What are the characteristics of a best life insurance plan?
A life insurance policy is a contract between the insured and insurer, whereby an insurer is bound to pay a certain amount of money after completing a specific period or death of the policyholder. Here, an individual is protected financially by an insurer in exchange for the premium paid over a period. The payment paid by the insured to the insurer is known as premium. If the insurance holder is deceased amidst the policy tenure, the insurer must pay a lump sum of money to the insured's nominee. This lump sum amount paid to the insured on his/her death is the sum assured. What are some of the best life insurance policies available in India? 1. ULIPs or Unit Linked insurance policies 2. Endowment policy 3. Term insurance policy 4. Pension or annuity plans 5. whole life policy 6. Money back policy How much does an ave...