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HI New to the insurance world and am trying to understand how things work. I was wondering how does a family policy work. For the insurability part for the parents and the kids and does can kids have a permanent plan while in this policy?
Hi,
If you are looking into insurance then there are actually a bunch of options that you can go in for. There are endowment plans that offer good maturity benefits but have premiums that are a bit high. Then there are ULIPs that invest the premium in equity/debt markets and the returns are generated from these investments. There are also some child plans that mature when your child attaining the age of 18 years which basically lets you pay for college and stuff. There is also one more type of insurance and that is term insurance… it’s a simple thing… pay a small premium, get a high cover.
I would suggest that whatever plan you end up taking, make sure you take a term insurance plan as a backup.