How can life insurance be good for investing? Well, there are many different types of insurance plans that also work as investments. Let us have a look at four such types of life insurance plans-
ULIPsUnit Linked Insurance Plans, popularly known as ULIPs, combines life coverage with wealth creation. In such plans, the insurance provider will invest some part of your investment towards your life insurance and the remaining in debt, equity, or a mixture of debt/equity fund of your choice .
From children’s education, their wedding, or retirement planning, the returns from ULIP can help you achieve a host of your long-term goals.
Endowment PlansIf you are looking to receive fixed returns from your investment in the life insurance policy with a larger life coverage, endowment plan can be a great option. These are fixed term plans where you receive a maturity benefit when the policy matures.
If at all the policyholder expires during the policy term, the beneficiary will receive the assured sum along with bonuses if any.
Child Insurance PlansIf you want to secure your child's future, child insurance plans can be beneficial. These are traditional participating insurance plans which receive regular dividends in the form of bonuses. In case if the policyholder expires during the policy tenure, the beneficiary will receive the death benefit along with bonuses.
Many such policies also have assured payouts, which are paid to the policyholder or even the beneficiary regularly even after the demise of the policyholder.
Guaranteed Returns PlansIn guaranteed returns life insurance plans, your policy receives guaranteed additions every month till the time of the maturity. The additions are based on the premium amount you pay, sum assured, entry age, and policy term.
In case of the death of the policyholder within the policy tenure, the beneficiary will receive the additions along with the sum assured. If the policyholder survives, he/she will receive the maturity benefit along with the additions.
Pros and Cons of Permanent Life InsuranceAs long as you're alive and paying premiums without defaults, the Permanent Life Insurance stays active. There are many advantages of owning this type of policy; these include:
1. You get tax-deferred growthFor Permanent Life Insurance policy, you don't have to pay taxes on dividends, cash value, or interest until you withdraw from it.
2. You can keep most policies up to age 120, as long as you pay the premiumsYou can keep the policy as long as you are paying premiums. Unlike term insurance policies where there is a limited-term period, Permanent Life Insurance will provide you cover until you feel your dependent family members will need the cover.
3. You can borrow against the cash valuePermanent Life Insurance lets you avail credit against the cash value. You may need the credit to buy a home or pay your child's higher studies fees; you can use the cash value component. On the contrary, if you use the funds from your retirement savings plan, it will put your retirement life at risk. It is better to use Permanent Life Insurance to fund such requirements. The interest continues to accrue until you repay the credit. If you die failing to pay the entire loan amount, your beneficiary will still receive the death benefit.
4. You can get accelerated benefits if you get sickAccelerated benefit released 25% to 100% of sum assured if you get detected with a serious illness like heart stroke, cancer, etc. before the death. This advantage will help you pay medical bills without any hassles in the final months of your life. However, the beneficiary won't receive the intended death benefit, as mentioned in the policy, if the policyholder leverages accelerated benefits.
Pros and Cons of Term InsuranceTerm Insurance policy has no savings or investment component like Permanent Life Insurance. It only provides a death benefit, where the beneficiary receives a lump sum in case of the death of the policyholder. The only drawback of the policy is it doesn't provide maturity benefit if the policyholder survives through the term. However, you can think of Term Insurance as an investment if you pay a little premium knowing the fact that your dependent family members are getting financial security in your absence.
Life Insurance: Security and InvestmentAs you can see, there are many different types of policies that can deliver considerable returns too along with the life coverage. Consult with a reputed insurance provider to know more about these policies if you want your life insurance to double up as a rewarding investment option.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
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