What is Life Insurance?

A great financial support the family during the absence of the main bread-earner. If something happens to them, the life insurance policies will provide a certain sum of money which will be mentioned in the contract. It is a contract between the policy holder and the insurer, where the insurer agrees to pay a certain amount of money in exchange for premium upon the death of the policy holder.best insurance 2

The knowledge of Life Insurance schemes is important as the protection of rights of the family members is very important. There are many numbers of insurance schemes available in the market offered by LIC, Reliance Life, SBI Life, Metlife, etc. 5 best insurance schemes in which an individual can invest in and also get protected are:

  1. LIC’s Anmol Jeevan Regular Premium: The minimum policy term is for 5 years and the maximum is 25 years. An individual could enter in the policy if he is 18 years or more than that till 55 years of age. An individual can exit the policy till 65 years of age. The premiums need to be paid yearly or half-yearly, depending upon the requirements of the policy taker. The minimum sum assured is Rs.6, 00,000 and maximum are Rs.24, 00,000.

 

  1. Tata AIG Raksha: The minimum policy term is for 10 years while the maximum is 25 years. An individual can enter in the policy if he is 18 years or more until the age of 50. He can exit the policy by the age of 59 years. The premiums can be paid annually or half-yearly or quarterly or even monthly. The minimum sum assured is not specified and there is no limit on the maximum sum assured.

 

  1. SBI Life – SBI Smart Shield Annual Premium: The minimum policy term is for 5 years while the maximum is for 30 years. The person can enter the policy if he is 18 years or more till he reaches the age of 65. He can exit the policy till the age of 70. The premiums can be paid annually or half-yearly or quarterly or even monthly. The sum assured minimum is Rs.25, 00,000 while there is no maximum limit.

 

  1. Reliance Life – Reliance Term Plan: The minimum policy term is of 5 years while the maximum of 30 years. The individual can enter the policy if he is 21 years or more till he is 60 years of age. The person can exit the policy by the age of 65. The premiums can be paid yearly or half-yearly or quarterly. While the minimum sum assured is Rs.2, 50,000 and there is no limit on the maximum sum assured.

 

  1. Max New York – Level Term Policy: The minimum term of the policy is 10 years while the maximum is 35 years. An individual can get into the policy if he is 18 years of age and above till he is of 60 years. He can exit the policy by the age of 70 years. The premiums had to be paid on yearly basis. The minimum sum assured is Rs.25, 00,000 while the maximum sum assured is Rs.100 crores.

These schemes can change with changes in policies, within the company as well as by the government. The individual must always check with the current market condition as well as all the pros and cons of the schemes before deciding upon the scheme that he/she could take up.

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