Life insurance has become one of the most indispensable needs of people today. Those were days when financial security was least concern for individuals or there were no systems to secure someone's life from financial hardship especially to the dependent ones. Introduction of life insurance has made a remarkable presence in the market giving individuals a facility of choosing different types of life policies for their needs. Today, life policy conclusively makes the essence of securing dear one's life financially whether the breadwinner is no more. One should be aware of the importance of such plan so that one can understand it better and purchase in accordance with need. As said before, life policy can't give you anything in terms of death benefit. It's your beneficiary which will be given the death benefit in the event of your sudden death before expiry of the policy.
Today, the market is infested with a lot of life policies to choose from. Depending on your need and requirement, you can choose a one consequently. One should understand about prospective benefits associated with life insurance so that one can get a plan in accordance with the need. There are many types of such plans available in the market today but all of them conclusively be summed up into two of the most noticeable categories - term life policy and whole life policy. Depending on your need, you can go for both options accordingly. However, it is must of any individual to have proper understanding over these two policies. First of all, let's start with term life assurance plan.
Term life insurance is a short term life policy which usually stands for 15 years of tenure with the policyholder's compliance in regard with timely payment of premiums. In other words, term life policy has duration of 15 years. The insured person is supposed to pay premiums according to the term of the policy. If the insured dies before the end of the policy, the designated beneficiary receives sum total of amount as sum assured. The very amount of sum assured functions as great monetary assistance to sort out various needs. On the other hand, whole life insurance is a plan that lasts up to 100 years. It is also called life long plan whereby insured person is supposed to pay off the premiums as per the condition of the plan. Moreover, the plan doubly benefits insured in terms of death benefit and cash value benefits.
Therefore, depending on your choice, you can choose either of term or whole life insurance policies.
From Autor
Life insurance has become one of the most indispensable needs of people today. The market has many types of life policies available today. However, terms and whole life insurance are conclusive plans. You can go for either of the plans as per your need. Aviva life insurance India | Bajaj allianz life insurance
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Is there any health insurance plans available for person suffering from Diabetes ? which can give health benefits as well
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