Insurance

                                                                    Insurance

We all live in a fast track world where some times taking quick and sudden decisions are necessary, but planning certain important things for life is essential. Most fundamental plan that an individual should have is taking an insurance policy for themselves or for protection of family which is also very vital.

Insurance is basically a contract between the person who buys Insurance and an insurance company who sold the policy, the company promises to pay the insurer or his family member a fixed sum of money in occurrence of any unfortunate event provided the policy holder should pay fixed sum of money every month or twice a month according to policy taken which is called as Premiums.

There are different types of insurance policies, example – Medical insurance, life insurance, vehicle insurance, home insurance, travel insurance etc…The below are some of the important insurance policies which is discussed in detail including the policy details.

Different types of insurance plans –

1.       Whole Life Policies -

a.       Risk cover both natural and accidental is applicable from the 1st day of taking the policies.

b.      In the table-2, the premium paying term is for the entire life. In table 5 the premium payable can be for selected term as per MATURITY BENEFIT. On maturity the policy holder will receive the sum assured plus accrues bonuses.

c.       Accident benefit – In case of death due to accident, LIC will pay the nominee an extra sum assured.

d.      In case of permanent disability due to accident, the policy provides for immediate waiver of future premiums in addition to payment @10% of sum assured every year for the next 10 years or till the maturity of the policy or till the life time of the policy holder, whichever is earlier.

e.      Loan facility is available under the policy, provided at least three years of payment has been made under the policy.