Life insurance ensures that your family will receive financial support in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably.
There are a number of life insurance products which offer protection and also coupled with savings.
A term insurance product provides a fixed amount of money on death during the period of contract.
A whole life insurance product provides a fixed amount of money on death.
An Endowment Assurance product provided a fixed amount of money either on death during the period of contract or at the expiry of contract if life assured is alive.
A money back assurance product provides not only fixed amounts which are payable on specified dates during the period of contract, but also the full amount of money assured on death during the period of contract.
An annuity product provides a series of monthly payments on stipulated dates provided that the life assured is alive on the stipulated dates.
A linked product provides not only a fixed amount of money on death but also sums of money which are linked with the underlying value of assets on the desired dates.
There are a variety of life insurance products to suit to the needs of various categories of people-children, youth, women, middle-aged persons, old people; and also rural people, film actors and unorganized labourers.
Life insurance products could be purchased from registered life insurers notified by the IRDA. Insurers appoint insurance agents to sell their products. Public who are interested to buy life insurance products should receive proper advice from insurance agents/insurer so that a right product could be chosen to suit particular financial needs.