Thread 🧵on Types of #LifeInsurance Policies in India
Must read for everyone, especially youngsters....
(If you like then please re-tweet to maximize reach)
#InvestmentPlanning
Must read for everyone, especially youngsters....
(If you like then please re-tweet to maximize reach)
#InvestmentPlanning
As promised earlier, I have made this tread explaining basic types of #LifeInsurance policies in #India
1. Term Insurance
2. Endowment Insurance
3. Whole Life Insurance
4. Money-back Plan
5. ULIP
Tweets below will explain all these types of Life Insurance Policies ... 👇👇👇
1. Term Insurance
2. Endowment Insurance
3. Whole Life Insurance
4. Money-back Plan
5. ULIP
Tweets below will explain all these types of Life Insurance Policies ... 👇👇👇
1⃣ Term Insurance - It is for a specific period of time and has lowest premium among all types of insurance plans.
Premium of #TermInsurance policy once fixed does not increase during term period of the policy.
Premium of #TermInsurance policy once fixed does not increase during term period of the policy.
1/2
In case of sudden death of insured person, dependents will receive cover amount mentioned in policy. In case insured person survives the term of policy, no claim is paid to the insured person.
In case of sudden death of insured person, dependents will receive cover amount mentioned in policy. In case insured person survives the term of policy, no claim is paid to the insured person.
2⃣ Endowment Insurance - It is a life insurance contract designed to pay lump sum after specified term (on maturity) or on death.
They are especially useful when you get retired.
By buying annuity policy with sum received, it generates a monthly pension for rest of the life.
They are especially useful when you get retired.
By buying annuity policy with sum received, it generates a monthly pension for rest of the life.
2/2
#EndowmentInsurance policy can be cashed early (or surrendered) and holder then receives surrender value which is determined by #insurance company depending on how long policy has been running and how much has been paid in to it.
#EndowmentInsurance policy can be cashed early (or surrendered) and holder then receives surrender value which is determined by #insurance company depending on how long policy has been running and how much has been paid in to it.
3⃣ Whole Life Insurance - This policy has no fixed end date. In this policy only death benefit exists and policy amount is paid to named beneficiary.
The policy holder is not entitled to any money during his or her own lifetime, i.e., there is no survival benefit.
The policy holder is not entitled to any money during his or her own lifetime, i.e., there is no survival benefit.
4⃣ Money-Back Plan - In such an #Insurance plan, you regularly receive a percentage of sum assured during lifetime of policy.
In event of death of policy holder during tenure of policy, sum assured is paid to beneficiary.
In event of death of policy holder during tenure of policy, sum assured is paid to beneficiary.
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These plans are ideal for those who are looking for a product that provides both – #insurance cover and #savings.
These plans are ideal for those who are looking for a product that provides both – #insurance cover and #savings.
5⃣ ULIP
#ULIPs are hugely popular these days because they combine benefits of life insurance policies with mutual funds.
Certain part of premium paid is invested in listed equities/debt funds/bonds and balance is used to provide for life insurance and fund management expenses.
#ULIPs are hugely popular these days because they combine benefits of life insurance policies with mutual funds.
Certain part of premium paid is invested in listed equities/debt funds/bonds and balance is used to provide for life insurance and fund management expenses.
Life Insurance Companies in India ..
There are 24 players....
Most Prominent ones include - #LIC #HDFCLife #MaxLife #ICICIPrudential #SBILifeInsurance
There are 24 players....
Most Prominent ones include - #LIC #HDFCLife #MaxLife #ICICIPrudential #SBILifeInsurance
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