What is Life Insurance?

Life is an inherently unpredictable journey and preparing for unforeseeable events is a critical aspect of sound financial planning. Life insurance serves as a safeguard, offering peace of mind by ensuring that the family and loved ones of the insured are protected in the unfortunate event of their untimely demise. This invaluable protection is the result of a contractual agreement between the insured and the insurance company, whereby the insurer pledges to provide a sum of money in exchange for regular premium payments made by the policyholder. The insurer then disburses the funds to the family in the event of the insured's passing or at a predetermined time in the future.

What are the Types of Life Insurance?

Life insurance products are designed to cater to the diverse needs of individuals, ranging from pure protection to savings, wealth creation, and retirement plans. At Policypoint, we understand that each person has unique requirements and suggest products accordingly. Let us take a closer look at the different types of life insurance plans available:

Savings Plans: Savings plans encourage systematic savings and offer steady returns to help individuals achieve specific financial goals while providing life cover protection.
Protection Plans/ Term Plans: These plans have a definite tenure and pay a death benefit when the insured dies within the selected tenure. Term life insurance is an affordable option that offers high coverages at low premiums. It provides the sum assured to the family or dependents of the policyholder, helping them manage finances after the primary earner's demise.

Child Plans: Child plans ensure that children can pursue their dreams without any hesitation by securing their future. These plans offer traditional and unit-linked child insurance plans, providing customers with options based on their risk appetite.

Unit Linked Insurance Plans (ULIPs): ULIPs offer dual benefits of coverage and investment. A part of the premium paid is invested in different options, providing market-linked returns to the insured. The remainder of the premium is used as life coverage. ULIPs are designed to be wealth creation plans.

Retirement Plans: Retirement plans help in creating a corpus for the golden years of life, providing financial security post-retirement to help customers live with dignity and pride by maintaining the same lifestyle and managing medical expenses.

Combo Plans: Combo Plans bundle life insurance and health insurance in a single plan, offering the benefits of both in just one policy.
We, at Policypoint, suggest products and solutions that address the diverse needs of our customers. Our aim is to ensure that every individual can choose the best insurance policy that suits their requirements and offers them financial security in uncertain times.

Group Life Insurance: Providing Comprehensive Coverage for Your Esteemed Workforce

Group Life Insurance is an exceptional policy that offers a comprehensive safety net to a group of people, such as employees of an organization, members of an association, or a group of depositors at a financial institution. At Policypoint, we recognize the importance of safeguarding your valuable employees and their families from unforeseen circumstances. Thus, we provide a wide range of Group Life Insurance products that cater to the diverse requirements of our esteemed clients.

Group Term Life Insurance: It is a popular choice that provides a lump sum amount to the nominee in the event of an employee's untimely demise. This insurance policy provides financial protection to the deceased employee's family, helping them manage the financial burden and maintain their standard of living.

Group Gratuity: It is a unique policy that provides financial security to employees after their retirement. It is a defined benefit plan wherein an employer contributes a certain percentage of the employee's salary towards a gratuity fund, which is paid out to the employee on retirement. This policy ensures that employees have a reliable source of income during their retirement years.
Keyman Insurance: It is tailored to provide protection to a company against the loss of vital personnel. It provides financial assistance to the company in case of the death of a key employee, helping them mitigate the financial impact of the loss.

Employer-Employee Policies: These Employer-Employee Policies are designed to offer extensive coverage to the employees of an organization. This policy provides comprehensive protection to the employees, ensuring that they are covered against unforeseen events such as accidents, critical illnesses, and death.

At Policypoint, we provide both contributory and non-contributory Group Life Insurance schemes to cater to the diverse needs of our clients. Our policies are designed to offer comprehensive coverage to your workforce, ensuring their financial security in the face of unexpected events. Get in touch with us today to learn more about our Group Life Insurance products and how they can benefit your esteemed organization.