What is 1 crore LIC directive

What is the difference between health, health and life insurance (India) and which one should I get myself and which one for my wife?

Have you thought about risk insurance? It should be noted that risk insurance is only for life insurance and there are no guaranteed returns. This means that if you die, your candidate will receive a substantial amount within the insurance period. Otherwise the money will be lost.

According to your comment, I believe that you are dealing with something that will make your family's life safe in the event of your untimely death.

The advantage of risk insurance is the higher amount your candidate receives in the event of death. You can use Critical Illness Rider, Permanent Disability Rider, etc. to take care of the different situations.

For example: a simple LIC policy with an annual premium of 25,000 for a 30 year old will provide approximately 5 lakhs of coverage in India. You will receive a return as soon as the insurance period has expired.

In the case of risk insurance, an annual premium of 25,000 secures life insurance of approximately 1 crore for a 30 year old person for 20 to 30 years. There is no return if the person is alive after the insurance period is up, unless some drivers are applicable.

SBI Life Insurance also has a high percentage of loss assumptions. You can check the irda website link to find out the insurance company with high claims rates and other statistics.

Metal gear fixed

+1 useful info thank you. In a simple LIC policy, will we get money back after a certain amount of time?

Techie girl

yes, mostly after a period of 20-25 years. So it is useful as an investment and to save on taxes. Tax exemptions also apply to risk insurance.

Metal gear fixed

ok for better security. The term plan is best for security

Metal gear fixed

Is the term plan also intended for a time limit, as you have written: "25,000 annual premiums guarantee life insurance of around 1 crore for a 30-year-old person for 20 to 30 years", which means "for 20 to 30 years".

Techie girl

Yes, it's usually for 10, 20, 30 years. The maximum period of insurance is shorter as your age is older and your annual premium is higher. For example, an annual premium of 14,000 covers a person of 26 years for 1 crore (life insurance only) for 30 years. But a 30 year old would have to pay a lot more for the same coverage and the same period. Non-smokers are also important. If you are 60 years old, this type of insurance has a maximum term of 10 years because 20 years of coverage is not good for the insurance company. Then you may also need to undergo a health examination for risk insurance.