Life Insurance:
Life insurance is a kind of insurance that offers protection for a predetermined number of months or years, or a term. In the tragic event that the insured passes away during the policy term, this sort of life insurance offers a financial benefit to the nominee. Low-cost term insurance products offer excellent life coverage. The insured has to pay the insurance company a certain amount as premium for safeguarding the family financially in case of death of the insured. These set premiums may be paid all at once, periodically, for the duration of the policy, or only temporarily. Depending on the type of premium payment method selected by the buyer, the premium amount varies.
Types of Life Insurance Plans:
- Basic Plan – The basic life insurance plan includes a death benefit that is paid in the form of a lump amount if the policyholder dies within the policy period. The standard life insurance plan includes a paid-up life cover.
- Life Insurance with Accidental Death Cover – This insurance policy includes a life insurance policy that pays out a lump amount if the insured dies during the policy period. The basic life insurance plan includes a paid life cover.
- Demo Insurance with Accidental Death Cover – This insurance plan includes a life insurance policy that pays out a lump amount if the policyholder dies in an accident during the policy period. The basic life insurance policy includes a paid life cover.
- Life Insurance with Critical Illness Cover – This life insurance plan includes a death benefit that is paid in the form of a lump amount if the policyholder dies due to illness within the policy period. The basic life insurance policy includes a paid life cover.