Wondering which Type of Life Insurance is Best for You?

Family is an important asset for everyone. This is why, to secure our family financially, we must always opt for a perfect life insurance plan. Life insurance helps act as a strong support for the family in case any critical situations arrive.

Life insurance is the best policy when an individual is planning to provide financial support to their family. It brings in multiple benefits for families by ensuring their income at times of need. There are different types of insurance plans available today.

Type of Life Insurance

• Whole life insurance - This policy provides complete life coverage. It pays the complete sum assured to the nominee.
• Term life insurance - Term life insurance are policies where the insurer pays an assured death benefit to named beneficiaries, usually family, in the event of death of the policyholder during the policy tenure.
• Endowment policies - This is a saving and protection policy that promises to pay a sum assured to the nominee in case of unforeseen situation or the lumpsum amount to the policyholder at maturity.
• Money Back policies - This policy also brings in a combined benefit of protection and saving. It pays a portion of the total sum assured at regular interval and remaining amount with bonus at maturity. If an unforeseen situation arises, it pays a sum assured to the nominee.

Benefits of Life Insurance Policy

When an individual wishes to secure his family in terms of finance, obtaining ife insurance is a must. The multiple benefits of life insurance make it so widely chosen. Some of the benefits are :

• Tax Benefits - Life insurance policy is a suitable choice to acquire tax benefits. The premiums that an individual pays for life insurance can are often exempted from tax as per prevailing tax laws.
• Whole life Coverage - Different types of life insurance policy offer different benefits, some of which bring in a coverage of lifetime.
• Critical illness Coverage - Many life insurance policies also cover the cost of critical illness. Major diseases often cost much and obtaining life insurance helps cope with this cost easily.
• Income needs - Life insurance also acts as a monthly income for family in case of any unforeseen situations.

Types of life insurance by Bharti AXA

There are several benefits of a life insurance plan and to provide all these benefits, Bharti AXA Life provides different types of life insurance plans. The list of those plans is :

• Bharti AXA Life Premier Protect Plan - This is a plan that can be customized and ensures to provide protection to family in case of emergency situations. Other than providing financial support, this plan also brings in an option to increase the protection amount at different life stages.
• Bharti AXA Life Shining Stars Plan - This is a plan crafted to ensure a better future for your children. An individual can obtain this plan to ensure coverage of various future expenses of their child such as education costs, marriage etc. in case of unfortunate conditions.
• Bharti AXA Life Income Protection Plan - In this plan, policyholders can arrange regular and annual income for their family in case of their demise. This income term ranges from 15 to 20 years. In case of survival till maturity, the policyholder gets return of all premiums paid.
• Bharti AXA Life POS Saral Bachat Yojana - This is an easy to obtain life insurance plan which helps in providing a financial backup to the family in times of needs. By providing flexible choices in policy terms as well as premium terms, it facilitates saving through maturity benefits.

Life insurance plans bring in multiple benefits for an individual and if one wishes to secure a family financially, it is a must to opt for a life insurance policy. Many companies provide different types of life insurance policies, it is an individual personal choice to choose the best among so many available options.

One must wisely choose best type of life insurance from so many available choices. Always know the needs and requirements before finalizing any plan as a life insurance. The decision may be based on several criteria such as age, income, family size, risk factor, medical conditions, premiums etc.