Bharti AXA Life Insurance Company
Life insurance plans are the most common forms of investment in our country. Life insurance policies in fact are so popular that earlier the product which was meant simply to provide death benefit, nowadays has started offering many different features which offer growth in investment, an opportunity to invest in the market, investments that are goal oriented and much more. This is the reason that most good insurance companies like Bharti AXA life insurance have started offering many different plans under the common umbrella of life insurance. Let us look at some of them.
Term insurance plans
A term insurance policy is the most basic and simplest form of life insurance policies. The main objective of this plan is to offer financial security to your dependents in case of untimely death. Only the death benefit is available under this policy which means that if the insured person dies then the complete sum assured is paid to the nominee of the policy.
Usually there are no added maturity benefits or bonuses with this kind of policy. A term insurance plan can be of duration of 10 to 30 years. In case the insured person lives beyond the period of insurance then there will be no further benefits from the plan. Usually the rates of premium charged for such policies are quite low when compared to other types of insurance plans.
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Endowment policy is considered by most people to be one of the best savings plans which investors can opt f or because the growth on your savings is excellent with these policies. In this plan you get the death benefit along with maturity benefit. This ensures that your loved ones will be financially secure even if you are not around for them. This policy also provides maturity benefits if you live beyond the tenure of the policy. Bonuses are also offered with the maturity payout of the plan and the investment as accrued over the investment period. Such a plan can be availed for tenure of 10, 15 and 20 years or up to a specific age limit.
ULIPS are essentially unit linked plans which life insurance plans are offering the benefit of investing in securities. Under such a plan the premium that you pay is invested in debt funds or equities and the remaining amount is used for life coverage. Hence this plan offers death benefit in case the insured person passes away while it also provides a good maturity benefit as the equities in the market grow. However, you should bear in mind that with such policies there are some stock related risks which you should take into consideration.
These plans are also known as retirement plans and essentially are life insurance plans which are the best means of building a corpus fund for the years of retirement. In these policies you are required to pay a specific amount of premium regularly towards the premium for a defined period of time. On maturity the insured person is offered a particular sum of money on a monthly or annual basis.
These different kinds of insurance policies can confuse an ordinary person and it may become difficult to decide which one to opt for. This is the reason that Bharti AXA life insurance offers its customers the assistance of knowledgeable insurance advisors. These advisors have an in depth knowledge about the different policies offered by Bharti AXA and they will help you to choose the best one suited to you after analyzing your requirements and budget. Another method of choosing a good policy is to conduct some online research by reading articles and blogs which will help you understand the different types of life insurance plans and choose the best from them.