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Life Insurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder’s demise during the term of the policy. In exchange, the policyholder agrees to pay a predefined sum of money in form of premiums either on a regular basis or as a lump sum. If included in the contract, some other contingencies, such as a critical illness or a terminal illness can also trigger the payment of benefit. If defined in the contract, some other things, such as funeral expenses might also be a part of the benefits.
Term Insurance: It is the simplest and cheapest form of insurance that is designed to offer financial protection for a specified tenure, say 15 or 20 years.IT ensures that your family gets a large lump sum amount, i.e. sum assured after your death to lead a financially stable life. However, if you survive the term, the insurer pays nothing. The best thing about a term insurance policy is that the premium is quite low for the insurance cover it provides.
The increasing education cost is causing uneasiness among parents. Therefore, it is best to invest in a good child insurance plan to give secured life to your child even in your absence. A child life insurance plan offers a lump-sum amount to the beneficiary (i.e. child) on the death of the policyholder. Here, the policy doesn’t end. In this case, Life Insurance Company exempts all future premiums and pays the money to the child at specified intervals as planned out by the policyholder.
Offering the dual benefit of insurance and investment, whole life insurance plans offer insurance cover for the whole life of the person or up to 100 years whichever is earlier. Also, the life insurance company calculates bonus on the sum assured, which is paid to the nominee after the death of the policyholder.
It offers periodical payment of partial survival benefits during the tenure of the policy as long as the policyholder is alive. In the event of the death of the insured, the insurance company pays the full sum assured along with survival benefits.