Life always poses a challenge to us where we have to face the inevitable. Whether expected or unexpected, the death of a loved one is a pain that stays forever. Though with the passing time we learn to cope with the eternal emotional loss a bit better, there are some practical consequences that come with the absence of the loved one that hit you much harder and give you no time to recover from them if one hasn’t taken the necessary steps to deal with it. The financial loss that comes with the death of an earning member, percolates in different directions and it is pertinent that we protect our families from that and buy them enough time to atleast adjust to the unfortunate circumstances till they find a way to fill in the income gap by themselves. Life insurance is all about providing for your family’s welfare well beyond your life.

Life Insurance also has different options to choose from and need not always be claimed for only after an insuree’s death, though all of them inherently cover the unfortunate possibility within them. 

Centric Wealth With You In Life And Beyond It

An Overview Of The Numerous Options

Term Life Insurance:

• Duration of Coverage: This carries a fixed term for the policy depending on the duration opted for by the client i.e. 10, 20, 30 years

• Applicable Premiums: Term Life Insurance always ensues a lower premium as compared to other options making it much more affordable too

• Death Benefit: This can be claimed only if the person in question dies within the period insured

• Maturity Benefit: This policy doesn’t provide a maturity benefit. In case the insured outlives the covered period of the policy, no claim on any benefit can be made

• Recommended for: This option is recommended purely to cover an impending or predictable risk to the insuree’s life

Whole Life Insurance:

• Duration of Coverage: This carries a lifetime coverage and can be claimed at any point that the insuree dies

• Applicable Premiums: As the insuree is indefinitely and unconditionally insured for this entire life, it is just logical that this policy entails higher premiums fixed for life

• Death Benefit: This policy guarantees this particular benefit unconditionally under bonafide circumstances

• Maturity Benefit: There is a savings/cash value component that this options comes with

• Recommended for: This is particularly advisable for Long-term protection and wealth enhancement

Endowment Policy:

• Duration of Coverage: This can be chosen for a specific period or until death depending on the actual goals

• Death Benefit: The nominee can claim this in case of death of the insured

• Maturity Benefit: The insured can claim this and is paid the same if he\she survives the stipulated term

• Recommended for: One can opt for this policy if he/she is looking for savings combined with life cover

Money Back Policy:

• Duration of Coverage: This option comes with a coverage limited to the specified chosen period

• Survival Benefits: The payments are to be periodically made during the term of the policy

• Death Benefit: The entire sum assured can be claimed and is paid irrespective of payouts remitted earlier

• Recommended for: Recommended to someone who is looking for periodic returns combined with total life insurance

Unit Linked Insurance Plan (ULIP):

• Duration of Coverage: This policy allows a flexible duration

• Dual Benefit: This poses a dual benefit of investments and insurance as part of the premium is invested in equity/debt markets

• Returns: The returns from such policies are market-linked and come with a certain amount of risks and benefits applicable to investment market

• Recommended for: This is an option to go for if one is aiming for both insurance and wealth generation

Child Plans:

• Purpose: This is specially chosen to secure a child’s future including education, marriage etc.

• Benefits: This comes with a maturity benefit and the premium of such a policy is waived off in the case of death of the parent concerned

• Recommended for: This is especially suggested for long-term and prudent planning for securing the children’s futures

Retirement/Pension Plans:

• Purpose: One can choose this plan to ensure a regular post-retirement income

• Benefits: This plan allows you to build a corpus in addition to annuity payments

• Recommended for: We recommend this to ensure you a comfortable lifestyle post-retirement combined with a life cover