholder to accumulate corpus for his/her life after retirement when you do not have a regular income coming your way every month. Depending on the plan, a pension policy might provide a vesting benefit to the policyholder
6. ULIP – Unit Linked Pension Plan – ULIPs are such plans which combine both insurance and investment products together within one package. Here, a portion of the money invested is used for life insurance, while the rest is invested in various lucrative investment policies.
7. Money-Back Plan – A money back plan allows the policyholder to receive a small portion of the sum assured as payout on a regular basis. This plan allow an individual to access cash while you are investing on a particular plan
8. Investment Plan – By investing a small portion of money in investment plans regularly a policyholder can save enough under a plan. The savings can be done by paying quarterly, monthly payment etc. Further, the insured receives the benefit of insurance along with the investment plan.
When planning your financial future, a life insurance policy is the first thing to consider, which is nicely described in the ‘Sabse Pehla Life Insurance’ advertisement. Life insurance is a financial tool that safeguard the interest of policyholders and their family who mean the world to them. Every individual wants to secure the future of their loved ones. And if you are planning the same, gifting or purchasing life insurance is the best thing you can do for them.
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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