Insurance Plans - All You Need To Know About Them
A Life Insurance policy today is both a viable investment and also a necessity
. It is necessities because growing medical cost, increase in cost of living and also a reduction in the average lifespan, need future planning. It is considered an attractive investment option because the terms and benefits are attractive.
The attributes of a good life insurance policy
1. A good insurance provider has risk coverage for all types of risks. This means that more people can avail insurance. It also provides cover for all ages.
2. The terms of premium payment are flexible and are not a financial burden. Most insurance providers provide friendly terms of payment, which can be made monthly, bi monthly, quarterly, half yearly and annually. The premium amount should also be flexible; there should be scope to reduce or increase this amount.
3. The benefit during maturity should be high even if the insurance policy matures early. This implies a higher return on investment. Very few insurance providers have a high rate of return on a short term insurance plan.
4. Medical expenses cover should be provided at least for critical illness. Critical illnesses are affecting more people today and the medical expenditure that needs to be incurred can be very high. An insurance provider should make it easy during difficult times.
Unit link plans
Unit link investment plans or ULIP plans are excellent investment options as they give you the protection of insurance cover and also investment opportunities. They are extremely popular and more beneficial than other plans particularly for those who are planning their retirement. A good ULIP plan provides you multiple opportunities to invest based on your ability to invest. The provider should be able to give you the latest in terms of market trends, advice and when is the right time to exit. These suggestions require sound analysis and only those who have the resources to study market conditions, can provide such facilities to their customers. This is an important distinguishing factor between those who provide good ULIP plans and those who are just run of the mill providers.
by: Charles DIckens
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