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Different life insurance plans according to your age


 Different life insurance plans according to your age

 

There is no specified age limit for buying a Life Insurance. One can go for life insurance policy right after birth. The policy premium rises with age. The policy becomes expensive as each year passes by. There are various reasons to buy Life Insurances like survival in old age, paying of debts, covering your children’s educational expenses, protection against critical illnesses etc. There are innumerable kinds of Life Insurance plans available in the market. There are Plans that caters according to your family needs. Make an effort to Understand Life Insurance and invest in the right policy as they help you during different stages of life. Its important to have a right kind of insurance for yourself.

 

Lets look at the Life Insurance policies briefly that you should buy according to your age-

 

Term Life Insurance- Term Insurance is a form of Life Insurance. This is an inexpensive or say affordable and pure life insurance product. It gives cover for a specific period of time or term. The nominees get death benefit cover if the insured dies. This is possible only when the policy is active. This is an ideal plan for you if you are in your twenties. As, there aren’t too many responsibilities on family front and a small cover is sufficient. The minimum entry age limit is 18 years and maximum is 65 years. Though it varies from insurers to insurers. The earlier the better is what you can say as the premium cost is less when you are young.

 

Endowment  Life Insurance - In an Endowment Plan Policy the insured gets a lump sum amount as the policy matures. These policies also give you death benefits. Some of them pay in case of critical illnesses. You can go in for the best Endowment Plan Policy when you are in your thirties. Responsibilities tend to increase by this time. You can buy a traditional life plan, a ULIP or a money back policy to cater your different needs. As per India’s Income Tax Laws the Endowment Insurance Plan also offer tax benefits.

 

Pension Plans - In your early forties when you start planning your retirement a Pension Plan steps in. There are list of things that you plan post your retirement life. If you want to live a carefree life look for a insurance plan that will take care of all the requirements in your bucket list. So, choose a pension plan that will act as a saviour in your retired life. A pension plan helps you build corpus for your retirement. The funds that builds up after you pay the premiums regularly matures at the time of retirement. They are in the form of installments or its a lump sum amount. If the insured person dies when the policy is functional the nominees get a sum assuredand also the invested money back.

 

Health Plans -  You are not always ready for any eventuality.  Never ever ignore your health. There are many life insurance plans that offer health benefits. Some of the examples are critical illness benefit in an Endowment Plan, Disability rider on a Term Plan. These plans provide financial support during medical emergencies. The policy holder can get maximum coverage for medical and hospital expenses. Therefore you cannot ignore health cover while taking into consideration a Life Insurance Policy.

 

Life requirements grow as you grow older. To ensure extra income to your earnings adding Life Insurance to your life is necessary. Life Insurance policies give you financial stability. Thus, protecting you and your family from natural and unnatural circumstances.




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