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Can Your Insurance Policy be Both Risk Cover and Savings?
[Posted by: InsuringIndia Blog on 14-Apr-2016]
We live in a material world where our aspirations have no limit. But, this comes with the heavy price of a stressful life both at home and at work where salaries translate into fulfilling our desires for exotic holidays, fancy homes and providing top end facilities for our families. In this scenario, it is very important that we have a corpus which will be handy in case of an unforeseen ailment, accident or a future milestone like a child’s education abroad or his marriage.
There have been so many cases where the rich and mighty and even celebrities have been reduced to virtual penury, because they did not have the foresight to save for their future. What if you are in their shoes tomorrow?
Now, with a plethora of insurance choices in the market, is there a policy that could be both a safeguard from any risks that may arise and also a savings tool which will be handy at a time of need? Instead of buying a policy that will eat premiums for years and have a limited corpus, is there anything better out there? Yes, there are some policies that give you this comfort and choice.
Beside yourself, you have to also safeguard your child’s future, his important milestones like marriage and educational needs which require sizeable savings. A child insurance policy involves paying a fixed premium to the insurance company for a certain period. In case the wage earning parent passes away, the insurance company usually waives the premium off and then provides the complete compensation as a lump sum when the policy matures.
Then there are other plans like ULIPs, Money back or endowment plans and pension plans that are a long term investment and security cover. Unit-linked Investment Policies (ULIP) have the dual benefit of being an investment and insurance, while Money Back Insurance policy as the name indicates gives the policy holder money back after a fixed time. A pension policy is a retirement planning policy which asks you to affix an age for retirement and earn benefits.
Benefits of ULIPS 
Since these instruments are market linked, they can give you high returns in a short duration of time.
They are flexible as you can choose from high, medium and low risk options under the same policy.   
You have the benefits of partial withdrawal. 
You can avail major tax benefits.
Single or annual premium plans will help fund a scheme for regular income once you’ve stopped working.
Any amount that is invested in pension plans can give you tax benefits.
You’re tension free in your sunset years as you have an assured income.
This policy helps in tax savings.
Periodic payments meet your short & long term goals. 
You’re covered for life and there is a survival benefit, after each interval. 
While buying any polices always read the fine print and compare existing policies --premium, benefits, disadvantages, sops, terms and conditions--to see what suits your needs the best. It's always best to buy an insurance policy online as it saves time, is cost effective and is a transparent option. 

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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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