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What is Life Insurance?

Life insurance is a legal sign-up between the policyholder and the life insurance company by which the company will pay a sum of money in return for the premiums paid after the policyholder’s accidental death. The money is given to the nominee mentioned by the policyholder in the contract. The insurance acts as a financial shield for one’s family members. The policyholder has to make regular premiums to the insurance company for the policy to enjoy the benefits of the policy. Life Insurance also serves another purpose – it provides financial protection to the insurer’s family after his/her demise and has options such as long-term savings for your financial and retirement plan. Fincover has a collection of the best insurance policies in the market under one roof.

Best Life Insurance Policy

1. Term Insurance

  • Term Life Insurance is a basic form of insurance. According to this term insurance policy product, the sum assured by the insurance company will be given to the nominee mentioned by the policyholder in case the policyholder dies during the policy period.

  • The death benefit is either paid in a lump sum or monthly. If the policyholder outlives the coverage period, he/she receives no payout.

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    2. ULIP Plans

  • A unit-linked insurance plan, abbreviated as ULIP, is a perfect blend of investment and insurance plans. This plan comes with a long-term investment opportunity with valuable returns. You can find a range of ULIP Life Insurance plans.

  • Under this plan, the insurer's premium is partly used as a life insurance cover, and the remainder is invested in market funds like debts, bonds, and equities based on the insurer's choice. The investment option lies entirely in the hands of the buyers as they reserve the right to choose where to invest.

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    3. Endowment policy

  • The endowment plan can also act as an investment . The endowment plan is a plan that comes with the benefit of saving, it is also known as guaranteed return plan.

  • It is a combination of life coverage and savings plans. It helps you save over a specific period, so you get a lump sum payout upon the policy's maturity period. If the insurer's demise, the policy holder's nominee receives the sum assured payouts. The main reason people choose endowment plans in large is its low-risk factor.

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    4. Pension Plan

  • Retirement plans help people build a retirement corpus. Typically, retirement plans provide payouts on an installment basis or a one-time lump sum payout after the plan's maturity.

  • If the insurer dies within the coverage period, their nominees will receive a one-time payout, the pre-decided while opting for the policy.

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    5. Money Back Policy

  • Money-Back Plans are designed for those people who want their investments to be accompanied by a share of liquidity.

  • Under these plans, a stipulated percentage of the sum assured is paid to the policyholders in pre-decided intervals.

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    General Insurance