Types of Life Insurance Plans
There are various types of life insurance available in India. The following are the different types of life insurance plans available in India:
Term Insurance Plan
Whole Life Insurance Plan
Wealth Creation Plan
Child Protection Plan
Retirement Plan
How Does Life Insurance Work?
Life insurance is a contract between the policyholder and the insurance company in which the insurance company promises to pay a lump sum amount to the policyholder or nominee. Life Insurance policies help achieve long-term financial goals and provide financial protection to your loved ones when you are not around. Life insurance policies are versatile in nature as they help achieve numerous financial objectives. Below are some of the goals:
- Financial protection of the family
- Education for Children
- Child’s Marriage
- Buying a House
- Post-retirement pension
Key Features of Life Insurance Policy in India
Death
BenefitsIn case of an untimely death of the life assured during the policy term, the nominee will receive a death benefit, which will help your financial dependents to fulfill their daily needs and life goals.
Tax
ExemptionYou can also save your income tax with the help of a life insurance policy. Under sections 80C and 10(10D) of the Income Tax Act, 1961, you can avail of income tax benefits of buying a life insurance policy.
Investment
OptionA life insurance policy can be used as an investment option, if you invest in ULIPs, Endowment and Money Back plan as these type of life plans provide dual benefits of life cover and investment.
Maturity
BenefitsLife insurance policies offer maturity benefits if the policyholder survives the policy term. The life insurance company will provide a sum assured to the policyholder as a maturity benefit at the end of the policy tenure.
How to choose the
best Life Insurance Policy?
Assess your life goals
Start by reviewing your income, expenses, and goals. Life isn't predictable, so set clear priorities and plan wisely to reach them with confidence.
Choose the policy with the right coverage
In the list of life insurance policies, you can select the most appropriate policy that meets your future goals and present capabilities.
Sum Assured Amount
Check the sum assured amount offered under the life plan. Always go for a plan that offers a high and more sum assured option.
Prefer High Claim Settlement Ratio
First of all, you should check the claim settlement ratio of the insurance company. Life insurance companies with a high claim ratio will be the best to settle your claims when the time comes.
Why Buy Life Insurance Policy From RenewBuy?
Besides the existence of multiple insurance providers in India, our valued consumers trust RenewBuy to buy life insurance policies for our simplified and exclusive offers available. We not only offer the best policy but makes you able to take the best decisions that complement your future goals and shield your family with financial security and stability. We are there to advise you at the time of clarifying the complicated terms and conditions and easing your claim process at your stiff times.
Best Experts
You can count on our trustworthy advisors near you, who keep your life priorities in the first place.
100% Assured
Get safe and reliable policies regulated by IRDAI.
24x7 Claim Assistance
Connect with our advisors to make your claim process hassle-free.
Instant Quotes
Once you plan to buy a policy, we list the appropriate plans instantly at the best prices. Just compare and save big.
Easy Renewals
Our simplified processes make it easy to renew your life insurance policy in the easiest way possible in no time.
Personal Accident
Help your customers benefit from a personal accident policy that secures their future from unfortunate accidents