Your family counts on you every
day for financial support: food, shelter, transportation, education,
and much more. Insurance provides you with that unique sense of
security that no other form of investment provides. It gives you
a sense of financial support especially during that time of crisis
irrespective of the fluctuations in the stock market. Insurance
provides for your career goals right from your childhood years.
Life insurance is all about making
sure your family has adequate financial resources to make those
plans and dreams come true. It provides financial protection to
help your family or business to manage after your death.
Few of the Life insurance policies
are:
Whole life policies
Cover the insured for life. The insured does not receive money
while he is alive; the nominee receives the sum assured plus bonus
upon death of the insured..
Endowment policies
Cover the insured for a specific period. The insured receives
money on survival of the term and is not covered thereafter.
Money
back policies
The nominee receives money immediately on death of the insured.
On survival the insured receives money at regular intervals during
the term. These policies cost more than endowment with profit
policies.
Annuities
/ Children's policies
The nominee receives a guaranteed amount of money at a
pre-determined time and not immediately on death of the insured.
On survival the insured receives money at the same pre-determined
time. These policies are best suited for planning children's future
education and marriage costs.
Pension
schemes
The policies that provide benefits to the insured only
upon retirement. If the insured dies during the term of the policy,
his nominee would receive the benefits either as a lump sum or
as a pension every month.
Since a single policy cannot meet
all the insurance objectives, one should have a portfolio of policies
covering all the needs
