Life is too precious, so much that it is difficult to put a price on it. Money surely can't bring our late loved ones back or buy us happiness and affection. But it can very well help us realize its significance for survival. A family's survival is risked if its sole earner dies unexpectedly. The demise of a loved one creates a void that is hard to fill but his/her absence must not disrupt the financial future of the family. As it is, the grief of losing a member is a lot to deal with; at least money woes should not be reason behind worries and miseries. It is therefore, essential to realize the value of your life and sign up for life insurance, which is a protection against financial loss resulting from insured's death. In legal terms, life insurance is a contract between a policy owner and insurer, wherein the latter agrees to reimburse the occurrence of the insured individual's death or other event such as terminal illness or critical illness. The insured agrees to pay the cost in terms of insurance premium for the service.
Life insurance offers you risk coverage and takes care of monetary needs of your family after your death. Besides providing coverage against all sorts of risks, it gives you an opportunity to grow your investments. It could also be viewed as a long-term investment tool that helps you to save for your child's future expenses or your post retirement expenses.
Depending on the diversified needs of every individual, various insurance plans are available in the market. Such customized plans are made in such a way that they suit the likes of majority of customers.
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There are various types of life insurance policies available to aid you in meeting needs of various life stages.
You get coverage for a tenure that you specifically choose. These policies could be availed by people who find it difficult to pay a lump sum amount for endowment assurance policy or whole life policy.
This policy covers you for as long as you live. You stay protected for your entire life, thus this plan is named as whole life policy.
Risk is covered for a specific period and at the end of the period sum assured along with the accumulated bonus, is paid back to the policyholder. Endowment policy pays back the face value of the amount on the insured person's death or after a stipulated number of years. Some policies also make payment in case of critical illness.
This policy repays survival benefits periodically during the term of the plan.
Help you save and invest to make your money grow
This plan is a retirement solution plan and does not cover life insurance. You can build your retirement corpus as per your risk appetite and on completion of the specified period, a certain amount of money is paid to the insured/beneficiary in the form of pension, monthly, half-yearly, or annually.
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