Want long-term coverage for your entire family in terms of life insurance? Do you also require something that gives you good returns for meeting future goals? Also, to put up another question- do you wish for an option that does not entail risks and market-related fluctuations? Enough with the questions. Seeking all these features within one handy package may seem too good to be true. But that’s where you haven’t yet checked out guaranteed life insurance plans. These are policies that will be the answer to all your questions, while enabling you to ensure financial security and gain mental peace accordingly. Let us look at how you can choose the top plans for long-term coverage and steady financial planning.
Here are some of the main features that guaranteed life insurance plans usually offer to customers.
These plans come with guaranteed life coverage throughout the chosen policy period. You can select the policy term as per your specific needs, while opting for a reasonable coverage amount as well. In the event of your unfortunate demise within the policy tenure, the insurer will pay a lump sum amount to your nominees to help them meet various pressing costs.
They can use the funds to take care of immediate expenditures, along with household needs, liabilities and debts, educational costs, etc. You will be at peace, knowing that your family members are financially secure even when you’re not around.
Guaranteed life insurance plans also come with assured returns, which not only safeguard your principal investment, but may also offer additional bonuses or returns upon the same. You can get this in the form of regular payouts or a lump sum amount upon maturity, depending on the plan chosen.
This is beneficial since you will know that you can get a reliable stream of income in the future or a lump sum amount that you can use to cover various needs. Since the amount is guaranteed at maturity, you can reliably work out how to meet future objectives like buying a house, paying for your child’s education, and so on.
There are tax exemptions on the death benefit and maturity amount subject to conditions, while the premiums you pay are also tax-deductible under Section 80C. This makes the plan a highly tax-efficient investment by all means.
You can also enhance your policy with riders such as those for accidental death or permanent disability. Availability of riders varies by the insurer and plan.
You can always compare multiple insurers based on their plan features, coverage, premium amounts, flexibility in customising tenures and payouts, and, of course, options like riders, bonuses, and other benefits. Compare the returns offered by these plans along with suitable tenures and other important aspects. Look at the insurer’s CSR (claim settlement ratio), since a higher ratio indicates reliability in honouring claims.
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