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More About Life Insurance

Offers you peace of mind so that your loved ones can stay protected from financial losses should anything happen to you. Life Insurance is not about you. Its about your family and the financial security you can promise them if you are not around to do so.

Life Insurance can provide cash when it is needed the most (for e.g Wedding, Education, Retirement and Death). Depending upon your needs and stage of life, you need to carefully choose which type of life insurance is best for you and your family.

Our Life Insurance Partners

Which Type of Life Insurance should you Buy?

1. Term Life Plans

Term Life Insurance usually provides you with the highest cover at the cheapest cost.

As the name implies, it is for a specific term, and is paid out to your nominated beneficiary in case of death.

2. Savings Plans

Savings plan help you plan for your future with children education, retirement or any other planned expenses. At the end of the term (or investment period) the amount is paid back to you in the form of lump-sum. During the term if you die, a certain amount is paid back to your family, to keep your dreams alive.

3. Whole of Life Plans

As the name implies, whole of life (or permanent) plans provide you protection for your entire life. Such plans are guaranteed to payout on maturity
Like in case of Savings plans, a certain portion of the premium is invested by expert fund managers to earn an optimal rate of return.

After a certain number of premiums have been paid, you can choose to have the investment returns pay for continuation of the policy.

Frequently Asked Questions

Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Mainly there are three types - Term Life Insurance, Whole Life Insurance & Savings Plan.

Your Risk Cover should depend upon 3 things :

  1. How much debt you have.
  2. Income Replacement.
  3. Insuring Others.
Usually the amount of insurance cover provided by the employers is guided by the terms of employment and not by the employee’s insurance requirement. Which is why, more often than not, there is a mismatch between the employee’s insurance requirement and the employer’s offer. First assess your life insurance requirement, and then check if the cover under the group policy is adequate. If it falls short of your requirement, top it up with an extra cover. Do keep in mind that if your company is trying to cut costs or if you quit, you may no longer be covered. For that reason alone, it is prudent to buy an individual life insurance policy.

Most useful riders in Life Insurance are :

  1. Waiver of premium rider (In case you become totally disabled).
  2. Disability Income Rider
  3. Guaranteed Insurability Rider (In case you need more insurance but your health has declined).
  4. Term Conversion Rider (In case you want to convert term life to permanent insurance).
  5. Accelerated Death Benefit Rider (In case you become seriously ill).
  6. Critical Illness Rider
  7. Child Protection Rider (In case the unthinkable happens).
  8. Accidental Death Benefit Rider (In case you die from an accident).
  9. Return of Premium Rider (In case you outlive your term life policy).

Buying term insurance online from bankonus will have following benefits :

  1. Facility to compare & choose.
  2. Speed & Security.
  3. Lower Premiums
  4. Safer Payments
  5. You will be saved from Misselling.

Looking for better advice

As you can see, these three main types of plans have very specific end use benefits. Do call us now, so one of our experts can provide you with a free session to help you make the right decision.