Pension plans can save you from any unexpected misfortune and can provide a secured income to meet your needs in your old age. The old age becomes a misfortune for some people who live alone after retirement. With the changing aspects of family structure, parents have to manage their own budget in the old age. It is an individual insurance plan suitable for the people who want to lead a respectable and sound social life entering into the period of senior citizens. It is a plan for old age.
Undoubtedly pension plans are the security plans for the insured. Good earners even fall in problem in retirement days. So, we suggest you to plan a pension plan to get rid of any financial crisis in future. Opening a pension plan means you save your money for the pension amount you would need. How much premiums you can afford. Read carefully about the policy term and the amount to be paid.
The elderly people are mostly dependent on their children. Sometimes it is seen that children could not take care of their parents for their busy working schedule and other tensions. Due to trend of nucleus family, parents must think about their own future. Pension plans can be best friends for their old age. The Pension Fund Regulatory Development Authority set up by the government has promoted old age income security by establishing, developing and regulating pension funds.
Those of who want to plan a long term pension plan to secure their old age income, we can guide them which policy providers offer the best package. The pension plan must suit your current income. To research and compare the plans, take the help of mantra4money. Here in a nutshell you get here the plans available in the market. Compare the policy benefits and costs before purchasing one.
Tell me the ABC of life insurance.
Life Insurance is a contract between the insured one (policy holder) and the insurer (the company). It protects your family against any risk in future. As the insured one gives premium to the company planning a policy, the company in return gives the assured sum to the policy holder on the maturity. If the policy holder dies before the maturity period, the beneficiary gets the assured sum.
I am only breadwinner in my family. Do I need life insurance?
If you have family, you must need a life insurance policy. As you are the principal earning member in the family, a life insurance would save your family in case of your premature death. Besides, your life insurance policy is a long term investment which would give you a high returns in your retirement or at the time of your child’s future needs.
Can a single policy cover more than one and have more than one nominee?
Yes, a single policy can cover than one. It can have more than one beneficiary or nominee.
I am not a wage-earner. Do I need a life insurance?
If you do not have dependents, you do not need a life insurance policy. Yet if you have a good earning and assets, you can plan a life insurance policy to get tax benefits. Moreover, you can make your beneficiary a charity house.
For which purposes do I plan a life insurance policy?
The main purpose is you have to protect your family or friends in case of your death. Besides, you can use your life insurance policy for your estate protection, mortgage protection, to fund a retirement, to protect your business, employment benefits, etc.
How can a life insurance help my family to settle my any kind of liability, like home loan?
A life insurance policy is especially for your family. Your sudden demise could fall them intro trouble. Your dependents or family gets the sum assured by the company if you die. Then the assured sum is paid to the bank or financial institutions from where the loan is taken.
Should I purchase a big policy?
The sum assured by the company for your policy should meet your family’s expenses along with your liabilities. So we suggest you to take guide from a professional insurance expert who can calculate your requirements and guide you which one is the most suitable for you.
Which are the life insurance policies available in the Indian market?
The life insurance policies available in the market are
Term life insurance policy
Endowment life insurance policy
Money back life insurance policy
Whole life insurance policy
Unit Linked Insurance Plans
Which life insurance is good for me?
For some it could be money back or for some it could be unit linked plans. It depends on various factors, how many dependents you have, what is your monthly or yearly income, etc. So, take guide from a professional insurance adviser. Yet, we suggest you to go for a term insurance plan, the cheapest form of life insurance. Along with life insurance you can take for riders such as critical illness rider, personal accident rider, etc.
Do I have to pay extra premium if I opt for rider in my insurance plan?
To take critical illness rider in your life insurance plan you do not need to pay additional premium. In case of your critical illness or accident the policy would pay off your medical bills.
Could I change the beneficiary on my life insurance policy?
Yes, you could change the beneficiary at any time you want.
Could I want to name a person as my beneficiary on my life insurance policy who is not my relative?
Yes, you can name other person as beneficiary other than relative. You can name as beneficiary your spouse, children, relative or friend. If your beneficiary is a friend, you will put his name correctly to avoid any confusion. Besides, you can also make beneficiary a charity, or trust.