Insurance Plan
About
Endowment Plans
Endowment plans essentially provide financial coverage to the policyholder against life’s uncertainties, while allowing them to save regularly over a certain period. Upon maturity of the endowment plan, the policyholder receives a lump sum amount if he or she survives the policy term. If anything happens to you (as the life insured), the life insurance endowment policy pays the complete sum assured to your family. (beneficiaries)
Unit-linked Insurance Plans
Unit Linked Insurance Plans are types of insurance policies that offer both investment and insurance benefits under a single policy contract. A portion of the premium that you pay towards a Unit Linked Insurance Plan is allocated to a variety of market-linked equity and debt instruments. The remaining premium contributes towards providing life cover throughout the policy tenure. In this investment-cum-insurance type product, you have the flexibility to choose the allocation of premiums into different instruments as per your financial requirements and market risk appetite.
Child Plan
Child plans are types of insurance policies that help you financially secure your child’s life goals such as higher education and marriage, even in your absence. In other words, child plans offer a combination of savings and insurance benefits that aid you in the financial planning for your child’s future needs at the right age. The sum of money received on Maturity under this insurance type can be used to fulfil the financial requirements of your child.
Pension Plan
A pension plan, also known as a retirement plan, is a type of investment plan that aids you in accumulating a portion of your savings over an extended period. Essentially, a pension plan helps you deal with financial uncertainties post-retirement, by ensuring that you continue to receive a steady flow of income even after your working years are over. In other words, a pension plan can be a type of insurance in India that allows you to create a financial cushion for your life post-retirement, in which you contribute a specific amount of money regularly until your retirement. Subsequently, the accumulated amount is given back to you as an annuity or pension at regular intervals. With Max Life Insurance, you can find comprehensive plans such as Max Life Smart Wealth Plan or Max Life Smart Secure Plus Plan to fulfil your particular investment goals and keep your loved ones financially secure.
Guaranteed Income Insurance
A Guaranteed Income Insurance Plan is best suited for people who have started planning for their financial goals such as retirement when there are sufficient numbers of years left for the goal, as the power of compounding works in your favour. It is also easier to manage finance and pay premiums when a person has a regular flow of income. A guaranteed income plan is a traditional saving plan that provides insurance coverage together with guaranteed insurance plan earnings in the form of periodic payouts. First, the customer needs to assess his/ her financial appetite & Savings goal to decide the duration and payment options from the given policy. One main point a customer has to keep in mind is, to achieve a target financial goal after a year, you would need to pay a higher premium per year if you choose a shorter payment period, but the total premium paid over the policy term may be lower in this case as compared to if you choose to pay for the tire policy term.
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