Why do you need life insurance | Benefits of Life Insurance

Why do you need life insurance | Benefits of Life Insurance

Life insurance has many purposes. The most important, life insurance ensures that your family will get financial support when you are no longer around to care for them. If someone dies during his/her earning years, his/her family could suffer a huge economic loss. With the loss of a loved one, if the family is also left without money to meet their daily expenses and future needs. Then the family has to cope with so many crises at the same time. In this situation, the life insurance policy provides cash to the family to continue living comfortably.

You will also get the peace of mind by knowing the fact that financial help will be available to your family when you are no longer around them. You should consider long-term personal situations like marriage, the birth of a child, children education, retirement etc. before buying a suitable life insurance plan to fulfil future needs. In this post, I would like to tell you about the benefits of life insurance.

Benefits of Life Insurance

Below are the few benefits of life insurance.

1. Brings peace of mind

Having a life insurance will give you the peace of mind. Life is uncertain and life insurance can provide financial help to your family when you are no longer around them. This is the fact that no money can replace the loss of a person but at least your family will be able to manage their routine expenses and children future needs. You can also plan your retirement by taking a pension plan in which you will get an income month after month.

2. Protect your family

Life insurance is about protecting your loved ones. Most of the parents want that their children will be well taken care of in future, get a good education and every happiness of life when you are no longer around them. Nothing can replace a loved one but advance planning with life insurance can make things easier for those you leave behind. Life Insurance can help your dependents cover any financial responsibilities that are left after your death.

3. Tax Benefits

Buying life insurance policy is a good way of saving tax. The policyholder is eligible for tax benefits under various sections of the Income Tax Act. Life insurance is the most common and effective tax planning instrument in India. If you buy life insurance policies, you will get deduction under Section 80C, 80CCC and 80D of the income tax act. The withdrawals of life insurance policies are exempt under Sec 10(10D), subject to norms prescribed in that section.

4. Helps in savings

Everyone has some goals in life for which we need to save. Life insurance is an investment option that offers a variety of products for everyone. Life insurance is a disciplined saving. Paying a little money as insurance premium every month will help you to accumulate funds. What is even better is that this little you pay every month just keeps growing. So years from now you will have enough accumulated wealth to fulfill your bigger and long-term need.

You may also like to read: Mediclaim policy | Medical insurance | Health insurance

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You may also like to read: LIC E-Term Plan | Features & Benefits

You may also like to read: HDFC Life Pension Guaranteed Plan | Features & Benefits

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Why do you need life insurance | Benefits of Life Insurance

Aegon Life iMaximize Insurance Plan | An Online ULIP Plan

Image credit: www.aegonlife.com

Aegon Life iMaximize Insurance Plan is an investment plus insurance plan to secure your child’s education and future. Aegon Life iMaximize Insurance Plan is an online ULIP plan with ZERO premium allocation charge. That feature makes this policy unique and one of the most cost-efficient unit linked insurance plans. In this post, let's take a look at the features & benefits of Aegon Life iMaximize Insurance Plan.

Aegon Life iMaximize Insurance Plan

Aegon Life Insurance promotes Aegon Life iMaximize Insurance Plan with the tagline, “NON-STOP PROTECTION FOR YOUR LOVED ONES”. The policy has many exciting features and benefits. It provides you the option for opting the death benefit suitable for you. It comes with a partial withdrawal facility that gives you the option to withdraw money from your fund value. The policy can be bought online, and the purchase process is very easy.

What is a ULIP?

A ULIP (Unit Linked Insurance Plan) is a product offered by insurance companies that give investors the benefits of both insurance and investment under a single integrated plan. ULIP is a popular financial instrument among investors due to the advantage of insurance cover along with options to choose investment avenue.

Key Features of Aegon Life iMaximize Insurance Plan

1. Aegon Life iMaximize Insurance Plan is an online ULIP plan.

2. No premium allocation charge under this plan.

3. The plan has short pay options of 5 pay or 7 pay.

4. You can choose from 6 Unit linked funds as per your investment objective.

5. Choice of two death benefit options.

6. You can boost your fund value through periodic top-ups.

7. Switch your invested premiums from one fund to another.

8. Withdraw 20% of your investment after 5 years whenever the need arises.

Benefits of Aegon Life iMaximize Insurance Plan

1. Death Benefits: There are two options available to the nominee in case of death of the policyholder.

Benefit Option 1: The nominee receives highest of sum assured or fund value or 105% of all the premiums paid in case of an unfortunate demise of the life assured. In case a Top-Up fund exists, higher of top-up sum assured or top-up fund value will also be paid. The policy terminates thereafter.

