What comes first to your mind when you think about life Insurance plans? Life, Insurance or Investment? There’s often confusion in peoples mind about what exactly they are. Also, they keep swinging between to buy it or not. Here in this article, we will clarify all the doubts. In the end hopefully, you will understand how Life insurance plan can help in building wealth. With the right plan, you can gather funds good enough to leave the legacy. Before going ahead we need to have an understanding of what exactly are these Life Insurance Plans.
Life Insurance Plans :-
Life Insurance plans are not just investment but life cover as well. They serve a dual purpose of protecting risk of our life loss and giving benefits on maturity. Moreover, they serve many purposes too as follows.
- Assured Income on requirement
- Meeting major expenses such as child education ; marriage etc
- Good returns on our savings
- Financial Security
- Passive Source of Income
Above are just a few benefits; after understanding various plans offered by them we shall we more clear.
The plans offered by online Life Insurance companies are categorized in many parts such as below
These endowment plans are guaranteed plans where we get the assured returns on the maturity. We can invest as per our financial goals. Jatin secured his child education with the help of this plan. Not only will he get good returns on the maturity but life cover too. Now he’s not bothered how his kid will fulfill his dream without him.
These endowment plans prove quite beneficial because of following reasons.
- Help achieving our financial goals
- Help in saving taxes
- Gives Life protection
- Provides assured returns
- Secure our wealth
Pension plans are another great products of these Life Insurance companies. They are also called as Retirement plans. Usually, these products are designed keeping in mind the old age. As we may not be that efficient to work during that time. By Investing in pension plans we can get monthly Income even when we are retired. Life coverage is another advantage of these plans. There are various kinds of pension plans provided with these Life Insurance companies. We can take the benefits in lump sum and monthly installments as well.
Some of the benefits of these pension plans is as follows.
- Income after retirement
- Lump sum Amount on maturity
- Life Cover
- Security in old age
- No Compromise in Lifestyle
- Money for major expense
- Dignified life
- Legacy for the children
Term Plans are exclusive plans for coverage of life. The best part about these plans is they come at a very affordable price. One can start with very less investment of just Rs. 21 per day. This can be one of the best gifts we can give to our family. As they can lead their life in the same lifestyle even without our existence.
To sum up, some of the salient features of this plan is as follows.
- Low premium
- Life Coverage
- Rider Benefits
- Complete Sum Insured granted in case of eventuality of death
ULIP plan are market-linked plans. There is no limit of wealth that we can accumulate with the help of these plans. Like other Life insurance plans, it covers the risk of life as well.
Their features can be as follows
- Good returns based on the market
- Life coverage
- Less locking period
Leading Life Insurance players with plans
There are many companies offering many Insurance plans. All of them have one feature or other that differentiate them from others. They are also based on different categories. Few of them has been mentioned above. It varies from endowment plans to Pension and term.
Some of the players with their various plans are as follows.
Life Insurance Corporation Plus
It is also called as LIC. They got lots of products. It consists mix of endowment; Savings; traditional & ULIP.
Some of the known product are listed below:-
- LIC Jeevan Akshay
- LIC Jeevan Saral
- LIC Jeevan Anand
- LIC New Children Money Back plan
- LIC E-term Plan
Max Life Insurance
Max life Insurance also got different categories of products.
Some of the products of Max are listed below.
- Max Life Super Term Plan
- Max life forever young plan
- Max life fast track Super Plan
- Max life Shiksha plus Super
- Max life Guaranteed Income plan
ICICI Prudential Life Insurance
Like other Insurance firms even ICICI got great product portfolio .Its products are as follows.
- ICICI Pru Cash Advantage
- ICICI Pru Future perfect
- ICICI Pru Elite Wealth Super
- ICICI Pru lifetime classic
- Iprotect Smart
PNB Metlife is also known for providing competitive Life insurance products.
Some well known products are as follows.
- PNB Metlife Mera Jeevan Suraksha plan
- PNB Metlife family Income protector plus
- Metlife Grameen Ashray
- PNB Metlife loan and life Suraksha
- PNB Metlife Complete Care Plus
By investing in any of the product portfolio we can definitely a great legacy.