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What is Life Insurance?
Life Insurance is a contract between an individual and an insurance company. The insurance company provides an assurance that in case of death, the company will pay sum assured to the beneficiary. In simple words, you transfer the financial risk on your life to a third party which will compensate your beneficiaries.
Importance of Life Insurance
Life insurance is one of the basic need these days. Now we have moved to the structure of nuclear families and there is only one or two earning members. They own all the financial responsibilities of the family. If due to some unforeseen reasons something happens to them, the family will face huge financial issues. Majority of the people ignore the fact that what will happen to the family due to a sudden death. The results can be horrible like how they are going to survive in your absence without any financial support. Considering this situation an individual need to be covered fairly against the financial risk against their life.
Life insurance provides you with a more relaxed life as there will be an insurance company who will be going to take care of the financial needs of the family in your absence. Hence whatever dreams you have thought for your children or spouse they will be able to fulfill those dreams successfully.
Types of Life Insurance
There are different types of life insurance which helps you in meeting various financial goals of your life.
These are one of the savings products where you choose a term of the policy. In case of death or disability, the financial benefits will be transferred to the beneficiaries. If the life assured survives till the end of the term, he will get the maturity benefits.
It a pure life insurance product. Where the beneficiaries will get the financial benefits in case of death or disability within the specific time period. If the life assured outlived the policy term, no benefits will be paid out.
In these products you get the financial benefits in installments over a specific period. That means periodical payments will be paid to the life assured during the term of the policy. And in case of death the beneficiaries will get the lump sum benefits.
These products provide you with a life cover for the whole life. In case of death beneficiaries gets the lump sum benefit. It also provides you with a maturity benefit post completion of the term of the policy.
These plans provide a coverage on the life of the parents. In case of death, the financial needs of the child will be taken care by the insurance company by providing financial support. Usually people, go for these products to meet the future requirements of their children specifically for education basic and higher both.
These plans provide you post-retirement benefits where you get a regular income once you retire from your working life. These plans are majorly used for retirement planning.
Rupeemakers the top financial planner provides you with all types of coverage available throughout industry. It will tackle your financial needs like building a financial corpus, planning for child’s education, planning for retirement etc.
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