Endowment policies are the safest bet when you want to cover all your family and especially if you are an employee of the middle class. Endowment policies are the safest in the sense that, the guaranteed amount and the benefits obtained from these policies are pure. They are perfect in a state where you need to ensure your entire policy.
One of the best use of an endowment policy is reimbursing the mortgage once sum assured is received at the end of the term of the policy.
Endowment policies are often known as pure insurance policies to the fact that they come with the sum insured which usually does not change with the length of the policy. These are different from ULIPs where the sum insured, which comes often changes the amount of benefits. In an endowment policy, your family (or surviving) receives the insured amount in case of death. The insured amount is given in a single payment or time (fixed) or payment by check as mentioned in the policy.
`In personnel policy you can also take add or rider. A rider add in terms of the insurance industry is the extra coverage you can buy at an extra charge. These riders are related to the policy and the amount of premium you pay includes the rider fee. One of the best rider inside is critical illnesses that includes coverage for serious diseases like cancer, heart attack, kidney failure, motor neuron disease, stroke, paralysis, benign tumor, angioplasty, Parkinson’s Disease heart replacement valve surgery, aortic graft, permanent total disability, multiple sclerosis, major organ transplant and so on ….
Purchasing life insurance coverage for you and your family from the unseen and unpredicted circumstance is basically a good thing . To realize the importance of insuring your life and family, thereby protecting them from the worst ,is a work of fast and realism. The sooner you realize this fact, the better it would be.
Personal plans are good for employees or for those who do not or can not afford to take risks. Several private and gov. life insurance providers offer life insurance. Best named as LIC, ICICI Prudential and Aegon Religare, often offer a good after-sales service. Call your insurance adviser and get your family set .