People have often looked at insurance as only ‘Life insurance’ for the longest time in India. Particularly, the people living in smaller towns and villages where insurance is merely used as a tax-saving instrument for the working class. However, with Covid-19 in the picture, insurance has witnessed a shift in demand and supply. It has become a certainty for people to look for term plans and medical insurance in case of emergencies. Furthermore, this has created an increased demand for term plans with added benefits due to the state of urgency amidst the pandemic.
All of us wish to achieve financial freedom at some point in our life, and when it comes to doing that, we tend to believe that savings are enough to be financially stable. But, if you look at life from a practical perspective, you would understand that savings alone are not enough to achieve financial […]
An endowment policy is a life insurance policy which helps you in creating guaranteed savings for your financial goals. The plan has a death benefit and also a maturity benefit. In case of death of the insured during the term of the policy, a promised death benefit is paid. Moreover, if the insured survives till the end of the policy tenure, a promised maturity benefit would be paid. Thus, endowment insurance plans cover both death and maturity and help in creating savings.
If you are looking for a reliable option that helps you to generate wealth in the long run, then ULIP is the perfect choice for you. As ULIPs are best suited for those who are looking for a long-term wealth creation plan. This one single plan offers you the dual benefits of savings and protection. Popularly known as Unit Linked Insurance Plan, ULIP offers both insurance and investment. It offers life cover with good returns, and also helps in saving taxes. In fact, as per the current market situation, ULIPs have become one of the best investment options.
Buying term insurance is a critical part of your financial planning; a must-have product which you must buy irrespective of your income level and risk profile. It makes sure that your loved ones are financially secure when you are not around.
Becoming a parent is like changing your entire world. It is considered to be among the most beautiful yet a difficult time that many people experience. Your responsibilities suddenly double up. Therefore, when embarking on this new adventure, preparation is a certainty and financial preparation starts with wise investments.
Group insurance scheme is often provided as part of a complete employee benefit package. In most cases, the cost of group coverage is far less than what the employees or members would pay for a similar amount of individual protection.
Buying life insurance can seem a little tough, but it is a certainty of life. So, before you make that choice, make sure you know what’s what. The reality is that both term and whole life insurance have their virtues. It’s just a matter of which will work best for you.
As we move through life, find a partner, raise a family, and maybe start a business, the importance of life insurance in a long term plan increases. That’s because insurance is all about providing a financial safety net that helps you to take care of yourself and those you love when you need it the most.
A typical pension plan starts with the ‘accumulation phase’—the period from the time you buy a plan until you retire. During this period, you will be paying premiums, which will be suitably invested. The premiums that you pay will be eligible for tax benefit under Sections 80C/80CCC.