Life Insurance : How to Buy Life Insurance wisely.

Life Insurance : Opposite of health insurance, You have coverage against various diseases and medical procedures, jeevan bima provides a financial means to save for your family in the event of an unfortunate death. jeevan bima comes in many forms and It works with a different purpose In comparison to health insurance. Insurance is the best way to build wealth and secure your family’s future.

It comes to insurance, choosing the best insurance policy can be exhaustive. Through this article we have discussed all the essential factors that will help you in choosing the best life insurance policy in India. We have collected all the necessary details of life insurance policy you can get all the information in one place.

Life Insurance

An insurance policy involves a contract between the policyholder and the insurer (the insurance company). The contract stipulates that the insurer will pay a lump sum amount to the policyholder after their unfortunate demise or at a specified time period. The policyholder chooses a nominee on his behalf at the time of policy inception and funds are provided to this nominee.

Not all jeevan bima policies mature at death. Most people purchase life insurance policies for a fixed term, and these policies mature after the stipulated period. There are many insurance policies in the Indian market.

Benefits of life insurance

• There are many benefits you invest in a life insurance policy.
• Insurance is a financial instrument If something unexpected happens in a person’s life, it helps to create a safety net for their loved ones.

Best life insurance policy ?

• With the availability of many insurance plans in the market, it is quite confusing to choose the best among them. Considering one factor and neglecting the other can lead to many problems in times of need. Studying everything is very important opting for jeevan bima.

Types of Life Insurance Policies

Term life insurance : This exemplifies the basic form of insurance. To put it simply, the beneficiary will get the insurance payout if the policyholder dies within the policy term. After the policy matures, the insurance company does not bound to pay any benefits.

Health insurance : The scheme will be applicable the policyholder is alive, provided they pay the required premiums. On the death of the policyholder, the scheme pays the sum assured and bonus (if any) to the nominee. In simple words, if the policyholder survives the policy tenure, the policyholder receives mature endowment coverage as a maturity reward under Health insurance in India.

pension plan : This plan helps you financially secure your post-retirement life. The policyholder depends on the policy, providing benefits annually or After 60 years of completion. The plan offers vested benefits (maturity benefits) if the policyholder outlives the policy term.

Investment plans : An investment plan allows the policyholder to invest small amounts (periodically) to boost his savings. The frequency of investment can vary – weekly, monthly and yearly. Along with savings, you getjeevan bima protection benefits.

Money-back plan : In a money-back plan, the insured person obtains a specific percentage of their guaranteed sum at regular intervals. This insurance option is perfect for individuals seeking investment flexibility alongside liquidity advantages.