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The first step in any financial planning process is the Life Insurance Planning. Life insurance is a very important part in the financial planning process. It is undoubtedly impossible to replace the loss of life with anything in the world, but it is important make sure that your family does not suffer financially in case something happens to you.
There are two types of life insurance:
The difference between the two is very simple. Under an Endowment Plan, part of the total money that you have paid in the form of premiums is given back to you in case you are happy and healthy at the time when the policy expires. That being said, the premiums for Endowment Plans are very high and offer a very basic amount of insurance coverage. Also, the return that you earn on your money is rarely able to beat even inflation.
Under a Term Plan, you get a very high amount of insurance coverage at a relatively very low premium. We encourage our clients to opt for Term Plans because they are able to get a very high coverage at very low premiums. As for the savings component like the Endowment Plan, the amount that a person saves in premium payment by choosing a term plan over an endowment plan can be invested in Mutual Funds schemes. This way a person will end up getting better insurance coverage and higher savings as compared to the endowment plans.
For the reason mentioned above, we deal in only Terms Plans because it is our feeling that the best interests of our clients our achieved with this approach. Contact us now to discuss more!
www.tcias.in is an online website of Deepak Kumar Bhardwaj who is registered vide ARN- 12370 as a AMFI registered Mutual Fund Distributor. The said website is intends to provide educative and informative details related to investments and also provide online transaction facility in Mutual Funds. We do not charge any fees for these calculators and information, because we earn our commissions from the Mutual Fund companies. The website does not guarantee any returns or financial goal success by any means.