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When we speak about life insurance plans, the scope is not limited to a single type. There are numerous types of plans. Depending on your preferences of the future, you can choose the right type, also considering life insurance riders, benefits associated, premium, etc. It is not only about life insurance of yourself covering your family but also insurance for your child, old age, etc. Enlisted below are the common types of plans:
This plan is designed to replace your income in case of a contingency. Your adequate life insurance amount will serve as funds for carrying out basic responsibilities. Duration of such a plan is fixed up to 30 years.
It is about life insurance of your children, especially concerning their education, marriage, etc. so as to make their life financially secure till the time they become independent. Saving for them starts quite early. Benefits you enjoy are many
This plan, as the Term indicates, lets your savings to grow the secured way. Any financial crisis in the present and future can be dealt at ease even in the absence of the insured. You may decide on numerous factors so that investment Maturity dates coincide with crucial events in your life
With retirement may come dependency! But during your earning period if you buy a Pension plan, it would mean newer beginnings and living your way of life after retirement. Even after retirement, you can have a regular income.
Life insurance Premium differs from plan to plan and from individual to individual depending on several factors. These are:
Add-on benefits purchased along with a life insurance are termed riders. The original plan may not include benefits as per your preferences; with an increased premium, you can add, mix, match, and remove Riders to your existing plan. With life insurance riders, you enjoy flexibility and avail the benefits of a customized policy. Double sum Insured in case of death by accident, Waiver of future premiums, on disability or sickness, etc. are few examples of life insurance riders worth mentioning.