In india insurance is the commonly well known investment as many of the people have their insurances but the insurance sector has expanded in details.Many new plans and schemes are discovered.
Insurance is the type of investment where you invest to secure thing. Means many of them take insurance there secure their health, car, home, shop, stock, oldage, and life too. As many of them invest in insurance not for good returns but to avoid future risk and damage. As insurance itself is vast ocean. There many policies and schemes for various sector.
Most of the peoole mix the concept of insurance and investment. As first you have to decide you have want insurance or investment. you invest in term insurance plans them it will be always beneficial you.
If you invest in the combine plans of investment and earn insurance then their you may face some loss.
Practically investment :
If you want insurance as investment then their many options such as –
Money back guarantee.
Assured wealth plan.
Gurrenteed life long term.
These all plans are combination of investment and insurance. As its plans explain with example:
HDFC sanchay plus :
Sum assured – 6.5 lakh.
As comparisons here you will get the very low cover, very expensive.
Max gurranteed Income plan.
Premium= 1 lakh for 12 year. N You will received Then from –
13 th year = 1 lakh 31 thousand
18th year = 2 lakh 62 thousand.
22 th year = 4 lakh 62 thousand. But rate of return is 5%.
Gurantted maturity :
For 10 year = 1 lakh
You will receive amount from 11 th year, 19th year =0 but from 22 year = 22 lakh 72 thousands. Rate of return 6%.
Assured wealth plan :
For 5 year = 1 lakh. Flyou will receive the amount
10 th year = 7 lakh. The rate of return 6%.
Drawback of this insurance as with the view of investment this is not so good plan as it does not beat the inflation rate. As with comparison here will receive lesser intrest rate then fixed deposit, the intrest rate is 5-6%.
This insurance are the pure insurance :
Term insurance :
It is the life insurance for a defined period of time as it is pure insurance which is only for death benefit not for maturity benefits. As after death sum assured amount will be for the nominee. It may get on lumpsum amount or monthly. Premium -:10000-12000 Here the premium is depends upon the age, smoking habits, etc. Payment – yearly, half-yearly, quarterly, monthly. Sum assured amount – 20 time of annual income. Policy- 5 yearly or upto whole life. Term insurance is all in one policy. And also it is cheapest form of life insurance with low premium and high cover. Here you will receive the tax benefit under sec80 While investing you have to check the claim settlement ratio 95% If you start early then you have more benefits. Similarly there are some other things insurance which you should definitely take.
Health insurance :
Emergency fund 6 months salary :
Diversified investing :
Term insurance should be taken by those people who have their dependents There also LIC plans such as :
Child money back :
This policy is special for children. You can take this policy for 0 fo 12 year children. Money will back at the age of 18 year, second will be at 20 year and third will be at 22 year. As in all this 3 stages you will get. 20% sum assured at each stage. Maturity at 25 year you will get 40% sum assured plus you will get bonus and also survival benefit. If you select PWB rider then you have to pay gst tax 4.5%.
Total premium : around 10 lac.
Total return : around 24 lac.
Jeevan akshay :
Here you will get the fixed benefit plan. Means you have to pay one time premium. It is also called single premier immediate annuity plan. As there are four modes of payment yearly, half yearly, quarterly, monthly. There is also an option which you have to select while taking policy.
Option is from option A to option J.
Your respective policy works according to there option. Means if you select the return of converage then all money expenses will be back to nominee if you select the respective option. You can take jointly spouse, children, sibling, recent, grandparent, grandchildren. Here you will get no maturity benefit as there is survival benefit and also the death benefit. Minimum purchase price – 150000. Monthly pension rs. 1000
Quaterly pension rs. 3000
Half yearly rs. 6000
Annually rs. 12000
Your pension may depends upon your premium. Here minimum age entry : 30 year. Maximum age entry:85 year.
As for Handicapped there is no limit and purchase limit start from 50000.
If you have daughter of 0 to 3 year then you are eligible.
Lets explain through example :
Sum assured : 5 lac.
Total return per month : 2000
1 year return – 23000.
As total investment – 3 lac.
And total return 13 lac.
After 3 months you can get loan facility also.
There are many insurance policy, plans but you have to decide in which you will be profitable or you can afford according to agent you should not deceide your plan.