blog article banner

Life Insurance is a type of contract between an insurer and the insurance company, where a company pays a specific sum to the insurer after a fixed term or to the insurer’s family after the death of an insured person. It secures the future of your dependents.

There are various stages of life. When you are young (unmarried), you don’t feel the requirement of life insurance. Even if you take, you go for Term insurance to secure your future. At that point in time, you just think about your parents and you have the least responsibilities. Term insurance with return of premium acts as a financial safety net. As you grow old, you get married. Your responsibilities increase. You need to increase your life insurance with new dependents. The increased amount will help your spouse to make ends meet. After that comes mid-life with your children. To ensure that a mid-life crisis doesn’t come in the way of your monetary plans, you need to get savings insurance that defends your investment and health. There are a lot of savings plans accessible on the market, like investing in ULIP (Unit Linked Insurance Plan) is the best plan to save for the long term.

Many types of Life insurance policies are available: 

  1. Term Life Insurance: This insurance plan provides benefit to the family of the insured if the insured person dies during the specified period. If the insured person survives till the end of the term, insurance coverage ceases and cannot be claimed.
  2. Term Insurance with Return of Premium: This plan is one of the best insurance plans because it gives maturity benefits. This type of insurance gives a premium back after the policy gets matured.
  3. Whole Life Insurance: This insurance plan provides coverage throughout your life up to 100 years. In case of death of the policyholder, the death benefit is given to the beneficiary. Some plans offer to pay a premium for life insurance for 10-15 years only and get benefits for the whole life.
  4. Endowment Policy: This policy helps you save money regularly over a period of time. It is a perfect combination of savings and protection. It is payable to the insured if he/she is alive on the policy’s maturity or to the beneficiary with the guaranteed bonus.
  5. Unit Linked Insurance Plan (ULIP): ULIP is the best type of insurance policy that gives life cover as well as investment opportunities. It is a long-term investment plan having a lock-in period of five years. The premium that is paid by the insured is used for investment in assets i.e. to purchase units chosen by the policyholder.
  6. Moneyback Policy: This policy pays back regularly during the policy tenure. The percentage of the sum assured is given back at regular intervals. The remaining amount is given with a bonus when the policy matures. In case of the death of the insurer, the insurance company gives the entire amount irrespective of the number of instalments paid.
  7. Child Insurance Plans: This plan is an investment cum insurance plan to benefit your child’s future needs like education. You can start investing right from the time the child is born.

So, insurance needs to keep on changing with the changing phases of life. 

CIN: U67200MH2003PTC141621
IRDAI Registration No.: 217
Valid from : 13/10/2018 to 12/10/2021
Category : Composite Broker
Principal Officer Name: Mr. S. V. Thakkar
*All discounts provided by insurers as per IRDAI approved insurance plans. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on policy terms, conditions, exclusions, limitations, please refer/read policy brochure carefully before concluding sale.
Visitors are hereby informed that their information submitted on the website may be shared with insurers for soliciting insurance policies.The product information for comparison displayed on this website is of the insurers with whom our company has an agreement.Product information is authentic and solely based on the information received from the Insurer.
Copyright © 2022 Alliance Insurance Brokers Pvt. Ltd. All rights reserved. VisaUpdated Rupayupdated Mastercard AEUpdated Netupdated UPI 3 PayTM Gpay
Elephant.in is best viewed through Internet Edge, Mozilla Firefox® 16.x and +, Safari 5.1 and +, Chrome 23 and +, or an equivalent browser software. If your browser is older, you may have trouble viewing many of our web site features properly. If you are unsure of the version of your browser, you can determine it by choosing ‘Help’ at the top of your browser window and then selecting ‘About’ (your browser).