Investment Insurance Plan

Investment insurance plan is an instrument that acts like an investment tool and provides you benefits of a life insurance plan simultaneously.

Simple reasons to buy investment insurance plans:

  • You can make goal-based investment i.e. investments can be made keeping educational needs, marriage, retirement needs or for a business venture
  • You get peace of mind that your dependants will be taken care of when you will not be around them any more

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How do pension plans work?

Any investment insurance plan fulfills two basic requirements i.e. investment as well as insurance. Therefore, when you acquire an investment insurance plan, a part of your funds are used to provide you life cover while the rest of the part is invested in financial instruments of your choice.

The best investment insurance plan lets you utilize your savings in a systematic and planned way. You are able to choose the number of years for which you want to make an investment. Also, you are able to choose the kind of instruments you want to invest in as per your risk appetite.

Any investment insurance plan proves to be best if it suits your requirements and long term financial goals and guarantees to provide protection to your loved ones in your absence. Hence while choosing the plan you need to consider various aspects like your age, the number of years you want to invest for, the goal for which you want create funds for, your ability to pay i.e. the amount you are willing to invest as premium as well as your risk appetite i.e. the how much you are able to keep at risk if a part of your funds is invested in equity or unit-linked instruments.

On reaching the maturity, you are eligible to receive the sum insured or the maturity benefit which includes guaranteed additions and bonus, if any. In case the policy holder dies before the maturity period, maturity benefits along with guaranteed additions and bonuses is paid to his nominee.

Types of investment insurance plans

Generally, investment insurance plans can be categorized as:

  • Unit-linked insurance plan
  • Traditional/endowment plan
  • Guaranteed return plan

Benefits of investment insurance plans:

  • You get a secured source to invest your funds
  • You get to choose the number of years you want to invest for
  • You are able to make goal-based investments
  • You get maturity benefits on surviving the term of the policy
  • In case of the death, the nominee receives the death benefit and hence the family is financially protected during the most unfortunate times.
  • The premium paid for investment insurance plan is eligible for tax deduction U/S 80C and 10(D) of Income Tax Act.
  • You are able to get a secured loan against the corpus built by you through investment or the surrender value of the policy at that point of time
  • You need not put your funds at two different places. Single source fulfills your investment as well as insurance needs
  • The amount paid as premium as well as yield on the investment made can serve to fulfill the retirement needs of the policy holder
  • In case, the policy holder does not want to continue with the plan, he can opt to surrender and receive the surrender benefits, however it can be done after a specific period or as defined by the insurance company of your investment plan