Term Insurance helps you safeguard your family from financial worries that arise due to unfortunate circumstances. Term plans are pure risk cover plans with or without maturity benefits. These pure risk plans cover your life at a nominal cost.
Term plans also let you avail of the benefit to cover your outstanding debts like mortgage, home loan, etc. In case something happens to you, the financial burden is borne by the insurance company and not your loved ones.
Benefits of Term Policies:
- High insurance cover at lower costs
- Financial security against loans and mortgages
- Single premium payment option
- Host of additional rider benefits
Endowment Plans are an ideal choice if you are a risk-averse customer. Endowments are long-term, regular savings plans with an inbuilt life cover.
Provided you have paid all your premiums, at the end of the term you receive the sum assured plus accrued /guaranteed bonuses that have been declared over the years, as a lump sum. In case of death during the term of your plan, the sum assured, will be paid out as a lump sum with the bonuses to the beneficiary named in the policy.
Insurance today offers a very simple assurance in terms of monetary support to your child and family in case of your death or disability and helps ensure that a shortage of fund never hampers the dreams or aspirations of your child. In short, Children’s Plans ensure a secured financial future for your child.
As a parent, make sure you keep the following factors in mind before choosing a child insurance plan:
- It should cover your child throughout even if something happens to you
- The payout should be at an age when the child requires it the most, i.e. when it wants to enter his dream college or needs to start his career
- Should provide a regular source of income so that child doesn’t have to compromise on its dreams and aspirations
- Your child should not be forced to pay the premiums of the policy