Annuity plans are essentially an agreement between the two parties, one being the insurance company and the other being the buyer. It is a series of equal payments that are made at regular intervals of time. It is a popular choice among people who want a steady income and wish to enjoy the golden period of their lives without any financial stress or burden. Post-retirement it is important to have a flow of income so that you can meet the daily needs and simultaneously maintain your lifestyle too.

Annuity plans are essentially an agreement between the two parties, one being the insurance company and the other being the buyer. It is a series of equal payments that are made at regular intervals of time. It is a popular choice among people who want a steady income and wish to enjoy the golden period of their lives without any financial stress or burden. Post-retirement it is important to have a flow of income so that you can meet the daily needs and simultaneously maintain your lifestyle too.

Children’s plan is a mix of investment and insurance that usually aids in financial planning for kids’ future needs and requirements at the right age. You can protect and secure the future of your child with child insurance plans encompassing child education plans. Under this policy, life cover is available as a lump sum payment at the conclusion of the policy term. This is not it; such plans also offer coverage to your child with flexible pay-outs at the crucial milestones of the child’s education.

An endowment plan is a life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Endowment policy also pay out in the case of critical illness. Endowment policy are typically traditional with-profits or unit-linked including those with unitised with-profits funds the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it.

Cash insurance is a cover which indemnifies the insured against loss of money. Thecover is available for money drawn for the payment of wages,salaries and other earnings or for petty cash in direct transit from the bank to the insured premises.

Whole Life plan is also called as straight life, ordinary life. It remains throughout the insured whole lifetime provided the premiums are paid. A certain aforementioned amount is paid to the nominee in the event the insured dies. The policyholder at any time withdraw the policy or borrow against it. The maturity age for this policy is 100 years. If the insured lives past the maturity age, the policy will become matured endowment. The death benefit under this plan is tax free.

Term Life insurance provides coverage for a fixed period of time at a fixed premium rate.In case of untimely death of the life insured during the policy term, the nominee of the life insured gets the Total Payout/Benefit. The benefit can be paid out as a lump sum payout or a combination of Lump sum & Monthly payout or only as a Monthly payout. Therefore, Term insurance plans are said to be pure protection plans which ensure financial stability of the dependants in case of untimely death of the life insured.