| WHY INSURANCE = VALUE OF UR LIFE | 00:08 |
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YOUR FAMILY ALWAYS COUNTS YOUR FINANCIAL SUPPORTS AS YOU ARE PROVIDING THEM FOOD, SHELTER, EDUCATION, ALL KINDSOF COMFORTS ETC. SO YOU CAN UNDERSTAND YOUR VALUE OF UR OWN LIFE. HERE INSURANCE PROVIDES YOU THAT UNIQUE SENSE OF SECURITY THAT NO OTHER FORM OF INVESTMENT CAN PROVIDE. BESIDES THIS INSURANCE PROVIDES YOU SUPPORT FOR YOUR BUILDING UP OF YOUR CHILD'S CAREER AS WELL AS GIVES YOU MENTAL PEACE BY PROVIDING YOU A STEADY FINANCIAL GROWTH IRRESPECTIVE OF CRISIS IN THE MONEY MARKET.
APART FROM THIS YOU WILL GET 1) TAX BENEFIT 2) LOAN FACILITY ON YOUR POLICY ETC.
A FEW GUIDELINES ON LIFE INSURANCE POLICIES:
Whole Life Policies - It covers the insurance of a Insured person for whole-life. The insured does not receive money while he is alive; after the death of the Insured Person the nominee receives the sum assured plus bonus.
Endowment Policies - It covers insurance of a Insured person for a specific period. The insured receives money on survival of the term and is not covered thereafter.
Money Back Policies - If death occur of the insured person then the nominee receives money immediately . On survival the insured receives money at regular intervals during the term. These policies cost more than endowment with profit policies.
Annuities / Children's Policies - These policies are best suited for planning children's future education and marriage costs. The nominee receives a guaranteed amount of money at a pre-determined time and not immediately on death of the insured. On survival the insured receives money at the same pre-determined time.
Pension Schemes - This policies provide benefits to the insured only upon retirement. If the insured dies during the term of the policy, his nominee would receive the benefits either as a lump sum or as a pension every month.
- Please Note that a single policy cannot meet all the insurance objectives, so, one should have a portfolio of policies covering all the needs.
AN IDEA ON THE INSURANCE TERMS:
Surrender value: The amount payable to you on your surrendering the rights under the policy and terminating the contract of insurance.
Paid-up value: The reduced amount of sum assured paid by the insurer in case of discontinuation of the payment of premiums after paying the full premiums for the first three years.
Loan amount: The maximum loan that can be availed of under the policy.
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