Review Your Insurance Plans with Indian Money
Different types oflife insurance plans
Term life insuranceplans: This is pure risk cover with no survival benefit. It helps transferwealth to nominees on an unexpected demise. You pay a premium for a sumassured. On an unexpected demise within the term of the plan, death benefitsare paid to the nominee.
Endowment lifeinsurance plans: An endowment plan offers the twin benefits of insuranceand savings. It helps save over a period of time and on surviving the tenure ofthe plan, you get sum assured + bonus. On death within tenure, sum assured + accruedbonus is paid to nominees.
Money back plans:It’s a type of endowmentplan. You get a percentage of sums assured at regular intervals instead ofa lump sum at maturity. Regular intervals can be tailored to meet importantmilestones.
Ulips: UnitLinked Insurance Plans also called Ulips offers the twin-benefits of insuranceand investment. Part of the premiums is assigned for mortality cover and therest is invested in equity, debt or a combination of both depending on the typeof Ulip.
Whole life insurance:It provides cover across the life of the insured or up to 100 years. The sumassured is decided at the time of availing the policy and is paid on death ofthe policy holder along with bonuses.
Retirement plans:Insurers sell annuity plans. An annuity plan protects from the risk ofoutliving income. An annuity makes a fixed stream of payments helping retireesget money in retirement. If you want payments immediately opt for immediateannuity plans. If you want pension payments after a specified time, opt fordeferred annuity plans
Review Your InsurancePlans with Indian Money
IndianMoney.com Review advises you to reviewinsurance with change in financial goals and life situations.
If assets have increased (you have a new car or house) availmore insurance. Lifeinsurance helps in wealth transfer. You need life insurance across workinglife. You don’t need life insurance after 60 as you have net worth to tide overmost crises.
IndianMoney Bangalore advises a health insurance plan even if you are coveredunder a Company group insurance plan.
An increase in liabilities means more life insurance.Increase coverage under term life insurance if you have liabilities like a homeloan
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