Insurance

Learn More from Your Instant Life Insurance Quote Provider Online

Life Insurance

Learn More from Your Instant Life Insurance Quote Provider Online! I am sure you’ll must be wondering how one can learn from an online Life insurance provider? I thought the same, until I came across these online websites who are just like an encyclopedia of instant life insurance and other things related to them. You not only get to choose premium quotes but also get to know the product in depth.

Outstanding Life Insurance Plans

Initially I was reluctant about getting my Life Insurance policy online, but when I came across this website I was sure I was doing the right thing. I am talking about “Coverfox.com”, who is an IRDA registered online insurance broker. Why Coverfox? Because me as a person, I like things which are uncomplicated, simple and easy going. And I choose them as I found the user interface the simplest where you don’t really need to rack your brains.

However my opinion changed and I can count Life Insurance as one of my basic necessities. Let’s find how I changed my view regarding instant Life Insurance Quotes and gained a bit of knowledge about things related to it.

This is what I learned more about life insurance online.

  • Term Insurance Plan

This is the most simplest and affordable life insurance covers available amongst the other plans. Also it is considered as the most stable and recommended plan by most of the financial advisors. It is available for specific period of time. In a plan like this the beneficiary gets an amount either in lump sum or in installments or in a combination of both on death of the policy holder.

  • Endowment Plan

This type of life insurance plan offers both insurance as well as investment benefit. Some part of the plan is dedicated to the insurance sector and some part of the plan is dedicated towards the life cover. In short it serves as both saving and insurance plan. Such policies will provide maturity and death benefit both. (Only if the policyholder survives till the end of the policy term and pays the entire premium)

  • Unit Linked Plans (ULIP)

In this type of a life insurance plan some portion of the premium is towards the life cover while some is invested towards equities and debts as per your choice and risk. In this type of plan the investment risk is borne by the policy holder.

  • Pension Plan

To mention in simplest words, Pension plans are type of retirement plans which will require the employee and the employer to contribute some amount of funds. These funds are later kept aside for the worker’s benefit and the contributed fund is later given to the employee on his retirement.

  • Money back life insurance

In this type of a life insurance policy, periodic payment is made to the insured if he is alive as a survival benefit and incase of death of the policy holder, the entire sum assured along with the survival benefit is paid by the insurance company.

  • Whole life insurance

Whole life insurance is also called as the straight life or ordinary life insurance. This plan stays with the policy holder throughout his life if he has paid all the premiums on time. In this type of the policy, there is a dual benefit of investment as well as insurance.

The amount is only paid after the death of the insured. The nominee is also paid the bonus which is calculated on the total sum assured.

This type of insurance can be opted by senior citizens.

  • Child plans

In this type of a policy, lump sum amount which is equal to the sum assured is paid on the death of the parent and the policy holder continues still the end of the policy term where all the future premiums will be waived off.

And on maturity of the policy term the benefit is also paid to the child.

Characteristics of Life Insurance Plans

March is the tax saving month and it is essential to try all options to save tax. So buy a Life Insurance plan as per your need and not with the only motive of saving tax. I hope this article is a good source of info for you to know more about life insurance.

  • Life insurance plans are tax saving

Most of the life insurance policy premiums you pay are tax free. The premiums you pay for your life insurance gets a tax exemption U/S 80c, 80CC, 80CCE up to Rs.1.5 lakh and U/S  10( 10D) for amount received under life – Under section 80D, tax exemption for  self, spouse and dependent children up to Rs.25, 000.

  • Aids long term saving

Life insurance plans not only covers your life insurance part, but also helps in saving and building your wealth.            It is one of the most systematic ways to safeguard yourself financially and take care of your future plans.

  • Allows specific planning

Most of the life insurance companies offer customized plans for different stages of life. Almost all families will have certain goal to be achieved which requires a lot of planning. These goals could be for buying a house, planning funds, your retirement etc.

  • Provides life cover

The most basic and important role of a life insurance policy is to cover life. The insurance company is liable to pay the sum assured to the beneficiary or nominee of the policy in case of any unfortunate event of the insured.

Thus a life insurance policy has become a very important part of people in day to day life. It not only provides life cover, but also aids saving.