What’s more, life insurance plans also offer regular pay-outs in the form of annuities, and are therefore, an excellent tool to finance your retirement goals. The suitable product helps you to save systematically and build a corpus for your future its accumulated amount may be used for your life goals. It is important to consider life insurance if you are seeking to make long-term savings. Your insurance provider is liable to pay your beneficiary or nominee the pre-determined death benefit, thus keeping your family protected even in your absence. Life is full of uncertainties investing in a life insurance plan provides a safety net. Life insurance offers three major benefits. Upon verification of claim, the insurance company releases the benefit to the nominee.įor life insurance plans with a return of premium, a total of all premiums is paid back if the insured survives the policy term, which can be a great financial aid in the short or long term. To get it, the nominee has to submit a claim form along with various documents. In case of your unfortunate demise, your nominee will be eligible for the sum assured as defined in the contract. The last stage of a life insurance plan is related to filing for a claim to get insurance benefits. All benefits then are based on timely premium payment. As per the life insurance contract, the insurers promise to pay a pre-decided amount to you (policy holder) or your nominee, provided all premiums have been paid. It is advisable to choose a premium that you can easily pay on time. Other factors to consider are plan tenure, premium, riders, and, most importantly, the reason you are buying life insurance. Life insurance policies work in three stages :īuy the best life insurance policy that offers flexibility of benefits. Life insurance is a key investment, especially in uncertain circumstances, like the present. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime. Life insurance is a contract between an insurer and a policy owner.
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