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What is a Non-Term life insurance plan ?
In simple words it can be defined as the type of life insurance, which is not a term plan, but there are so many things which we need to understand related to this category. There are various kinds of non-term life insurance plans available in the market. Below are the most common and popular types of non-term insurance plan-
Savings plans
In this type of non-term life insurance plan, If the policy holder dies in between the policy term period, then the nominees will get the death benefits same like normal term life insurance plan. But if the policyholder survives and completed the policy term period, then he will receive the maturity benefits from the Insurer company.
Retirement plans
Retirement plans can also be termed as pension plans because these plans are designed to make you financially secure after your retirement. In this type of plan a policyholder receives lump sum payout or periodical payments depending on the policy.
ULIPS
This also offers dual benefits i.e Insurance along with the Investment. Here apart from Insurance you are getting an opportunity to invest money in equity funds, debt funds and many more. You can customize your Investments as per your goals set up and risk appetite.
Child plans
Child plans are helpful to secure your children's future. This plan offers the benefits of Insurance, savings and Investments, so you can make yourself ready towards the future needs of your child and strong enough to provide him with the best opportunities for career and education.
Importance of Non-Term Life Insurance
- Secure specific goals- Non-term life insurance is not only providing you insurance, but also giving you an opportunity to secure financial goals through Pension plans, Savings and Child plans.
- Death Security- Same like life Insurance plans, it is also providing financial security to the family members of a policy holder at the time of sudden death.
- Other benefits- Non-term life insurance provides a variety of other benefits such as Saving, investment, retirement planning, marriage, birth of the child and many more.
- Tax benefits- Apart from financial coverages it is also providing tax benefits under the section 80C and section 10 (10D) which comes under the Income Tax Act, 1961. This tax benefit is useful for every individual who comes under this section.
Difference between Term Life Insurance and Non-Term Life Insurance Plan
- Term Life Insurance is easy to buy while Non-Term Life Insurance plans are more expensive.
- Both Term life insurance and Non-Term life insurance are provided death benefits to nominees of a policy holder.
- The term life insurance plan never offers any additional benefits, but Non-term insurance plans are offered in Investments, Savings, Retirement plans and Child plans.
- Both Term and Non-Term life insurance plans are giving tax benefits.