Types of life insurance we offer
Life insurance plans are characterised by the fact that they pay a benefit on death of the insured. The most popular plans have a fixed period of time for which the policy is in force, and death benefit will be paid. Term Life, Endowment, ULIPs, Pension Plans, and Child Plans all have fixed terms. On the other hand, Whole Life Plans offer cover for the entire lifetime. Read on to know more about each of these.
Term Insurance plans provide a death benefit for a fixed tenure. This is the most basic and also the most important type of life insurance policy available in the market.
There are certain sub-types of term life plans like level term plans, increasing term plans, decreasing term plans & term plan with return of premium.
Endowment plans are savings-oriented life insurance plans. These plans have both death benefit as well as maturity benefit.
Death Benefit is paid to the nominee if the life insured dies within the policy tenure and Maturity Benefit is paid to the policyholder if he survives the entire policy tenure.
Unit Linked insurance plans (ULIPs) are investment oriented insurance plans. Under these plans, the premiums paid are invested in the capital market. There are different types of investment funds and the policyholder can choose the fund in which the premium should be invested. ULIPs allow fund option to choose from equity, debt, balanced, liquid etc.
Child Insurance plans:
Child plans are life insurance plans created specifically for providing financial stability to the child. The parent or the child is the life insured under the plan. Usually, the parent is covered in a child plan.
There are 2 types of child insurance plans:
1. One being the traditional child insurance plans with maturity, bonus (if applicable) and death benefit, if the parent dies.
2. Unit-linked child plans with maturity (investment premium + growth) and a death benefit if the parent dies.
Whole life plan :
Whole Life Plans are unlimited Term Plans. These plans cover individuals till 99 or 100 years of age.
Pension plans :
Pension plans are retirement-oriented life insurance plans. Under these plans, the policyholder creates a corpus from which regular annuity payouts are given till the insured is alive. Pension plans come in two variants - Deferred pension plans and Immediate annuity plans.
Why Choose Pramukh Insurance for Life Insurance
We offers a range of life insurance products for the individual to choose from. It is tied up with leading insurance companies and so lists a variety of plans for the customer to compare before buying. Personalised assistance is also offered both at the time of sale and claim. Moreover, We Associate With Turtlemint ,Who has various educational blogs which seek to educate prospective customers about the technical aspects of life insurance products. So, Pramukh Insurance Associate With Turtlemint is a one-stop solution for buying insurance as well as for insurance related education
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