An endowment policy is a life insurance contract designed to pay a lump sum after a specified term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.
Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid in to it.
Money Back Plan
It simply means that in Money Back Plans, the money comes back to the Life Insured after a specific interval of time as Survival Benefit. However, if the Life Insured dies during the policy term, then the Death Benefit would be paid to the nominee and the policy would be terminated and no further money would be paid to him on the intervals.
The Maturity Benefit comes in installments instead of a lump sum at the end. It is called ‘Survival Benefits’. Each installment is a percentage of the sum assured. The remaining bit comes as Maturity Benefit at the end of the policy term.
Child Plan is a unique plan which will help you financially secure the future of your children by providing good returns as well as protecting him/her against any unforeseen circumstances. It is very important to plan your finances carefully so that your children can benefit. Children plans are all the more important when you start considering increasing costs due to the effect of inflation. One of the smartest ways to beat inflation and create financial stability irrespective of the career your children choose for themselves is to start investing as early as possible in children plans.
Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
Unit Linked Plans
A type of insurance vehicle in which the policyholder purchases units at their net asset values and also makes contributions toward another investment vehicle. Unit linked insurance plans allow for the coverage of an insurance policy, and provide the option to invest in any number of qualified investments, such as stock, bonds or mutual funds. When an investor purchases units in a ULIP, he or she is purchasing units along with a larger number of investors, just like an investor would purchase units in a mutual fund.
In the simplest sense, retirement planning is the planning one does to be prepared for life after paid work ends, not just financially but in all aspects of life. The non-financial aspects include such lifestyle choices as how to spend time in retirement, where to live, when to completely quit working, etc. A holistic approach to retirement planning considers all of these areas. This plan includes identifying sources of income, estimating expenses, implementing a savings program and managing assets
Key person insurance, also commonly called keyman insurance and key man insurance, is an important form of business insurance. In general, it can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified on the policy. The policy’s term does not extend beyond the period of the key person’s usefulness to the business. The aim is to compensate the business for losses and facilitate business continuity.
Group Plans Insurance is issued to a group, such as an employer, credit union, or trade association, and which provides coverage for individuals and sometimes their dependents.. Premium costs are based on the medical forecast for people of like average age, place of residence, forecasted medical costs and possible future medical needs. As the plan moves from year to year the rate actually becomes based on the past medical needs of the group plus forecasted medical rates and medical needs.