Insurance Tips: There are many types of Life Insurance Plans, each plan is different from general insurance..
In today's time, before saving and investing, we focus on securing ourselves and our families. For this, we also make many types of investments. It is important to have life insurance along with health insurance in the investment portfolio.
Life insurance gives security to you and your family. In this, there is an agreement between the insurance holder and the insurance company. According to the agreement, if the insurance holder dies in an accident, then the insurance company gives a fixed amount to help the family or nominee financially. In this, the insurance holder pays a fixed amount of premium every year.
If you are also thinking of life insurance, then we will tell you some things related to it.
There are many types of life insurance.
Term life insurance is bought for a fixed time. It has risk cover for a tenure. Maturity benefits are not available in this plan.
Unit-linked insurance plans also provide security along with investment. In this plan, there is fluctuation according to the stock market. The endowment plan includes both investment and insurance. It covers risk for tenure and after the tenure is over, you get the sum assured along with a bonus.
For money back, one has to invest for a fixed period. After the tenure is over, the investor gets a sum assured along with a bonus. This is available in installments.
In the Whole Life Insurance Plan, you get insurance for your whole life. In this, the nominee can claim the insurance after the death of the insurance holder.
Life Insurance is different from General Insurance.
General Insurance and Life Insurance are quite different from each other. Life Insurance provides coverage for the whole life. Whereas General Insurance helps in all situations. In General Insurance, loss of property, accident, illness, etc. are covered on payment of premium. General insurance includes health insurance, travel insurance, home insurance, vehicle insurance, etc.
