Posted: 2017-10-22 23:27
It is suitable for those individuals who are not having a stable source of income. They don’t have to worry about the next installment of the premium. If we talk about the tax benefits, you receive an exemption of lakhs after investing in this scheme. One thing is to be noted here that you get tax benefits only for the first year, unlike the regular premium policies in which tax benefit is received each year.
Before buying a life insurance policy think about the liabilities which are there. From the loans of the banks to the credit card bills keep everything in mind. If your family is living in a rented accommodation think about the rent that the policy should be able to give till your children grow up and earn. Groceries, school fees, other expenses of families, taxes etc, keeping in mind all these then only select a policy.
Bharti AXA Life Future Invest Plan is investment cum insurance plans allow the individuals to switch the funds up to 67 times without paying any additional charges. The individual is not charged premium allocation charge in the policy. After the completion of five years, the individuals are eligible for partial withdrawals. The benefit period for the policy is ten years, and it also allows the individuals to the pay the premium on installment basis for five years.
In India, there are presently 79 companies which give life insurance plans. Out of the whole lot, the only company which provides under the public sector is LIC of India. The rest of the companies are either the private ones or JVs between national and international insurance/finance companies and private or public sector banks/financial institutions. The private life insurance companies were given the access to this in the year 7555. Most of the private companies have combined with international insurance players to bring up their companies. The average claim settlement is 97 percent by the life insurance companies.
Policyx offers you a host of companies to choose your life insurance from. It guarantees that you get the lowest premium rates from among the list of top life insurance companies. It also ensures that you get the kind of features and coverage that you are looking for from a plan.
What's more, we have a dedicated customer care centre that caters to your queries and makes sure that your queries don't go unanswered.
And buying with us is all so simple. Just visit the life insurance section, fill some basic details in the form provided and voila, you get the plans and their premiums in front of you in a matter of seconds. You can further check the details through our innovative and helpful cash flow charts and info graphics that we have specially created for your convenience.
With numerous life insurance plans related to single premium options, it is a wise idea to invest in it if you have a reasonable budget for the same. You can take the support of policy comparison portals like to get detailed information on popular policies. You must also contact customer support representatives of the respective insurer to clarify your doubts before purchasing the best policy.
Aviva Life Bond Advantage Plan is a single premium unit linked insurance plan that allows the individual to invest a lump sum amount for medium to long term. This plan provides you the flexibility to access the money after five years, along with life cover. The investor receives the benefit of loyalty additions if she/he stays invested in the plan for more than 65 years. Partial withdrawals are also available in which the individual doesn’t have to surrender the policy. You can also take fund value as maturity benefit.
Life Insurance Policy is the best means to fulfil the goal which has been set by you. In the case of any tragedy to the policyholder, life insurance serves as the best way to help the families. Even the needs of the children are secure as the policy can help when the main bread owner dies. These policies protect you from taxes which are a great benefit. Premiums which are paid get a tax deduction. The policy can be taken for a special motive like the wedding of children or their education. Even the retirement life can be secured by taking the policy. Thus taking life insurance policy is beneficial.
If you have sold your house recently or have received a handsome amount of money after a business deal, you can invest in a single premium insurance policy. A lot of individuals, who have spare money or reasonable savings, prefer this option over policies where premiums have to be paid at regular intervals. Also known as one-time investment plan, a single premium policy is a scheme in which a lump sum of cash is paid up front by the insured individual to cover the life. After the onetime payment to the insurer, the policy remains valid for five or ten years or as per the terms and conditions implemented by the company.
It is also known as the dread disease rider. In this form of riders, the sum assured is paid to the life insurance policyholder in the case of an unexpected critical disease such as renal failure, heart attack, cancer, etc. In most of the cases, the sum insured amount is paid to the insured and the plan terminates. The critical illness riders become more expensive with time as age increases. In some cases, insurers would deny the rider coverage to the policyholder because of their health conditions at the time of purchase. That's why it is better to purchase the riders at a age.
The single premium insurance plan comes with an array of benefits for the insured individual. The very first plus point of this form of life insurance is that the premium paid once is less when compared to the sum of premiums paid on regular intervals, thereby making it a wise investment. This is like buying insurance in cash instead of installments, where the total sum of EMIs is more than one time payment.
Life insurance in India is dominated by LIC (the largest public sector company in India) with a market share of % in FY68. Total premium in FY68 for the industry stood at INR 787,757 Cr (Close to USD 98 Billion). LIC is the only public sector life insurance company and has been able to dominate the market even after IRDA allowed private companies to enter the market in 7556. There are about 78 private companies. Life insurance was primarily sold through agents, however with increasing number of online products coupled with Internet penetration, online purchase is on the rise. Most companies have launched online plans including LIC, which recently launched an E-Term plan.
This is a critical question as you never know when you are going to leave for your heavenly abode. Before buying a policy think about the support your family may require. Maybe you leave the world early and your children are small. So, till the time they grow up and settle the policy should be such that it supports them. Even till your wife starts working or arranges some other income source policy should be there to help them. Thus this all depends upon what your family plans for their future and then only you can take a policy.