The main aim of a life insurance policy is to provide for your family in case the bread earner passes away. You can buy two types of life insurance policies – term life insurance and whole life insurance. While there is no universal policy that fits everyone’s needs, here are a few points to help you decide which one is right for you:
A term life insurance provides insurance for a specified period of time. The coverage amount is paid out to the beneficiary if the insured person passes away during the policy tenure.
A whole life insurance is permanent insurance, it lasts for the entirety of the insured person’s life as long as premiums are paid. There is a fixed death benefit at the end of the policy that will be paid out to the nominee.
Keeping the above mentioned points in mind along with your age and financial liabilities is the best way to figure out which life insurance is ideal for you. Take a look at the policies offered by ICICI, one of India’s most trusted insurance companies to get a better understanding of what these policies consist of. You can also give their plans a shot if they suit your needs!
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