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Insurance is a device to share the financial losses which might befall on an individual or his family on the happening of a specified event. Such risks come uninvited and create a huge financial and emotional dent in one’s life. Features of Life Insurance Plans. Life Insurance is defined as a contract between the policy holder and the insurance company, where the life insurance company pays a specific sum to the insured individual's family upon his death. Permanent life insurance offers death benefit coverage, and builds cash value which can be used for a number of different uses. Term Life—Term life insurance lasts a certain number of years, then ends. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V03) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Life insurance plans are often goal driven, based on various LIFE GOALS and SPECIAL FEATURES inherited in it, following are the types of Life insurance plans: 1 Child Plans - Child plans are designed with a sole purpose to provide continuous financial back up to the child in case something unfortunate happens to the parent. Characteristic features of an Insurance Contract. Features 1: Term Life Insurance. There are two basic types: term life insurance and permanent (or cash value life insurance) Term life insurance offers death benefit coverage to provide money if the insured dies while the contract is in force. Below Are Some of the Important Features associated With Term Life Insurance Policies Convertibility of Term Life Insurance - In most term life insurance policies, the policy offers convertibility from the original term life insurance policy into an individual universal, whole life term, or annual renewable insurance policy. Here is a discussion on all you need to know about life … This is … Also read. It is imperative to plan a financial arrangement for such exigencies in life to keep your family secured … A life policy is an official understanding that in case of the policyholder’s death during the policy tenure, the nominees receive a sum assured from the insurer. Whole life insurance is just what its name suggests – it lasts for the “whole life” of the policyholder, unlike term life policies … Saral Jeevan Bima will be an individual pure risk premium life insurance policy which will pay the sum assured in a lump sum to the nominee in case of death of the life assured … COLUMBIA, S.C., Nov. 17, 2011 /PRNewswire/ --Purchasing life insurance is one of the most important financial decisions consumers make. ICICI Pru iProtect Smart: ** Our Life insurance policies COVID-19 claims, subject to applicable terms and conditions of policy contract and extant regulatory framework. Whole Life Insurance has several features that make it different from Term Life and other forms of life insurance: Permanent Coverage; Level premiums; Pays a death benefit; Builds cash value (tax-deferred) Serves as an investment vehicle; Borrow against cash value; Permanent Coverage. 1. The types of life insurance policies available include the following – – Term insurance plans – Whole Life plans – Endowment plans – Money-back plans – Child plans – … Also, life insurance policies can be used as a tax-efficient legacy tool to pass on wealth from one generation to the next. A person can enter into a contract of insurance only when he has some insurable interest on the life or property which is insured. … It is a simple Unit Linked Insurance Policy without Bonus Facility; There are 2 variants of this plan. Furthermore, the premiums for term insurance plans are lowest as compared to all other life insurance plans, … It is felt necessary to introduce a standard, individual life insurance product with simple features and standard terms and conditions," said IRDAI in its circular dated October 14, 2020. Insurable interest arises out of pecuniary relationship which exists between the insurer and policy holder, the former or insurer stands to loose by the death of the policy holder or latter and or continuous to gain by his survival. Money Back Life Insurance. ## Top Selling Online Insurance Plans refer to ICICI Prudential Life Insurance plans which are bought by customers through the website with our Zero-Paper-Process. However, the premiums charged are fixed. Term Insurance. Life Insurance Company, Enfield, CT 06082. The event may be the death of a breadwinner to the family in the case of life … Benefits . Best known for: Long-term saving option for people with much lower risk appetite for investment. Knowing these features of a term life insurance plan will help you make an informed decision when selecting the right policy for your family. Please discuss with your insurance and tax advisor. The company is focussed on emerging as the leading provider of a comprehensive range of insurance products at competitive prices, ensuring operating efficiency and high customer satisfaction. The features of Marine Insurance Contract are as follows:-Insurable Interest. Most protection and savings plans usually offer you a fixed amount as Maturity Benefit when the policy ends, but some specific plans also help you create a … 19th Nov 2019; 836; Share; To understand what is life insurance, you need to first know its importance. Policy and rider form numbers and features may vary by state and may not be available in all states. Money back plan is a unique type of life insurance policy, wherein a percentage of the sum assured is paid back to the insured on periodic intervals as survival benefit. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. Max Life Insurance Company is a leading and fastest-growing private insurance company in India. Buying a health insurance has become a necessity. A life insurance policy may be exchanged for another life insurance policy (or for an annuity) without incurring current taxation. The insured or policyholder must have an insurable interest for a valid life insurance contract. Let us find out the different types of life insurance and understand their specific features. The primary benefit offered by a life insurance policy is known as the death benefit, or the amount paid to the nominee upon the death of the policyholder. 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