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Life Insurance

Life Insurance

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Published by Vijay

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Published by: Vijay on Jan 11, 2009
Copyright:Attribution Non-commercial

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09/07/2013

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LIFE INSURANCE
BYR.R.JOSHI
 
LIFE INSURANCE PRODUCTS
 TERM ASSURANCE PLANS
WHOLE LIFE PLANS
ENDOWMENT TYPE PLANS
COMBINATIONS OF WHOLE LIFE ANDENDOWMENT TYPE PLANS
CHILDREN ASSURANCE PLANS
ANNUITIES AND PENSIONS
GROUP SCHEMES—GRATUITY/LEAVEENCASHMENT/TERM LIFE/ PENSION
 
 TERM ASSURANCE PLANS
TERM ASSURANCE PLANS OFFER PURE RISK COVER
 
WITHOUT ANY ELEMENT OF SAVING
, HENCE THEY AREVERY CHEAP.THEY PROVIDE DEATH COVER FOR A GIVENPERIOD WITHOUT REFUND OF PREMIUM.THEY ARE USEFULUNDER CERTAIN SITUATIONS AS COLLATERAL SECURITYAGAINST LONG TERM LOANS,MORTGAGE etc.
Examples of TERM ASSURANCE PLANS—
LEVEL TERM
–LONGTERM PLANS SUBJECT TO LEVELPREMIUMS eg. BIMA SANDESH(ALSO REFUNDS ALLPREMIUMS ON SURVIVAL OF LIFE ASSURED.
CONVERTIBLE TERM
—INSURED HAS OPTION TOCONVERT POLICY INTO EITHER LIMITED PAYMENT ORENDOWMENT
MORTGAGE REDEMPTION PLAN
--ENSURES THATOUTSTANDING LOAN IS AUTOMATICALLY SETTLED IN THEEVENT OF DEATH OF THE BORROWER.

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