Monday, May 21, 2012
by
Indian Real Estate News
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The no-frills term plans that provide only a basic life cover are the cheapest insurance products available in the market. As term plans take care of the financial needs of the nominee in the event of the death of the policyholder and do not yield any maturity gains if the policyholder survives till the end of the policy term, these are not very popular with the investors who seek not only insurance, but also returns from the insurance investment. These investors, however, fail to understand that if they were to consider insurance as a cost to provide cover to one's life and not as an investment, the yields may turn out to be far better. Insurance cum savings products like unit linked, endowment or money-back plans etc. provide both insurance and investment under a single basket, but at a cost in the form of hefty premiums. Moreover, if one were to analyse the kind of returns that these schemes generate at the end of the policy term, they will turn out to be meager when compared with the returns one could otherwise generate by investing a similar sum of money in products like public provident funds, tax-free bonds or mutual funds.
As far as the cover for life is concerned, a simple term plan can provide the same at bare minimum premiums, as illustrated in the table.
Interestingly, the premiums charged by private players are far more lucrative than those charged by the biggest insurance player in the industry — LIC, which is one of the costliest term insurance providers.
It is also interesting to note that the premiums charged by private players have nose-dived as more and more companies are now trying to reach out to their investors directly bypassing the distributor network through online purchase of term plans. The premiums charged by an online plan are almost half of what are otherwise charged through the distributor route.
Insuring one's life for the sake of our loved ones could not be more simple and cheap that this.
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