Indian Money Life Insurance plansby indian money Financial advisors,Health insurance
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Review on Indian Money Life Insurance plansMany do not understand importance & power of getting proper insurance. For instance, life insurance is necessary for financially protecting your family. It is worth mentioning here that most people in our country are underinsured. What it means is that they get life insurance, but sum they assure is not adequate either for them or their family. Many people do not explore available life insurance products.
Want to know more on Term Life Insurance? We at Indian Money Review will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. Indian Money Company is not a seller of any financial products.
How to Select Best Life Insurance Plan According To Income?
Many citizens avail endowment life insurance, as they think it gives higher tax benefits compared to a term life insurance policy. Take the example of Roshan, who is a 30 year old IT employee earning Rs 7,00,000 a year. He doesnt know which life insurance to avail, endowment or term insurance?
Let us help him with the premiums:
1. If he opts for an endowment policy with a sum assured of Rs 10, 00,000 and a policy term of 15 years, he will have to pay an annual premium of Rs 70,000. On maturity, he will get a sum assured of Rs 10, 00,000 + Bonus.
2. Guaranteed Bonus: This is a percentage of the sum assured for the first few years of the policy, say 3.5% for 5 years.
3. Reversionary Bonus: This is paid out of the profits of the insurance company. No reversionary bonus if there are no profits.
Read more: Life Insurance plans according to income
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Created on Nov 1st 2018 07:51. Viewed 246 times.
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