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Personal loan- The necessary evil |
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The increase in the level of default is rising in the personal loan sector. This article advises to deal cautiously with the high interest loans. |
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| Author: Addi Vardhaman |
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Broadly there are two types of children policies available in the insurance sector. In one type the child is the life is insured whereas other loan plan ensures the earning parent or guardian of the children. In policies like like Jeevan Kishore or Komal Jeevan( product of LIC) the child is the target audience. These policies are also considered as disciplined investment plans to make money at predetermined future dates. Being a conventional insurance policy, the monetary returns from this type of plan may not be such lucrative.
Other life insurance policies are available with few specific benefits for children . In all these insurance policies, the parent is the life assured. Some insurance companies offer plans where any one of the living parents can be the life assured and any one named as beneficiary of the sum insured. If there is an unfortunate event like the death of the insured the child or the appointee ( if the child still remains a minor) is paid the full sum. In such case, further premiums are waived. The insurance company owes the burden of paying the premium for the remaining tenure and at the end of the term the child receives another sum assured with full accrued bonus amount.
If the life assured survives till the end of the life insurance policy, the child is paid the maturity benefit as per policy terms and condition. These insurance plans are available as a conventional endowment type plan or Unit Linked Plan from most of the insurance companies. The most popular among the life insurance policies for children, are Jeevan Chaya from LIC and Smart Kid and Youngstar from Pru ICICI and HDFC SL .These insurance policies not only ensure that money is available to the child when required but also provides the financial assistance if the bread winning parent die premature. This policy is equally useful to parents who have more than one child. Such parents can manage with one policy and make the mother nominee who can ensure appropriate distribution of the funds.
About Author
For more information about life insurance policy and insurance policies. Please visit our website: http://www.paisawaisa.com/
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