Being an adult fully responsible for your finances is about much more than just the present. One has to ensure that along with taking care of today’s needs, they are doing enough to also take care of tomorrow’s needs. With day to day costs rising steadily, planning for your future and saving up so that you and your family can always keep your financial boat afloat in any situation is extremely important. Investing in a life insurance plan is one of the smartest decisions one could make to save up an adequate amount for the future.
There is no one for all universal life insurance plan that suits the needs of every individual. What one person requires from their plan is very subjective and hence, thought and consideration should be given to the different types of life insurance policies before settling on one. Here are some of the types of life insurance plans in India:
- Term Insurance: Term life insurance requires the policyholder to make regular premium payments to the insurance company. A death benefit is given to the beneficiary in case the policyholder dies within the specified amount of time. If the policyholder outlives the duration of the plan, the plan ceases to be in effect without value or any payout of death benefit claim. It is one of the most affordable plans you can invest in.
- Money Back Plan: A money back plan gives you regular installments of money during the policy tenure. This will be a percentage of the sum assured and if you outlive the policy term in a money back life insurance, you will be paid out the full corpus amount at the end of the tenure along with the bonus. In case of your untimely death, your beneficiary will be paid out the entire sum assured regardless of how many installments have already been paid out.
- Pension Plan: There comes a time in everyone’s life when it becomes crucial to invest in a retirement plan to ensure financial stability post retirement. These plans help you save and build up a sizable retirement corpus and upon maturity, this amount will be paid out to you in regular intervals so you can live your post retirement days in extreme comfort
- Savings Plan: Saving a portion of your income should be a regular goal and with savings and investment plans, you are provided with a tool that helps you do the same. You can save and build up your savings corpus for your family’s future financial goals. You are given the assurance of lump sum funds for future expenses with the guarantee of a certain sum as an insurance cover.
Along with these life insurance plans, you can also look into Endowment Policies, Unit Linked Insurance Plans (ULIPs) and more for a more financially stable future. Check out the different plans provided by ICICI, one of India’s most trusted insurance companies. With a high claim settlement ratio and trusting market reputation, you can rest assured your money is in safe hands.