Term Insurance Plans

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How to Choose a Life Insurance Plan?

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Getting a good life insurance Policy is one of the most important things that you can do for the people that you will leave behind when you leave this world. This is undoubtedly true if you are the breadwinner of the family. It is also very important for those who are concerned about the future of their dependents to get a life insurance policy. A life insurance policy is where an individual pays a Premium or installments over a period of time with the aim that their dependents will get a sum of the money when the individual dies. A life insurance policy is almost an investment into the futures of the dependents that you leave behind. A good insurance policy will ensure that when you are no longer around, your dependents will continue living as if you still are.

In India, there is the need to get the best insurance. This is because it is likely that times will get harder for the people you leave behind seeing the Inflation trends that are being observed. It is important to note that there are different types of life insurance policies in India with each of these policies having their own unique selling points. Depending on what you are looking to gain from the policy you choose and what you are looking to leave behind when you die, you may choose one or two of these options.

Endowment Insurance Plans

For people who are looking to combine investment with insurance, you have the option of going with the endowment insurance plans or the ULIP. In the endowment plan, the Beneficiary who has been nominated is able to get a certain sum of money at the end of a specified period of time or on the death of the insurance owner. This plan always has a Maturity period and allows the beneficiary to benefit from certain profits and bonuses. The ULIPs or unit linked insurance plans provide the benefit of the insurance itself as well as other benefits. In this plan, sum of the premiums that are paid as part of the life insurance are invested in areas that the Policyholder specifies. The rest of the premium goes to the insurance plan. These two options are good for the people who are looking to reap maximum benefits from their insurance plans.

Pension Insurance Plans

For Indians who are concerned about their pension, they have the option of going with the pension insurance plans. In these plans, the policyholder pays a lump sum or installments to the insurance company for a number of years that have been specified. They then get to enjoy better Pension once they are retired. The money back plan can also work for you if you are looking to regain your money at the end of the process. In this plan, you pat installments and you then get to benefit from returns at reasonable rates. You get the lump sum at the maturity of these plans. You may also choose to leave this lump sum to your beneficiaries when you die. Thus the choice of the insurance plan that you choose will depend upon the needs that you have and the benefits that you are looking to get at the end of the process.