Life is the most valuable asset of any individual, but it is also full of various risks and challenges. In such an unfortunate scenario, there is a serious situation where there is an income loss to the household. The situation is even worse when this individual is the sole earner of the family. In such situations, life insurance becomes very helpful. It acts as a security blanket for you and your family. Different life insurance plans like money back, pension scheme, child plans come with different benefits to meet financial goals for various life stages that’s why this is the best reasons to buy life insurance.
The younger you are when you buy a plan the cheaper it is you can use the power of compounding and reap benefits in the long run multiple policies together can help you to put aside huge sums of money for all your future needs as an investment, life insurance is essential.
Table Content
- How Life Insurance Work for You?
- Snapshot of Life Insurance Plans
- Financial Security for your Loved Ones
- Future Planning for Your Family
- Retirement Planning
- Guaranteed Income
- Peace of Mind
- Related posts:
How Life Insurance Work for You?
Life Insurance provides a monetary cover that helps protect against the financial loss and challenges that result from the death of an insured person. Life insurance is essentially a contract between the insurer and the insured (or the policyholder) wherein the insurer provides a definite amount of money as a financial cover (the pre-decided sum assured) to the nominee in the event of the death of the policyholder within the policy term or at the maturity of the policy (whichever occurs earlier).
If the policyholder has a life insurance policy that offers only a pure risk cover (like a term insurance plan) then the policyholder’s family will receive the life cover amount. In case of other life insurance policies like ULIPs or endowment or money back plans, one receives either the sum assured (as life cover) or the maturity benefit, whichever comes earlier.
Snapshot of Life Insurance Plans
| Plan Name | Entry Age | Policy Term | Riders |
|---|---|---|---|
| HDFC Life Click2Protect 3D Plus Plan | 18-65 Years | 5-50 Years | Top-up, Life Stage protection |
| TATA AIA Life iRaksha Supreme Plan | 18-60 Years | 10-40 Years | N/A |
| ICICI Pru iProtect Smart Plan | 18-65 Years | 5-40 Years | Waiver of Premium, Accidental Death, Critical Illness |
| Max Life OTP Plus Plan | 18-60 Years | 10-40 Years | Waiver of Premium. Accidental Benefit |
| SBI Life eShield Plan | 18-65 Years | 5-30 Years | Accidental Death |
| Aviva iLife Plan | 18-55 Years | 10-35 Years | N/A |