Insurance
Term Plans
A term plan is the most basic and most essential product an earning individual must have. On death of the person, or in case of any other event as may be mentioned in the policy document, the dependents get a pre-decided sum of money. In case of untimely death of the earning person, such sum can help his/her parents in their old age; or provide for education costs of his/her children amongst various other benefits.
People often question: What if we don’t die during the policy term? Our reply is a question – Don’t you renew motor insurance every year even if you have never had an accident?
ULIPS
Unit linked insurance products, more commonly known as ULIPs, are a combination of mutual funds and insurance. Just as a mutual fund invests in securities, similarly ULIPs invest in securities with an additional advantage of 10x life cover. For those who wish to invest in the securities market and at the same time get insurance cover, ULIPs are the most recommended products.
Guaranteed plans
Just like ULIPs combine mutual funds with insurance, guaranteed plan combine fixed deposits with insurance. Buying a guaranteed plan is similar to investing in fixed deposits, with an added benefit of life cover. For those who want to get life cover and simultaneously earn on their premium payments without taking any risk, guaranteed plans are recommended.
Traditional Plans
Apart from the above-mentioned categories, there are different types of products providing bonuses to the investors, not linked with securities market. If somebody wants to earn more than guaranteed plans but does not want the earnings to be linked with securities market, such plans are suitable for them.
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