Traditional Insurance Plan
A Plan that Truly Protects your Family.
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Traditional life insurance also referred to as whole life insurance, money-back insurance, or endowment insurance, offers a number of advantages such as risk protection, fixed income returns, safety, and tax advantages. Due to their guaranteed returns in the case of death or term maturity, these are considered as risk-free investments.
Benefits Of Traditional Insurance Plan
Maturity Benefit
Depending on the premium amount you have paid, you receive a lump sum payment at maturity (except term insurance plan).
Maturity Benefit
Maturity Benefit
Income Tax Benefit
According to the Income Tax Act in India, the premium you pay for traditional insurance plans is eligible for a tax deduction each year.
Income Tax Benefit
Income Tax Benefit
Risk-free
You know exactly how much money you'll get when and there's no risk involved with your returns. It helps in better future planning for you.
Risk-free
Risk-free
Additional Covers
Traditional insurance policies include built-in riders, such as Accidental Death Benefit. You may be able to improve your current insurance plan by adding several riders to some plans.
Additional Covers
Additional Covers
Comparison Between Traditional Insurance Plan And ULIP
| Criteria | Traditional Insurance Plan | ULIP |
| Purpose | Pure insurance plan | Investment cum insurance plan. |
| Reasons to buy | Fixed returns over the long term. | Gives insurance with investment benefits over the long term. |
| Risk | Risk is low. | The risk depends on the choice of funds one decides to invest in. |
| Returns | Returns are lows since the risk is low. | Returns are market-linked & depend on the investment plan. |
| Tax benefit | Yes, under section 80C. | Yes, under section 80C. |
| Lock-in period | Until maturity. | Usually, 5 years varies from company to company. |
| Secure | Yes highly secured. | Less secured compared to traditional insurance plan. |
How you can Apply for Traditional Insurance Plan through Swaraj Finpro
FAQ
Yes, you can purchase child’s plan within a whole life insurance policy to build a corpus for their children’s needs.
No. any loan that you will take will not have any impact on your future premiums. however, the amount the loan will be deducted from your sum insured.