Benefi­t Option 2: The nominee receives the following benefit in case of an unfortunate demise of the life assured during the term of the policy.

a) Higher of sum assured or 105% of all premiums paid is immediately paid. b) All the future premiums will cease.

c) The beneficiary will be paid an amount equal to the annualized premium at the start of every policy year following the date of death till the end of the policy term.

d) Total fund value as on the date of intimation of the death of the life assured will be reallocated to the secure fund. At the end of the policy term, the total fund value will be paid to the beneficiary.

2. Maturity Benefits: You receive the total fund value as on the maturity date.

3. Liquidity through Partial Withdrawal: You may need money to fulfill certain urgent goals during the policy term. The partial withdrawal facility that gives you the option to withdraw money from your fund value after first 5 policy years. The maximum amount of partial withdrawal that you can withdraw in any policy year is 20% of the fund value at the beginning of that policy year. You can make up to 4 partial withdrawals in each policy year free of charge. 

4. Tax Benefi­ts: The premiums paid and benefits received are eligible for tax benefits under Sec 80C and 10(10D) of the IT Act, 1961.

Eligibility for Aegon Life iMaximize Insurance Plan

* The risk cover will start immediately upon commencement of the Policy

Investment Funds available under Aegon Life iMaximize Insurance Plan

You can choose to invest in any of the six investment funds available in any proportion as per your investment objective.

1. Blue Chip Equity Fund

2. Accelerator Fund

3. Opportunity Fund

4. Stable Fund

5. Secure Fund

6. Debt Fund

How to apply for Aegon Life iMaximize Insurance Plan?

Follow the below mentioned simple steps to apply for Aegon Life iMaximize Insurance Plan online

1. In first step, just choose the policy term and the premium payment term of your policy.

2. Here you need to decide on the annual premium you want to pay.

3. Choose you sum assured as per the amount of insurance cover you need.

4. Invest your premium in choicest of six investment funds available in any proportion.

Availability of loan under this plan

Aegon Life iMaximize Insurance Plan does not offer a loan.

Click here to know more about this plan.

Also read: HDFC Life Click2Invest ULIP Plan

Also read: SBI Life eWealth Insurance Plan | SBI Life Online ULIP

Also read: Wealth Ultima - Unit Linked Life Insurance Plan 

Also read: Postal Life Insurance (PLI) | Features & Benefits

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HDFC Life Click2Invest ULIP Plan | Features & Benefits

HDFC Life Click2Invest ULIP Plan | Features & Benefits

HDFC Life Click2Invest ULIP plan is a convenient and cost-effective market-linked insurance plan. HDFC Life Click2Invest ULIP plan is a Unit Linked Insurance Plan that offers you market linked returns and charges you minimally. This plan offers financial protection along with a range of investment options. In this post, let us take a look at the features and benefits of HDFC Life Click2Invest ULIP Plan.

HDFC Life Click2Invest ULIP Plan

HDFC Life Click2Invest ULIP plan is an online Unit Linked Insurance Plan that provides your family with valuable financial protection and best meets your investment needs. Along with financial protection, HDFC Life Click2Invest ULIP plan also offers you a range of investment funds. You can choose from among 8 fund options to invest your money.

Features of HDFC Life Click2Invest ULIP Plan

Following are the key features of HDFC Life Click2Invest ULIP Plan

1.  This is an online ULIP plan.

2. There are 8 fund options to choose from as per your investment style.

3. Premium payment options are:

a) Single

b) Limited: 5 years, 7 years, 10 years

c) Regular: same as your policy term

4. Flexibility to choose your policy term from 5 to 20 years.

5. Tax exemption under Section 80C and Section 10(10D) of Income Tax Act 1961.

Eligibility for HDFC Life Click2Invest ULIP Plan

Various fund options in HDFC Life Click2Invest ULIP Plan?

There are 8 different fund options to choose from in HDFC Life Click2Invest ULIP Plan. Each fund has its own Investment policy, based on asset allocation. You can invest your money in a combination of funds by allocating your fund between different fund options. You can choose either all or a combination of the following funds:

1. Equity Plus Fund

2. Diversified Equity Fund

3. Blue Chip Fund

4. Opportunities Fund

5. Balanced Fund

6. Income Fund

7. Bond Fund

8. Conservative Fund

You can also switch between funds using fund switch option at any time.

Benefits under HDFC Life Click2Invest ULIP Plan

1. Death Benefit

In case of the policy holder’s unfortunate demise, HDFC Life will pay to the nominee the highest of the following:

a) Sum Assured

b) Fund Value

c) 105% of the premium(s) paid

The policy will terminate thereafter and no more benefits will be payable.

2. Maturity Benefit

On survival till the end of policy term, the policyholder will receive the Fund Value as Maturity Benefit.

