INVESTMENT INSURANCE POLICY

WHICH IS A BETTER INVESTMENT OPTION FOR YOU?

Cover against claim rejection:

It is less likely that the insurance company would reject your claim if you have given all the information correctly at the time of applying.

Having Investment Insurance Policy scheme from a different insurer may come handy just in case your claim does get rejected.

Diversifying your insurance portfolio makes sense if you are worried about this possibility.

Insurance with different maturities:

Many people decide the size of their life insurance cover in line with their liabilities. If so, is it wise then to buy multiple insurance policies with different maturities?

Suppose Rahul had an outstanding amount of Rs 30 lakh in his home loan and the balance tenure of his loan is 15 years. He thinks that he need a higher cover only till the loan lasts, thereby, saving some premium that way.

While deciding the size of the cover, he opted for two term plans with different maturities.

In Investment-Linked Insurances:

Diversifying ULIP plans: While traditional endowment policies may not be a good investment option, as they neither offer good cover nor good returns, Unit-Linked Insurance Plans (ULIPs) could be an alternative for term insurance. ULIPs can offer a cover 25-30 times the annual premium.

ULIP plans invest your premium in different funds- equities, or debt or a mix of both, so it will be good to invest different plans to get the benefit of diversification of funds.

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