Your life is the gift of god. A unique contract done with the insurance company, in exchange for premium payment is life insurance. Best financial advisors@ Moneymindz, gives financial service in India about the concept of life insurance. Life is like a rainbow and you need family (sun) and rain (insurance) to see true colour of life.
Types of Life Insurance:
Life insurance is the major pillar of personal finance, and consists of:
Whole Life Insurance: Coverage given to the person for his/her entire life term is known as the whole life insurance. Once policy gets matured, then you can borrow a part of policy amount.
Universal Life Insurance: A kind of insurance offering flexibility in premium is known as universal life insurance. Policyholder gets choice between paying minimum premium to insurance policy/paying money towards cash accumulation. Moneymindz educates the customer on universal life insurance.
Variable Life Insurance: Unique life insurance policy, consisting of offering permanent protection to beneficiary, during death of the policyholder. Premiums can change up and down depending on the nature of the insurance policy. Moneymindz offers quality advice on variable life insurance.
How Premium Of Your Policy is Calculated?
Well, it is simple. Most of the insurance companies take your age, gender, medical weakness, lifestyle, your family medical history in calculating the premium. If you are a smoker, then cost of premium will increase, as you are prone to various diseases. Talented Financial Advisors at Moneymindz comes into the picture in educating people of India regarding the life insurance policy.
Advantages Of Life Insurance:
Some of the major advantages of the life insurance in India are:
- Helps in offering high risk cover keeping you/your family for longer duration.
- It is good in securing a bright future for your family.
- Get finest return on investment compared to other investment plans.
- Comes with the remarkable tax benefits for the salaried person under section 80C/80D, Pension Superannuation Fund, Employee Provident Fund(EPF), National Savings Certificates (NSC) and public provident funds (PPF).
- Fantastic additional benefits are added to life insurance policy.
- One life insurance policy can be exchange for another life insurance policy.
Disadvantages Of Life Insurance:
Some of the cons of life insurance policies are as follows:
- Premium rates will change, depending upon type of insurance.
- Check, if insurance company is genuine
- Do check, if insurance company is bankrupt or not.
- Coverage offered only for fixed periods.
- Policies are very expensive and beyond reach of common man in India.
So why to worry regarding your life? Moneymindz is good in offering honest advice on Life Insurance and secure your family’s future.
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