Term Insurance plans and its salient features Term Insurance plans and its salient features Term insurance is a type of insurance that provides life coverage for a fixed term (number of years). If the insured dies during the policy tenure, a lump sum payout equivalent to the sum assured will be paid to the nominee/beneficiary. Let us understand with the help of an example: Suppose a 35-year-old male has purchased a term plan of Rs. 50 lakhs with a policy term of 30 years. If the policyholder meets with an unfortunate event of death before the end of the policy term, the entire Rs i.e. 50 lakhs will be paid to his/her nominee. Features of term insurance plan- Here are some of the top...
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Life Insurance is one of the biggest and the first major investments made by people at an early age when they begin working and earning a regular salary. There are several types of life insurance plans that are designed to act as an emergency fund in the sad event of the demise of the person buying life insurance. Life insurance plans come under several types of fund requirements, such as a pension fund, children’s education, and daughters’ marriage. Many of them are equity-based and have a component that is designed to build wealth for life insured. Life insurance has become a wealth-building financial investment, and modern fund managers are constantly vigilant to ensure...
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Charges you must know before investing in Ulips 4 min read . Updated: 18 Aug 2020, 10:32 AM IST Disha Sanghvi Financial planners don’t recommend mixing your insurance and investment needs because of the lack of transparency and the various charges that you may end up bearing. However, with the economy gradually opening up, some insurers are seeing a revival in demand for unit-linked insurance plans (Ulips). "We are observing that the product mix, which was skewed towards non-par, including protection, is now settling down. Beginning Q2, we are experiencing the trend move towards pre-covid times wherein the mix was equally spread between Ulips, non-par products and participating products...
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All good things come to an end, or so the old adage saying goes, and if you’re nearing the end of your life insurance term, you may be wondering what to do once that final date has passed. Of course, in one sense, the fact you’ve outlived your life insurance is a good thing. As with most insurance, the hope is that you’ll never actually have to use it. But what happens if you want continued life cover after your policy term’s end date? What are your options? What are the costs? In this article we’ll outline your options. When does the term on my life insurance end? The end date of your life insurance ‘term’ – the length of time your cover lasts - depends on how long you chose when you...
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Buying a short-term health plan in Alabama Alabama defaults to federal short-term regulations Alabama does not have state-specific regulations for short-term health insurance plans, so the state defaults to the federal regulations. Because Alabama does not limit short-term plans, the Trump Administration’s regulations apply in the state. Short-term plan duration: up to 36 months As of October 2018, insurers are allowed to offer short-term plans with initial terms up to 364 days and the option to renew for a total duration of up to 36 months. A bulletin published by the Alabama Department of Insurance in October 2018 confirms that the new federal rules are applicable in Alabama. But...
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Unlike the ancient Greek myths that provide resourceful information that positively shapes modern beliefs, insurance-related myths are nothing but conjecture. Consider this: Saurabh is a 34-year-old man who works as a corporate lawyer in a reputed multi-national. He lives with his wife Divya, 2-year-old son Shaurya and 3-year-old daughter Trishala. Saurabh is planning to buy a beach house in the next two years and dreams of sending both Trishala and Shaurya overseas to pursue higher education. He is the sole breadwinner in the family. While Saurabh does invest a part of his income, he doesn't feel the need to get himself insured. Why you ask? Saurabh believes he's healthy and too young to...
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Aegon Life Term Plan Aegon Life Insurance Company, as it is known today, started off as Aegon Religare Life Insurance Company in 2006. It is one of the prominent names in the financial services and Insurance sectors of India. Aegon offers insurance coverage policies at attractive premiums with varied features to suit the individual needs of the consumers. It offers a range of life insurance products and term plans are one such type of product offered by the company. What is term insurance? Term Insurance Plans are insurance policies with a fixed term or a specified number of years. The insurer company promises to pay the insured person or the policyholder the amount of insurance in the...
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As per the directions of IRDAI, insurers have even introduced Coronavirus-specific health insurance products that provide dedicated coverage against the deadly virus. With each passing day, more and more people are testing positive for COVID-19 – popularly known as Coronavirus – globally. As per the data shared by the World Health Organisation (WHO), as many as 1 million people across various parts of the globe are infected with coronavirus infection with maximum being infected in the USA followed by Italy and Spain. In India, the total number of confirmed cases has crossed the 8,000 mark, of which over 270 people have lost their lives. Taking cue from the increasing panic...
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Insured Retirement Plans: Maximizing the high net worth client’s financial future By Kim Thompson | June 23 2015 08:25AM Clients are constantly searching for new strategies to maximize their financial position, be it through investments, insurance or savings plans. For the high net worth client, in particular, one financial expenditure is inevitable: tax. Unfortunately, as our wealth increases so does the percentage of our income we must hand over to the CRA. Mitigating this strain on a client’s financial status is an important part of the advisor’s role. Beyond maximizing RRSPs and TFSAs, what methods can we offer to alleviate the burden of tax? While multiple strategies exist, an Insured...
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The fundamental benefit of term insurance is the monetary benefit the dependents receive on the death of the insured. In India, term insurance continues to be an often overlooked protection product and only considered important for its investment and tax benefits. It is a protection product that everyone with assets and dependents must include in their investment kitty. One must never forget the fact that nobody can avoid the unexpected tragedies of life — death, disease and disability. The fundamental benefit of term insurance is the monetary benefit the dependents receive on the death of the insured. Only condition being, death happens within the policy tenure. In case you are the only...
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