Insurance is not a new word for you all. It is needless to mention that insurance is the savior for you and your family at the time of certain needs. You people may know what insurance is but you may not know there is more than one type of insurance. Today this article is here to provide you with the details about the different types of insurances you should know about. By hearing the word insurance, you people will say the life insurances that asks to pay premiums years after years like the Aegon Relevant Life Policy but the world of insurance has something more to show you.
Basically, there are two types of insurances that are the single investment insurance and the term insurance. Now, let’s know about these two types of insurances briefly.
Single investment insurance– In this type insurance, you need to pay a good amount as premium only once. You will get the benefit of matured amount after few years but till then you need not pay any more money. Few people like this type of investment because this is the one-time investment only.
The term insurance policy – This type of insurance is the most popular one. In this type of insurance, you need to pay the premium every year till the insurance gets matured. This type of life insurance is very familiar with you all.
In both these types of insurance, you can get the benefit of life coverage, critical illness coverage. The life coverage insurances will provide you with a good amount of money to you after the policy gets matured, but if you die all of a sudden your family will immediately get the matured amount of money and they will also get that amount again after the maturation of the policy. The life insurances policies like Aegon Relevant Life Policy offers you the tax benefit. You need not pay any tax on the matured amount of the insurance. You can also save some money by using the premium amount as a tax saving tool. You can show the amount you are paying as premium as an investment so that you can reduce the amount of tax payable. The critical illness insurance does not allow the chance to save the tax. These are the things you should know about the different types of insurances.