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Types of Life Insurance Policy

Different Types of Insurance Policies in India

10 Types of Insurance

There are 10 Types of Insurances; Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Health Insurance, Child Education Insurance, Travel insurance, Money Insurance, Fidelity Guarantee Insurance, Group Health Insurance and Guarantee Insurance. Insurance is categorized based on risk, type, and hazards and available more here

What is insurance benefits

The hardest thing about insurance is that you are paying for something you hope you never have to use. Nobody wants something bad to happen to them. However, suffering a loss without insurance can put you in a difficult financial will come. so if you can take insurance policy you will get good benefits

Why insurance is important

1.Life Insurance.
2.Motor insurance.
3.Health insurance.
4.Travel insurance.
5.Property insurance.
6.Mobile insurance.
7.Cycle insurance.
8.Bite-size insurance.
9.General insurance

Types of Life Insurance

There are many Different types of life insurance available to meet all kinds of needs and preferences. Depending on the short or long term needs of the person to be insured, it is important to consider the primary option of selecting temporary or permanent life insurance. For example: marriage, education, health, retirement, debts and loans

What Is Life Insurance Policy?

What Is Life Insurance Policy : A life insurance policy is a contract between an insurer and a policyholder. A life insurance policy guarantees that the insurer will pay a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime. To enforce the contract, the life insurance application must accurately disclose the insured's past and current health conditions as well as high-risk activities.

When the insured dies, the policy owner receives a death benefit under a legally binding contract.
To keep a life insurance policy in force, the policyholder at least must pay a single premium up front or pay regular premiums over time.
When the insured dies, the policy's named beneficiaries receive the face value, or death benefit.
Term life insurance policies expire after a certain number of years. Permanent life insurance policies remain in force until the insured dies, stops paying premiums, or surrenders the policy.
A life insurance policy is only as good as the financial strength of the company that issues it. State guaranty funds may pay claims if the issuer is unable to.

Benefits of Life Insurance

Many times we ignore the idea of hiring insurance thinking that we do not need it. But a sudden accident or health problems, mishap leads us to realize that life could end at any moment for us without providing hints or clues . What happens then? You are dependents, in addition to being afflicted, face a problems of liabilities such as rents, loans, EMI, children's expenses, etc. The stream of income is interrupted and there is no alternative source. We never imagined such pessimistic scenarios for you. The â€œI don't need to buy life insuranceâ€ mentality must be abandoned, as adversity can strike us at any time and at any age without discrimination. Financial security and protection is what a person craves and life insurance is the perfect answer to that.

Following are the Benefits of having Life Insurance

1. Life Risk Cover.
2. Death Benefits.
3. Return on Investment.
4. Tax Benefits.
5. Loan Options.
6. Life Stage Planning.
7. Assured Income Benefits.
8. Riders.

Top 5 Benefits of having life insurance

1. Income replacement for years of lost salary.
2. Paying off your home mortgage.
3. Paying off other debts, such as car loans, credit cards, and student loans.
4. Providing funds for your kids' college education.
5. Helping with other obligations, such as care for aging parents.

Why take life insurance

Why take life insurance: To have a future savings plan in place so that you have a steady source of income after retirement. To ensure that you have extra income if your earnings are reduced due to a serious illness or accident. To account for other financial contingencies and lifestyle requirements