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Initially, the concept of Life insurance began in India as the major source of saving tax. Later, people started to groom their level of knowledge and as soon as they took interest in exploring more advantages of this insurance type, they started investing more to ensure life insurance cover and benefits. Based on these facts, the research and analysis reports about insurance market growth opportunities in India state that there is plentiful scope of growth in Life insurance industry. The inflow of foreign direct investment has increased in this field, which is a good sign of growth for country’s economy and individual insurance policyholders, aiming to protect their financial interest for lifetime.
The buyers are able to get financial benefits for over a lifetime and after their death, the compensation as per the insurance Policy terms & conditions is offered to the family of the deceased. This is the most prominent level of coverage, which comes along with Life insurance plans only.
Term insurance is the insurance plan that is designed for specific time period and offers the benefits of lowermost Premium to the insurance holder. The general time period for providing Coverage to the Policyholder is 35 years. There is no increase in the payment during the Term of the policy, but in the case of untimely demise of the Insured person, his/her nominee receives the amount of sum Assured as death benefit.
This is such a policy, which has no fixed end date. The death of the policyholder leads to the exit of the policy and benefits are paid to the nominee. The policyholder doesn’t have any entitlement for himself/herself throughout the lifetime.
People, who are looking for both benefits i.e. insurance cover and lifesaving plans, can invest in money back plans. This offers long term life saving benefits along with a fair rate of returns on regular basis.
Unit-linked Insurance Plans (ULIPs) are the latest offerings to the marketplace by private insurance companies, where Life insurance policies are blended with the mutual funds. In these plans a certain amount of investment is made in listed equities/debt funds/bonds and rest balance of amount is used for insuring life of the policyholder.
To confirm the hitch free advantages of the policy you invested your earnings in, it is necessary to understand about the right ways of Life insurance claim. This helps you enjoy the positive side of the policy. You can get the amount of financial support and surplus benefits the insurance company owes you.
When it comes to get Life insurance, there are certain procedures of documentation and other formalities, which are needed to be taken care of throughout the process. For example, the calculation of total Risk and insurance company’s behavior towards that particular risk. Consumers can purchase online Life insurance and save their time and additional cost occurred in the entire process.