Life insurance is an irreplaceable part of a sound financial plan. It helps in securing your family's financial future in case of an unfortunate event like your untimely death. It also provides you with a financial backup in case of an accident or any other event which may cause temporary or permanent disability and therefore loss of income.
Life insurance also helps as an investment tool. It builds your wealth in a planned manner to meet your financial goals and future expenses such as buying a new house, marriage, child's education or retirement. Future Generali India Life Insurance Company Limited offers a variety of simple-to-understand life insurance plans. These plans will help meet your various life needs such as protection, savings, investments, child's education, health etc.
Life Insurance
As the name says Term insurance plan are those plan that is purchased for a fixed period of time, say 10, 20 or 30 years. As these policies don’t carry any cash value their policies do not carry any maturity benefits, hence their policies are cheaper as compared to other policies. This policy turns beneficial only on the occurrence of the event.
The only difference between the term insurance plan and the endowment policy is that endowment policy comes with the extra benefit that the policyholder will receive a lump sum amount in case if he survives until the date of maturity. Rest details of term policy are same and also applicable to an endowment policy.
These plans offer policyholder to build wealth in addition to life security. Premium paid into this policy is bifurcated into two parts, one for the purpose of Life insurance and another for the purpose of building wealth. This plan offers to partially withdraw the amount.
This policy is similar to endowment policy, the only difference is that this policy provides many survival benefits which are allotted proportionately over the period of the policy term.
Unlike other policies which expire at the end of a specified period of time, this policy extends up to the whole life of the insured. This policy also provides the survival benefit to the insured. In this type of policy, the policyholder has an option to partially withdraw the sum insured. Policyholder also has the option to borrow sum against the policy.