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The benefit of choice is something that the modern consumer can be a boon and a bane for those looking to buy something. On the one hand, you get great competitive prices and on the other hand, you just get fed up with not knowing what to buy. Even when it comes to something as important as buying life Insurance online it is no different.
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Want to buy life insurance online? Know its different types BimaKaro.in
online term insurance plan. The benefit of choice is something that the modern consumer can be a boon and a bane for those looking to buy something. On the one hand, you get great competitive prices and on the other hand, you just get fed up with not knowing what to buy. Even when it comes to something as important as buying life Insurance online it is no different. So, it is always best to understand what is on offer so that you can make an informed decision before buying life insurance online and later regretting buying it. But what is there on offer? Let us take a look at different types of Life Insurance policies available in India: Term insurance Term insurance is one of the most popular and affordable types of insurance. This is a type of policy which can be purchased for a specific number of years such as 10, 20 or 30 years. If the policyholder expires suddenly during the tenure of the term policy, a death benefit is then paid to the designated nominee in the form of a lump sum, monthly payouts or a combination of both. The payout received will act as a buffer against the sudden loss of income due to the unexpected death of the main bread earner
Term insurance with return of premium This is one of the type of Life Insurance Policies in Indiawhich also ensures coverage in the event of an unfortunate event. However, this is slightly different from the typical term insurance plan in that if the policyholder survives the tenure of the policy, this plan offers a return of the premiums paid as a survival benefit. There is a good reason to opt for this type of plan since not only does it protect the family in case of an adverse event where the Life Assured loses his life, but it also offers assured returns to the policyholder if he/she survives beyond the term of the policy. The premium charges for this type of insurance policy however are much higher and it is not as affordable as the Pure Term Insurance plans. Unit Linked Insurance Plans The Unit Linked Insurance Plans or ULIPs as they are commonly referred to, are generally a combination of insurance as well as investment. A part of the premiums paid towards this type of insurance plans is generally invested in mutual funds while the balance is used as life insurance cover. The funds for investment can be chosen by the Policyholder based upon his/her risk appetite. Therefore, he may choose to invest in Debt funds, Equity funds or a mix of both known as Balance funds.
Endowment plans Endowment plans are a combination of life insurance protection and savings. From the premium payable, a portion is kept for overage while the balance amount is invested by the insurance company. Upon maturity of the plan, if the life assured is still living, then the insurance amount is paid to him/her, otherwise, it is paid to the beneficiary. Endowment plans carry a bonus since the insurance company invests a portion into various investments. This is either paid as a death benefit or as a maturity benefit. This type is plan is best suited for a person who has a low-risk appetite, but who is willing to invest modestly to receive a benefit on his investment. Whole life insurance Whole life insurance is a kind of insurance which protects a person for his entire life up to the age of 100 years. The sum assured is decided at the time of inception of the policy and upon the death of the life assured, the death benefit is paid to the chosen nominee. Unlike term insurance, the premium amount is higher. This type of insurance has a cash value which increases over time however in case of death, the beneficiary receives a reduced benefit.
Group life insurance Group life insurance Group life insurance is one of the types of life insurance policies wherein a group of people, for example, employer- employees are covered under a single type of insurance. Such group insurance policies are very beneficial to both groups i.e. the one initiating as well as the group benefiting. They are also very economical since they cover entire groups a much lower cost than traditional individual insurance and additionally the insured have the benefit of coverage without mandatory medical tests with fairly basic documentation to deal with. Additionally, there are tax benefits available as well. Child Insurance Plans A Child Insurance plan is a combination of insurance and investment towards your child’s future financial needs. From birth until adulthood, there is any number of milestones in a child’s life, there may be a need for payouts to achieve a crucial milestone. Retirement Plans Retirement plans help towards building a retirement fund so that you can get a regular pension amount after retirement. In the case of your death, the chosen nominee can claim the sum assured. .
Continue… Money-back policies This is a different type of insurance policy where during the policy tenure, you receive a percentage of the sum assured at regular intervals. On survival through the policy tenure, you will receive the balance corpus along with accrued bonus. However, in case of expiry of the life assured before the end of the policy term, the beneficiary will receive the entire sum assured irrespective of the number of instalments paid back. Nowadays buying life insurance online is as easy as doing shopping from any other e-commerce site. One such platform is BimaKaro which assist you in picking the right life insurance policy. So, get the best Life Insurance plans on www.bimakaro.in with the best possible rates. A robust customer support team is always there to help you make the right choices. Do not wait to make the right choice, Bimakaro is already doing that for you!
Bimakaro.in With advancements in technology, you can now buy life insurance online without any worries and quickly the various mentioned benefits, wiping away the myths. To make your choices clearer and aligned with your life goals, you may visit the website, Bimakaro.in helps to shortlist insurance policies based on critical parameters. The plans can also be compared with each other, enabling you to know each’s advantages and disadvantages without any bias or influences. Don’t wait. Try out Bimakaro.in now!
Conclusion Online term insurance plans come with a host of benefits. As explained above, it is time to give equal importance to term insurance, as we give to health, motor, travel, or any other insurance form. Concerns related to trust and transparency are now addressed with the help of online insurance aggregators like BimaKaro.in If you are considering buying online term insurance plan, do not procrastinate. Just log on to www.BimaKaro.in now.
