Find your suitable insurance plan
3237
5 min read
You must safeguard your family’s future, especially if you are the head of the family, and run the family primarily with your income. With life insurance policies, you can keep your family safe and protected even when you’re not around. life insurance can be referred to as a contract between an insurance policyholder and the insurance company. The policyholder agrees to pay the term insurance premium, in exchange for life coverage for a specified term. The funds can be claimed after a set period or after the insured person’s death. The term insurance premium can be paid monthly, quarterly, or yearly.
In this particular article, you will discover the types and benefits of life insurance policies that provide you with a life cover. Through these plans, you can make your family members and loved ones financially independent when you are not around.
In order to understand and further avail of the benefits of life insurance, you need to know the types of life insurance plans. Understanding the aspects of each will help you decide the plan that suits you the best.
You can get a life cover to protect your loved ones with term insurance at the most affordable rates. It is very easy to compare term plans online.
United Link Insurance Plans are a combination of life insurance and financial investment. Here you get facilities of a wide range of fund options and portfolio strategies.
With such a kind of plan, you can get coverage up to the age of 99 years. This policy differs from other standard term insurance plans, which have fixed terms of 10, 20, or 30 years.
Endowment plans are traditional saving insurance plans that are risk-free and offer insurance shields. They provide bonuses such as reversionary bonuses and terminal bonuses.
These life insurance plans combine life insurance cover and investment benefits. While some plans offer you a fixed amount as a maturity benefit when the policy ends, with some you can create a regular income throughout the term.
You can build your source of pension income with retirement insurance plans. You get to choose how to accumulate your retirement corpus.
Life insurance policies are essential in various ways. The list of benefits given below will guide you to choose a policy.
Every parent wishes their children to be taken care of even when they are not around. With a life insurance policy, you can ensure that loved ones will not suffer when you are not present. The aim in life, after all, is to have security for yourself and your family.
Everyone has some goals in their life, and money needs to be saved to fulfill them easily. When you compare the term plan and choose the one that suits your requirements you can move towards your goals. A life insurance plan helps you build a corpus and also protects you with a life cover. With systematic and regular payments, the affordable insurance premium allows you to accumulate enough funds.
Your life might be stressful in different ways, but having a life insurance policy will give you peace of mind that you are prepared to save yourself and your loved ones from financial troubles. Whether it’s your retirement or you wish to provide financial assistance to your family, life insurance guarantees protection and contenement.
If you have a life insurance policy, you are eligible to declare an income tax deduction on the life insurance premiums that you pay under Section 80C of the Income Tax Act, 1961.
You should surely consider buying an insurance plan if you have taken a loan from somewhere. It makes sure that the burden of your loan doesn’t fall on your dependent in your absence. The most affordable method to get your home loan protected and provide safety for the shelter of policyholders’ families is by having term insurance plans.
With the sky-rocketing of education plans, your absence can ruin your child’s future. The right life insurance plan, like a child plan, can ensure that your death doesn’t mean the end of your child’s aspirations.
If your spouse or parents are dependent on you financially, you must buy a life insurance plan. With this policy, you can provide them with an economically independent life even when you are not around.
Conclusion
Understanding the kinds and benefits of a life insurance policy will help you compare term plans and other possible options. The benefits are plenty and are very helpful in the long term when you are thinking of securing your family’s future. Take your time, go through the terms and policies, and choose the right insurance plan for yourself and your family.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
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.
Term insurance is an efficient and affordable way to protect a family's financial future against the sudden mishaps of life. However, if, for any reason,.
Aug 17, 2023
5 min read 
Updated on Dec 23, 2023 Investment planning is as crucial as earning a livelihood. For the key earning member of a family, it is all.
Aug 11, 2023 5 min read 
In today’s world, it is difficult to survive without earning and to earn, one needs to stay fit and fine without any disability. Thus comes,.
Jun 30, 2023 5 min read 
Do you know that at present, there are about 24 term insurance providers in our country, each claiming to be the best term insurance company in.
Jun 29, 2023 5 min read 
A life insurance policy secures a family monetarily if there is untimely demise of the policyholder during the policy term. If diagnosed with a terminal.
Jun 27, 2023 5 min read 
As the name suggests, Canara HSBC life insurance company was formed with the collaboration of three prominent financial establishments namely Canara bank, HSBC life insurance.
Jun 16, 2023 5 min read 
A term insurance plan is like a security that safeguards a family financially in the most unfortunate event of demise of the family head. Such.
Jun 16, 2023 5 min read 
When it comes to insurance, LIC is the most trusted insurance company in India. With a huge customer base, this largest insurer is also one.
Jun 14, 2023 5 min read 
LIC of India is one of the most trusted brands when it comes to securing the financial future of your family and dear ones. Let.
Mar 13, 2023 5 min read 
While we make plans and keep chasing our dreams, seldom do we realize that life is unpredictable. No matter what we are doing, and how.
Mar 02, 2023 5 min read 
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Get A Call Back