Traditional Insurance
Gone are the days where insurance is only to back up the family, Now you can also the fruitful returns from the same.
Traditional Insurance
Who should buy a Traditional insurance
Traditional insurance is for individuals who want to opt for an insurance at the same time look for an investment. Traditional plans are altered in a way that they cater to different needs of the policyholders.
Individuals who look for long term benefits and want to save money for pension/child education/child marriage etc., can opt for a traditional insurance. These traditional insurance plans also have higher tax savings compared to other plans.
Facts to be considered for choosing Traditional insurance
Understanding the plan
Every individual has to understand the plan well so that he might not be unaware of any fees are payments those were mentioned in the policy. As insurance policies require regular payments it is advised to make sure the individual knows the plan in detail before starting to invest.
Plan that matches the needs
Under traditional plans there are different plans like child marriage, child education and pension plans. It is vital for the individual to understand the policy and its purpose. As different plans have different pay-outs.
Regular payments
Once the policy has been taken, the policyholder has to make regular payment. If the policy got lapsed the policyholder has to pay the total unpaid premiums and 8-9% penalty with the accrued amount.