- Protection and Investment Benefits
- Tax Savings
- Maturity + Death Benefits
Benefits of Investment Based Life Insurance
Life insurance policy assures life coverage to the policyholder and returns with profit on maturity of policy. In case the policyholder dies before the maturity period is completed, the insurance provider will pay the nominee the sum assured by the policyholder.
The life insurance plan has an embedded death benefit. This way, your family’s financial needs are fulfilled even in your absence. The sum insured is paid to the nominee selected by the policyholder.
Protection and Investment Benefit
The protection and investment Benefit life insurance plans are risk free as they invest in fixed income securities. These plans generate the promised fixed income for the policyholder.
Bonus, in common manner of speaking, refers to an extra payment received over and above the assured income. When a life insurance company generates profit (surplus), the insurance provider is supposed to distribute a share/portion of that profit to its policyholders.
Investment plans help in tax savings. As per government of Pakistan. Under section 62 of income tax ordinance 2001, for those individuals who invest their savings in life insurance via premiums. So the life insurance offered by any life insurance company that is registered with securities and exchange commission of Pakistan under the insurance ordinance 2000 (XXXIX of 2000) payout are exempted from tax.
Goal Based Investment
Financial goals will help you determine the amount of investment required to achieve the planned milestone. Individuals can buy and build funds via life insurance policy that can be encashed at the later point in life.
Life insurance companies offer “customization” on the life insurance plans as they believe that “not everyone fits the similar mold” keeping that in view to fulfill the life insurance needs of individual and corporate clients, insurance companies offer “tailor made” policies.
Protection for Loved Ones
Life insurance plans are sure shot ways to gather wealth over a certain time period. In the future, when you would need funds for child’s education, child’s marriage, retirement, pension, etc. life insurance investment plans will financially assist you. In case of untimely death of the policyholder the sum insured would be paid out to the nominee.
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Life Insurance Guide
A life insurance policy is a contract with an insurance provider. Where the premiums are paid and the insurance company provides a lump-sum payment, known as a death benefit or upon maturity of the policy to the policyholder or the beneficiary. Usually, the acquired life insurance plan is chosen based on the needs and goals of the owner.
Life insurance plans play a significant role in one's life as at multiple life stages,as an individual needs funds.the funds are needed to build the corpus. Whether the requirement of the fund is for child's education, marriage or retirement savings. When one starts finding ways to build funds, one tends to look at investment plans where your money grows while you sit back. Because of the number of investment opportunities, there is no simple solution to the aforementioned. However, the simplicity and ease of investment plans offered by most life insurance companies is one of finest options available.
The companies in Pakistan which offer Life insurance plans, under the umbrella of securities and exchange commission of Pakistan are Jubilee Life insurance, Efu Life Insurance, Alfalah life insurance, State life insurance, Askari Life Assurance and Adamjee Life Insurance.
To purchase a life insurance plan an individual must meet first the entry age criteria as mentioned in the policy wordings, read that before purchase. The individual needs to be within the maximum age allowed under investment plan. Adherence to the plan’s premium payment term and mode is mandatory. The documents Required for purchasing the life insurance Plan are Income proof - Salary slips, income tax returns, bank statement, etc.Address proof via driving License, CNIC, passport, etc. Age proof through CNIC, passport or driving license.
Term Life Insurance provides coverage for a certain time period. It is designed only to protect your family members in case the policyholder dies prematurely the beneficiaries receive the payout. If you die within the term insured, The policy has no other value. A life insurance policy is a contract with an insurance provider. In exchange for premium payments, the life insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death or at the policy maturity.
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