Best Life Insurance plans In India 2023 - Tulsi Wealth Pvt. Ltd.

Life insurance is nothing but, "Insured your life". L"IF" E is full of IFs... and one needs to plan to secure their loved ones and themselves against the Ifs of Life. When you opt for a life insurance plan, you transfer your family's financial risks in case of any unfortunate event to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial well-being from the consequences of living without an income.

TYPES OF LIFE INSURANCE

1. TERM LIFE INSURANCE: Term Life Insurance plans are designed for specified periods of years, say 10,15, or 20 years, etc. These are the “cheapest plans” compared to other plans. The main disadvantage is, there is “no survival benefit”.The policyholder gets the claim amount only when death happens.

2. UNIT LINKED INSURANCE PLAN ( ULIP’S ) : Unit Linked Insurance Plans (ULIPs) offer policyholders “life security plus investment opportunity”. Premium paid into this policy is bifurcated into two parts, “one for the purpose of Life insurance and another for the purpose of investment”. These policies are ‘linked’ to market products like mutual funds, bonds, stocks, etc.

3. ENDOWMENT PLAN: Endowment Plan offers” life security plus survival benefit”.The main advantage of this plan is “policyholder gets assured & lumpsum amount at maturity”.

4. WHOLE LIFE POLICY: Whole life policy offers protection for the “entire lifetime” of an individual. Certain insurers can have an upper age limit for the maturity of the policy. wherein a ”death benefit is provided to the nominee on demise of the policyholder”. If there is a maturity benefit associated with the plan, a maturity amount will be paid when the policyholder attains the upper age limit associated with the scheme.

5. ANNUITY / PENSION POLICY: annuity/pension plans can be used by individuals looking to “financially secure their retired life”.The amount is collected in the form of a premium and distributed.

6. MONEY BACK POLICY: to the policyholder. The insurer pays a certain percentage of the sum insured amount to the policyholder at regular intervals. For example, let’s say in 20 years policy, the insurer pays 20% of the sum assured amount after every 5 years and the remaining 40% at the maturity period.

7. CHILD INSURANCE POLICY: A child insurance policy is a combination of saving & investment plans, to fulfill their future financial dreams/goals. A child insurance policy allows you to invest from a child’s born age to an adult age. Some policies allow you to withdraw your savings at certain intervals.