The lifestyle of the people, nowadays, has a strong effect on the insurance sector in India. Most of the big players in the insurance industry, like LIC life insurance and ICICI prudential life insurance, are coming up with different types of policies to lure customers. One of the major things that attract people towards such schemes is the fact that they offer very good returns after the death of the insured. Every individual wants an insurance cover that helps him in covering all the costs related to his kids’ education after his death. This is exactly what the different types of insurance covers in India are offering.
As an individual, you should invest your money in one of the life insurance policies after thoroughly considering your options. Famous institutions like Aviva life insurance and Kotak life insurance have started offering policies such as endowment, limited payment life policy and even double endowment policy for offering maximum benefits to the insured. Before you choose a particular life insurance cover for yourself, you must check the various types of policies available at your disposal.
Discussed below are the top life insurance policies available in India.
Whole Life Insurance Policy
Under this kind of a policy, the premiums are to be reimbursed for the rest of the life and the sum of money insured becomes payable when the insured dies. This is an insurance policy which is the cheapest one available in the market. Bajaj Allianz life insurance too offers a whole life insurance policy and you could choose it if you are not willing to pay a lot of money as a monthly premium.
Endowment policy
An endowment life insurance cover is one of the most popular ones as it just runs for a limited period of time. Under this insurance policy, the total amount of sum assured actually becomes payable in case you’re able to reach a specific age after the end of the given period. This period is nothing, but the endowment period. Future Generali life insurance offers an endowment policy which comes along with a higher rate of monthly premiums.
Double Endowment Policy
Under this insurance policy, the insurance company agrees to pay the double amount of the sum which has been insured in case he lives beyond the maturity date. For a physically disabled person, this is the right policy.
Joint Life Policy
Joint life policy is another great insurance cover which covers the risk on two lives and is usually accessible to business partners. Here, the sum assured usually becomes payable on the expiry of the chosen term or on the death of one of the lives insured.
Convertible Whole Life Policy
Convertible whole life insurance policy usually offers the maximum amount of insurance safety at a low cost. This kind of a policy also offers an adjustable agreement which can be altered at the end of five years.
These are the best types of life insurance policies in India which you could consider choosing. So, don’t waste any more time and buy an insurance cover for protecting your family’s future.
Life Insurance Policy Information In India 