Life Insurance - A Basic Overview

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Life Insurance

• - A Brief Overview

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What is Life Insurance?

• Life insurance is a source of providing a strong
  financial support for your family members even
  after you pass on.
• It is an integrated part of sound financial
  planning.
• The aim of different types of life insurance
  plans is not only to protect you and your family
  members financially but also help you achieve
  your important goals.
• In professional terms, life insurance is mutual
  agreement between the policy holder and the
  insurer. Here the insurer on some factors agrees
  to pay an expected sum of money to the owner
  after some unfortunate event or critical
  illnesses.

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Why should you have a life insurance?

• Protection
• Financial Planning
• Tax Relief
• To achieve important goals

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Types of Life Insurance

• Term Life Insurance
• Endowment Insurance
• Whole Life Insurance
• Unit Liked Insurance Plan

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Term Life Insurance

• In case of term life insurance, sum assured is
  payable only in the case of unfortunate event
  (death) during the term.
• In situation of survival, the contract ceases at
  the end of term.
• Types of Term Life Insurance
• - Increasing Term Insurance
• - Decreasing Term Insurance
• - Renewable Term Life Insurance

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Endowment Life Insurance

• Endowment insurance is an investment oriented
  option which pays in the event of death and also
  on survival at the end of term.
• Types of Endowment Life Insurance
• - Joint Life Endowment Plan
• - Money Back Endowment Plan
• - Marriage Endowment Plan
• - Educational Endowment Plan

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Whole Life Insurance

• Whole Life Insurance is also termed as Permanent
  Life Insurance.
• This plan covers death for an indefinite period.
• Types of Whole Life Insurance
• - Ordinary Whole Life Plan
• - Limited Payment Whole Life Plan

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ULIP

• ULIP is known as Unit Linked Insurance Plan.
• ULIP is a smart combination of investment and
  insurance policy.
• The premium value is invested in stock market and
  this returns better income on the period of
  maturity.

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