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What Is Wealth Insurance Plans and Features

Insurance Basics & Financial Advice Life insurance is arguably one of the best tools for any individual to secure their family’s future. Earlier, life insurance policies only covered the policyholder’s term. However, insurance providers offer more benefits by introducing various comprehensive benefits.

What Is Wealth Insurance Plans and Features

6 Minute |

Wealth Insurance

What is Wealth Insurance?

Life insurance is arguably one of the best tools for any individual to secure their family’s future. Earlier, life insurance policies only covered the policyholder’s term. However, insurance providers offer more benefits by introducing various comprehensive benefits. It not only assists in saving money but also aids in investing and garnering long-term advantages. There are various types of comprehensive life insurance plans available.
Wealth insurance is one of them. But what exactly is wealth insurance? Simply put, wealth insurance can be defined as a policy in which you receive a lump sum amount post the maturity of the policy. In case of an untimely demise, this amount is then given to the family of the policyholders.

Why Wealth Plans?

Everyone wants to live a luxurious life, but very few work towards achieving the goal. They want to buy cars with the latest technology and design, a beautiful house and more, for which they require a plan that would aid in long-term planning. This is where a policy such as a wealth plan can be beneficial.
These plans are specifically designed to ensure that you can save enough money to achieve long term goals while simultaneously providing care and protection for your family.

What are the Benefits of Wealth Insurance?

Wealth Insurance offers various advantages. Below are some of the key benefits of wealth insurance:

Dual Benefits

One of the major perks of having wealth insurance is that you get dual benefits of savings and insurance coverage for you and your family. This policy strikes the right balance between protection and wealth accumulation.

Flexibility

Another major advantage of wealth insurance is the flexibility it offers. In wealth insurance, you get different fund options that would help you invest in it based on your risk appetite. In addition to that, you also get the option of switching between the funds if the markets are not favourable.

Online Usability

Most insurers provide online life insurance policy options that help you view the features and compare the benefits. Additionally, you can use the online premium calculator to help you decide which wealth insurance plan to buy. It considers your desired premium, wealth savings requirement and policy tenure.

Tax Benefits

As per the prevailing tax regulations, wealth insurance plans offer several lucrative tax benefits. In fact, eligible taxpayers can claim deductions up to Rs 1.5 lakh per year under Section 80C. You can take the expert advice of fund managers to derive maximum benefits.

How Much Savings Do I Need?

Suppose you choose to take up a wealth insurance policy. However, you may be pressed with the question, how much savings do I exactly need? Well, since every individual’s goals and requirements are different, the policy you would require is also different. Hence, consulting a financial planner for this purpose is advised. You can also visit our website and use our online savings calculator tool to know the amount you need to save.

Why Should I Start Planning My Wealth Savings Now?

There are multiple reasons why you should begin your wealth savings planning immediately. Here are they:
  • It can prepare you for life’s unforeseen exigencies
  • The earlier you start planning, the earlier you can achieve all your goals

TOOLS & CALCULATORS Pages

Human Life Value Calculator

Here’s a tool that shows your financial preparedness towards any eventuality, so that your family never loses its smile even when you are not around.

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Child Education Planner

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Retirement Planner

To help you continue celebrating your life post-retirement to the fullest, a tool that helps you plan for your retirement days better!

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Need Analysis Planner

A holistic life planner that suggests the right amount of insurance and plans based on your unique needs.

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