and every stages you must get a future planning
Whatever your age – 20s, 30s, 40s or more – it is always a good idea to get insured. But yes, younger policyholders pay less for life cover and covers for critical illnesses or disability. So, it would be good to get yourself insured before you turn 35.
Life insurance is an arrangement wherein you (the policyholder) purchase in financial protection (insurance policy) from the insurer (insurance company) by paying the insurer small amounts (premium) at regular intervals.
This ‘protection’ is in the form of a pre-agreed amount that we’ll call ‘life cover’ or ‘sum assured’. This protection kicks in either after a certain amount of time (i.e. maturity period) or if something untoward happens to you during a set period.
By investing in a life insurance plan today, you are securing your family’s tomorrow. Plus, life insurance plans are affordable, which means you are preparing for life’s contingencies without disturbing your current financial goals. In this way, you can rest assured that your loved ones can continue to maintain the lifestyle you have worked so hard to give them, no matter what.
Life is all about the little moments that we enjoy with our loved ones. But these moments can be interrupted with an unforeseen event, leaving your family high and dry. That’s why, getting a life insurance is the first step towards creating a safe and secure future for your loved ones.
This is a life insurance product designed to save for your child’s higher education expenses. In case the parachute doesn’t open when you skydive, it takes care of your child’s education. You can begin by making small investments for a short tenure and start receiving regular pay-outs for a fixed period, and by the time your child wants to switch from an engineering to a DJing course, you’ll have the money already ready.
An insurance plan that protects your loved ones in case something unfortunate happens to you, and covers your retirement plans when you don’t, what’s not to love? Life insurance can be used as a retirement savings vehicle, a tool to supplement other specific retirement plans to meet your retirement goals, or as an investment option that offers dual benefits of life cover as well as growing your wealth.
Life insurance can also be considered a great savings and investment tool, especially if you have set some definite goals. Endowment plans are good savings and investment options. Similarly, if you want to improve your financial condition, investment plans offer good returns as they are linked to the market. Compare various plans to see which ones offer maximum returns.
Instead of getting paid all at once at the end of the term, you have the option of getting returns in intervals. The frequency and period of pay-outs differ from company to company and plan to plan. This policy could provide you with money at certain intervals that can help meet various financial goals (buying a house or car, children’s marriage, etc). Plus, it has a low risk element and guaranteed returns.
Besides providing a safety cushion for your loved ones even when you are not around, the premiums paid on term insurance is exempt from tax under Section 80 C of the IT Act. Even the claim/maturity amount that you receive on outliving the policy is exempt under Section 10 (10D). However, smoking habits may affect the premiums you pay (more reason to quit!).
An acronym for Unit-Linked Insurance Plan, ULIPs provide a life cover that protects your family and lets you invest in the equity market, so you can grow your money. The best ones to choose are those that include benefits such as fund switching options, income tax benefits, high returns in the long term, life cover, and loyalty additions. Note that you, as the investor, will have to bear the risk of the investment.
This form of insurance has two components –benefits to the loved ones in case something untoward happens to you and a savings portion called the cash value, which grows as interest accumulates. Interestingly, you don’t have to pay any tax on investment gains until the funds are withdrawn (also called ‘investment growth on a tax-deferred basis’). You can emit more payments than the scheduled premium, which will help you build your cash value. Further, you can reinvest dividends into the cash value and earn interest. If you wish, you can make a withdrawal or take a loan on interest. Withdrawals will not impact the death benefits.
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