Life Insurance

TERM INSURANCE PLAN

Term insurance in the most basic form of Life Insurance where the only direct benefit is the sum assured in the event of death.

As the name implies these policies are issued for a fixed term so if the death occurs during this time the sum insured is payable. If the person lives beyond the term of the policy, no compensation is paid.

This type of policy offers only pure death protection and does not have any savings or money back facility.

Types of Term Insurance

Annual Renewable Term Insurance

This type of insurance offers future insurability for a year or a set period of years. The premiums are paid every year according to a one-year contract. The premiums under this policy increase every year as the age of the person increases. This type of insurance is best for short term insurance needs. The policy can be renewed for a period of 5 to 30 years.

Level Premium Term Life Insurance

Under this type of insurance, the premium is fixed at the start of the policy and you are required to pay a fixed premium every year. Even if the risk of death increases, the premium remains the same. The most common duration under level premium policy are: 10 years, 15 years, 20 years and 30 years.

Decreasing Term Life Insurance

This is a type of term insurance where the death benefits decrease on a scheduled basis. Premium under this type of policy is constant through the life of the policy. The reduction in policy payout or sum assured usually happens monthly or annually. The term of the policy may range from 1 year to 30 years.

Increasing Term Life Insurance

In this type of insurance, the sum assured increases over the life of the policy. The premium may vary depending upon the insurance company.

This type of insurance tackles the problem of inflation as the sum assured increases over time.

CONTACT US  to identify your Insurance requirements/ shortfalls. Our experts will take you through a risk profiling exercise to identify the requirements.

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WHOLE LIFE INSURANCE PLAN

Whole Life Plans are insurance policies that cover the insured throughout his or her life. This means that there is no fixed premium paying term. The payment is continuous throughout the life and in the event of death of the life assured; the sum assured is paid to the family (nominee). The payment under this policy is guaranteed.

Some whole life policies also fixed payout windows during, which the investors can opt to withdraw a certain amount.

Types of Whole Life Insurance Policies

Limited Premium Whole Life Insurance Policy

This type of policy continues to provide insurance until death, but the premium payments are for a limited time period. Depending on the policy, the last premium-paying year can be decided at the beginning of the policy.

Single Premium

A Single Premium Whole Life Policy is one of the most hassle free policies, as it requires an individual to pay only a single premium at the start of the policy. The individual does not have to worry about the premium payment throughout his life.

Recurring Premium

A Recurring Premium Whole Life Plan (Level Premium Policy) is where the insured has to pay premium throughout his life. The amount of the premium is fixed through the concept of Human life Value (HLV) that calculates the financial value as well as the probability of the death of the insured.

Modified Whole Life Insurance

In comparison with the term insurance the whole life insurance policy are more expensive because of the unlimited term. However, Modified Whole Life Insurance policies have a staggered premium payments option of low premium for the first initial year and higher premium for the remaining period.

CONTACT US to know more about the various Whole Life Plans and to choose the best one for your requirements.

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ENDOWMENT INSURANCE PLAN

A person always dreams to provide the best facilities for his family members. Once he starts earning he sets a goal to buy a house, a car, to get married and later he plans to provide the best education for his children. He always wants these facilities to be there after he retires, and even after his death.

For such requirements, Endowment Plans are the most preferred

Benefits of Endowment Plans

• Endowment policy covers the risk for a specific period.
• In case of survival, in addition to the sum assured, additional bonuses accumulated during the term are also paid.
• In case of death of the policyholder during the policy term, the death benefits are payable to the nominees, which includes payment of full sum assured in addition to the vested bonus.
• If payment of premiums ceases after at least certain minimum years' premiums have been paid, a free paid-up policy for a reduced sum assured can be secured subject to certain conditions.
• Endowment policies are liquid in nature.
• The policyholders also have the options to add accidental riders by paying a marginal premium.

Types of Endowment Plans

Endowment Assurance Policy

This is a simple endowment plan that provides life cover and provisions for old age. Sum assured is payable on the death or on the maturity.

Limited Payment Endowment Policy

Under, this plan you can choose the period of premium payment, i.e. you do not have to pay premiums for the entire life of the policy. For example for a 30-year term of the policy, you pay premium only for the first 15 year only, however, you continue to receive benefits like bonuses and dividends for the next 15 years too.

Joint Life Endowment Plan

This type of policy covers two person for the same sum assured it is best suited for a husband and wife. The sum assured is paid on the expiry of the policy or the death of either of the insured. The cover to the other person is stopped thereafter.

Double Endowment Policy

Under this policy, the amount of sum assured is double if the person survives the term of the policy. For example, under this policy the sum assured payable on death might be Rs. 10,00,000, whereas the amount payable on survival would be Rs. 20,00,000/.

CONTACT US  to know all about Endowment Plans and to choose the best one for your requirements.

Best Financial Solutions

www.Bestfinancial.in

bestfinancial@outlook.com

Mob:-91-98123-65866 ,91-9034-929929,91-9728-288786