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If you are worried about your family's financial well-being in case of your ill-timed demise, it's not too late to get into some real action. One of the wisest things that you can do is get the Best Life Insurance Policy. When you look online, you will stumble upon several Types Of Life Insurance plans in India. Choosing the best one is a critical financial decision, as it can break or make your financial health. Nevertheless, many folks may not be well-acquainted with the types of life insurance policies accessible in India and how they impact your financial health.

Types Of Life Insurance        

Term Insurance Plan

Unquestionably, it is the most longed-for type of life insurance policy in India that you can purchase for a specific period of 10, 20, 30, or more years.

Contrary to other types of life insurance policies, term insurance does not offer maturity benefits. Thus, it's viewed as the best insurance policy in India and is relatively cheaper than other types of life insurance plans.

Term Insurance with Return of Premium

If you follow a healthy lifestyle, the likelihood that you will outlast the best insurance policy in India you have bought also augments. Consequently, term insurance with a return of premium transforms into one of the best insurance policy in India, which also deliver maturity benefits.

It is one of the types of term insurance plans that returns all the paid premiums if you outlive the policy term.

Unit Linked Insurance Plan (ULIP)

A ULIP is another type of life insurance policy available in India that offer coverage and let you reinforce your financial health. It aims to render life cover along with investment opportunities. It entails a lock-in period of five years, which turns it into a long-term investment instrument that incorporates risk protection. Investing in ULIPs also permits you to arrange your funds as per the market's performance.

Endowment Policy

Endowment policies are one of the types of life insurance policies that are designed to deliver the dual benefits of life insurance and savings. Moreover, these types of life insurance policies assist you to save money regularly for a specific period that you will receive as a lump sum at maturity.

Moneyback Policy

Contrary to other types of life insurance plans that do not offer any returns till maturity, a moneyback policy reimburses a share of the assured sum throughout the policy term. It addresses the problem of liquidity.

Whole Life Insurance

Whole life insurance proffers insurance coverage to the policyholder for the whole life up to 100 years of age. In the event of the premature demise of an insured person, a nominee will be eligible to get the death benefit. And, if you cross 100 years of age., you are entitled to receive a maturity benefit.

Another mind-blowing feature is that some come with the option to pay a premium for the first 10-15 years while you enjoy the benefits for your whole life.

Group Life Insurance

This insurance policy covers a group of people under one superior policy. These types of life insurance plans are usually provided as one of the employment perks. In such plans, you will get insurance coverage if you remain a part of the group.

Child Insurance Plans

A child insurance plan will support your journey of wealth creation for your child’s future needs such as higher education, wedding, and more.

It is advised to start investing in these plans from the birth of your child so that you can give them a cheerful future. Policyholders relish the flexibility of investing their money into multiple funds.

Retirement Plans

Retirement Plans are curated to offer financial safety and assist you build a financial corpus after your retirement. It will help you get a sum of money as a pension in the vesting period.

In the event of your ill-fated death, if the policy is still in force, your nominee will be eligible to receive the death benefits. Retirement Plans present death benefits along with vesting benefits, hence, delivering protection to you and your dependents.

How to Buy an Ideal Insurance Plan Hassle-free?

Now, you are well aware of the diversified type of life insurance policies, it’s time to move to the important part- how to buy a perfect insurance plan. These days, it’s convenient if you choose to buy a Life Insurance plan online. It will help you save time and many insurance providers offer discounts on online purchases.

Compare & Buy the Best Life Insurance Plan with just a Click

One cannot negate the importance of life insurance, particularly in today’s time where uncertainties constantly take over human lives.  Before you move ahead, make sure to assess your requirements and choose a plan that doesn’t make you struggle with a budget crunch. Compare various life insurance plans available online to find the most sought-after plan that will work for you.

Conclusion:

Don’t let uncertainties make you and your loved ones’ lives miserable. Buy the best life insurance policy online and put a foot forward to filling your dependents’ future with happiness and peace of mind.

Source: Distinctive Types Of Life Insurance Plans in India You Need to Know

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