Our lives are subjected to risks of disability and death due to accidental and natural causes like flood, fire or earthquakes. Death or accidents causing permanent or temporary disability affects the income of a household. The family of the victim is placed in hardship. At times survival is at stake for the remaining family. During such a juncture life insurance is required. Risks are capricious. Accidents take place at a time when least expected. So, it is very essential for every individual to have a life insurance.
Human life is precious and its value can’t be measured with a sum of money. Taking insurance is a step to compensate the family members of the insured person. You cant get your loved one back from death. But his sudden loss will never put you in difficulty if you have his life insured. Life insurance is a scheme, which assures a certain sum of money in the form of benefit to the dependants of the insured person. The life insurance schemes are designed in such a way so that a particular amount of money is given to the beneficiaries in case of sudden death of the insured person. So you can avoid complete loss of income in case of sudden death or accident of the insured person if you have a good policy planned beforehand.
A person can also assure a lump sum for his old age by taking insurance policies. You have safety coupled with savings when you go for insurance policies. A limited amount of money in the form of monthly, quarterly, half yearly or annual premiums is enough to secure your future. While taking an insurance policy one must be observant about the coverage of the product. It is advisable that you take insurance policies from certified agents instead of any unknown individual.
Varieties of Life Insurance Policies
The variety of life insurance products in the market is impressive. You are free to choose from among the wide assortment of policies on offer. Brief detail about the major types of life insurance will provide detail knowledge about the subject:
• A term insurance is a product, which will provide the beneficiaries with a lump sum in case of death during the term of insurance.
• If you go for an insurance covering your whole life span, then you receive a fixed amount at the time of death.
• Endowment assurance is by far the most popular form of life insurance. In this kind of a policy, the beneficiary gets a fixed amount either after the full term of the insurance or if death occurs during the tenure of the contract.
• Money back polices are indeed another excellent way of savings. In this kind of a policy, the insured person gets lump sums on particular dates within the specified contract period along with the entire amount assured at the end of the contract term or on death.
• Annuity product is an equally lucrative insurance scheme. Monthly payments are made on particular dates to the insured person till he is alive.
• Linked insurance products assure fixed sum of money at death along with the underlying worth of assets on required dates.
The big insurance houses design insurances suitable for individuals belonging to different socio economic categories. You have customized schemes for women, youth, children, old people, middle-aged individuals, laborers, rural population and people belonging to the highest strata of the society.
Where to Buy Life Insurance Products?
It is advisable that life insurance products are always bought from registered agents. Big Insurance companies appoint agents to sell their schemes. It is the agents who will guide the individuals towards the right policy. Life insurance agents are responsible for briefing the mass about the various insurance policies. They will make you understand the difference between group life insurance schemes and individual policies. Companies who provide insurance policy to their employees free of cost generally take group schemes. Individual policies are usually based on the income of an individual.
It is found that life insurance policies are the only way in which you have guaranteed returns that offer security and protection to your families and offer contentment to society.
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