3. Charges

a) Zero premium allocation charge.

b) Zero policy administration charge.

c) Fund management charge @1.35% p.a. of the fund value charged daily.

d) Mortality charge levied every month for providing you with the death benefit in your policy. The amount of the charge taken each month depends on your age and level of cover.

e) Zero discontinuance charge.

Termination of HDFC Life Click2Invest ULIP Plan

You can surrender your policy subject to a lock-in period of 5 years. No discontinuance charge is charged in this policy.

Revival of HDFC Life Click2Invest ULIP Plan

A discontinued HDFC Life Click2Invest ULIP Plan can be revived within two consecutive years from the date of discontinuance of the policy, subject to payment of all due and unpaid premiums and HDFC Life underwriting policy.

Why you need HDFC Life Click2Invest ULIP Plan?

1. Potential of benefitting from market-linked returns.

2. Stay invested longer to achieve your financial goals.

3. Achieve financial growth as well as protect your family.

Also read: HDFC Life pension Guaranteed Plan | Features & Benefits

Also read: HDFC Life cardiac care policy | Features & Benefits

Also read: HDFC Life cancer care policy | Features & Benefits

Also read: LIC E-Term Plan | Features & Benefits

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HDFC Life Click2Invest ULIP Plan | Features & Benefits

Pay LIC Premium Online | LIC Online Payment process for Registered Users

Pay LIC Premium Online | LIC Online Payment process for Registered Users

LIC (Life Insurance Corporation of India) is the leading life insurance company in India. In fact, LIC is the most trustworthy name in the Indian life insurance sector. Over time, LIC has started various services to cater the growing needs of the policyholders. Now, you can pay LIC premium online as a registered user on LIC website. However, most of the policyholders are not aware of the LIC Online Payment facility, and they are still using the traditional method of paying LIC premium. In this post, let us take a look at how to pay LIC premium online | LIC Online Payment process for Registered Users.

Pay LIC Premium Online | LIC Online Payment process for Registered Users

With LIC Online Payment facility, you can pay LIC premium online anytime from anywhere without any hassle. You can pay your LIC premium online on LIC website through credit card, debit card, Internet banking, wallet/cash card or UPI anytime using their computers and mobile phones. Payment of LIC premium online on LIC website is safe and convenient. Just register your LIC policy and make payment as a registered user. It will also save your precious time as you do not require visiting LIC branch offices to pay your LIC premium.

Pay LIC Premium Online | LIC Online Payment process for RegisteredUsers

1. Visit the official website of LIC (https://www.licindia.in/).

2. Click on “Pay Premium Online” tab under “Online Services” section on the left side of the homepage.

3. You will be redirected to a new page which will look like below image. Click on “Through Customer Portal” option to pay LIC premium online as a registered user.

4. Now, you will be redirected to LIC’s e-services page.

5.  Here, you need to log in using your user Id, password, and date of birth details. It will take you to the home page of LIC’s e-services.

6. Now, you need to enroll your policy to pay LIC premium online as a registered user.

7. Click on “Basic Services” option under “My App” section. Now click on “Proceed” tab to proceed further.

8. On the new page, you will find an option “Add New Policies” on the left side menu. Click on Add New Policies”. Enter your policy number and select the relationship from the given options. Now click on “Submit” tab.

9. Now click on “My App” option on the main menu and it will take you on the home page of LIC’s e-services.

10. Click on “Online Payments” option under “My App” section. Now click on “Proceed” tab to proceed further.

11. Here, you will see your LIC policies, premium due date and premium amount. Select the policies for renewal premium payment and click on “Check & Pay” tab. 

12. Here, it will show you the billing invoice. Check and click on “Check & Pay” tab.

13. Now choose a payment gateway by clicking on “Check & Pay” tab.

14. Next screen, it will show you the options to pay by credit card, debit card, Internet banking, wallet/cash card or UPI. Choose an option to pay LIC premium online and click on “Make Payment” tab.

15. Now you are on the payment gateway site. Here, simply make the LIC premium payment.

16. Once payment is done, the system will show you “Payment Success” message with your payment details as in the below image.

17. Now it will take you to the “Payment – Acknowledgment” page. 

18. You can print this “Payment – Acknowledgment” for your future reference.

Hope now you can pay LIC premium online as a registered user anytime from anywhere using their computers and mobile phones without any hassle.

Also read: Pay LIC premium without registration

Also read: Pay LIC premium through Net Banking / Phone Banking

Also read: Pay LIC premium through Paytm

Also read: MyLIC App | LIC App | A 3-in-1 App by LIC

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Pay LIC Premium Online | LIC Online Payment process for Registered Users