Life Insurance

• Life Insurance refers to a policy or cover whereby the policyholder can ensure financial freedom for his/her family members after death.
• Life insurance policies ensure that such a thing does not happen by providing financial assistance to your family in the event of your passing.

Why do people buy Life Insurance?

• Provide Tax Saving ( Up to Rs 1,50,000/- under section 80C & 10(10D) of Income Tax Act,1961)
• Encourage Saving of Money
• Help in Securing your family from uncertain event
• Help in Retirement Planning (Pension Plan)

What are types of Life Insurance?

Major Life Insurance Plans are as follows:

1. Term Plan
2. Saving Plans
3. Retirement & Pension Plan
4. Child Education Plan
5. ULIP (Unit Linked Insurance Plan)

Term Plan:

• Term Plans are typically affordable insurance plans that provide full protection and financial stability to your loved ones in case of any unforeseen events.
• Also, you can get optional coverage for critical illnesses or accidental death.
• You are covered for a long duration, while the premiums are affordable.

Saving Plans:

• Savings Plans are essentially life insurance plans that offer you an opportunity to save and build a corpus to meet your future needs.
• These are designed to help policy holders develop a regular savings habit, as well as give significant returns when you need them.
• Savings Plans offer insurance coverage, which means your family's financial needs are met even if you are not around to support them.
• Savings plans usually give a fixed amount of maturity benefit when the policy term ends. 
• Savings plans essentially help you in reaching your life goals, protect your family in case of any unforeseen circumstances and help create a corpus to pay liabilities in the future.

Retirement & Pension Plan:

• Pension plans are investment plans that lets you allocate a part of your savings to accumulate over a period of time and provide you with steady income after retirement.
• Retirement & Pension Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. Given the high cost of living and rising inflation, Retirement planning has become all the more important.

Child Education Plan:

• Child plans basically help in financial planning for your child's future needs at the right age.
• As a parent you can secure your child’s future with plans that encompass children insurance plans and children education plans.

ULIP (Unit Linked Insurance Plan):

• Unit Linked Insurance Plans, popularly known as ULIPs, are insurance plans that provide the benefits of an insurance cover as well as a market-linked investment.
• ULIPs are goal-based financial solutions, linked to the capital market.
• Thus, it allowing the flexibility to invest in equity or debt funds, depending on the investor’s risk appetite.
• ULIPs help with capital appreciation over a long period of time, while providing insurance cover.