A quick rule of thumb for measuring your life insurance needs is to multiply your current annual income by a factor between 10 and 15. For instance, if you earn Rs.500000/- a year, you would require about Rs.50 Lakhs worth of life insurance benefits in the event of death.
Term insurance – It provides a pure risk cover to the policyholder and offers the lowest premium rates among other life insurance products.
Term Insurance with Return of Premium (TROP) – The TROP is a form of life insurance which offers to return the total amount of annualized premium paid upon survival of the policy term while providing insurance cover
Unit linked insurance plan (ULIP) – ULIPs provide the dual benefit of life insurance and investment returns on the premium paid
Endowment Plan – These plans offer a combination of life insurance and savings under one plan
Whole Life Insurance – This form of life insurance provides coverage to the life assured for his or her entire life
Child Insurance – Child plans offer an opportunity to create wealth to fulfil your child's life goals such as education and marriage
Retirement Insurance – Retirement plans help you plan your retirement
Here's how you must choose the right life insurance plan for your family -
Tip 1 : Consider your life stage and the number of family members when deciding on a cover amount
Tip 2 : Think of how much money your family will require to maintain their lifestyle.
Tip 3 : The insurance coverage amount should be determined based on your family's needs and not just your income
Tip 4 : You must add any existing liabilities to the cover amount
Tip 5 : Choose the insurance company with the highest Claim Settlement Ratio
Tip 6 : Consider Riders to maximize your coverage
Compare, choose and buy best Term Life Insurance plans online from the leading life insurance companies in India
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Company Fixed Deposit (corporate FD) is a term deposit which is held over fixed period at fixed rates of interest. Company Fixed Deposits are offered by Financial and Non-Banking financial companies (NBFCs). The maturities of various company fixed deposits can range from a few months to a few years
Choose from multiple company fixed deposits options varying in tenures, interest rates and institutions to suit your investment needs. Avail stable returns and benefit from much reduced volatility through a wide range of AAA and AA-rated Company Fixed Deposits
Enjoy better liquidity with Corporate FDs with a lower lock-in period than Bank FDs
Choose Corporate FDs as per your preference from a variety of tenures such as, monthly, quarterly, half-yearly or yearly.
Enjoy better liquidity with Corporate FDs with a lower lock-in period than Bank FDs
Avail the benefit of reduced risks with Corporate FDs which are backed by reputed rating agencies.
Consider these factors before choosing Corporate FD schemes to invest in.
Compare and analyse multiple Company FD schemes and apply in Company FD schemes that suit your requirement
| Regular Deposit Cumulative Option* ROI (p.a.) | |
|---|---|
| Company Name | Credit Rating |
| HDFC Limited | CRISIL- FAAA & ICRA - MAAA |
| Mahindra Finance Samruddhi | CRISIL Rating - FAAA |
| Shriram Transport | CRISIL - FAAA & ICRA - MAAA |
| Bajaj Finance Ltd. | CRISIL- FAAA & ICRA - MAAA |
| LIC Housing Finance | CRISIL - FAAA |
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Endowment Life Insurance Plans Offered By LIC. An endowment life insurance policy is a policy that couples the benefits of the concept of life insurance with the concept of savings. These policies, unlike pure term insurance, provide death and maturity benefits.
New Endowment Policy offered by LIC is a non-market linked plan which offers participating benefit. For individuals who want to save along with their life insurance then New Endowment plan is suitable option for them. New Endowment Plan of LIC provides financial security to the insured’s family if the insured faces an unfortunate death during the term of the policy. Lump-sum amount is paid as maturity benefit if the policyholder survives the term of the policy.
Every individual faces two risks when it comes to investing. The first one is life risk. What happens to their investment plans if they are no longer around? This is where life insurance is handy. The insurance company pays the sum assured on death to policy holder’s nominees in case of policy holder’s death. The second risk is investment risk. What happens if investment returns become negative? This is where guaranteed savings benefits come. Both these two risks are covered by an endowment policy. So, one policy does the job of two.
Endowment policyholders get his/her sum assured on maturity. Such endowment policies are best-suited for meeting various financial needs such as funding children's education and their marriage. You can also use an endowment policy for uses like retirement corpus building or buying a house.
In case of untimely death of the policyholder, the insurer pays the entire sum assured (plus the bonus, if any) to the nominee of the policy. So, nothing changes the financial status of the policyholder’s family.
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Liquid funds are debt mutual fund that invest in liquid assets for a shorter duration of time. While Savings account is a bank account that works as a liquid fund but offers fixed returns on your savings. Liquid funds not only keep your money available like a savings account but also offer better returns than them.
Liquid Funds tend to give almost similar returns as short term FDs. However, they can be an excellent alternative to FDs for two reasons. One, there is no lock-in period you need to commit to, and second, you don't need to pay any penalty if you withdraw after 7 days of investment.
Liquid funds offer the following benefits:
No lock-in period: Liquid funds do not any lock-in period.
Easy redemption: Redeeming liquid funds is very easy and the money will be credited in 1-2 days in the individual’s bank account.
Lowest interest rate risk: Of all the debt funds available in the market liquid funds have the least interest rate risk.
Better returns than a savings account and FD: One can expect a return of 7-9% from liquid funds per annum which is better than savings bank interest (4%) and return from FD (6%).
No minimum balance required: In savings bank account one has to maintain a minimum balance. But with liquid funds, there is no limit on minimum or maximum investment.
Different plans available: Liquid funds are available for different time periods like daily, weekly, monthly, dividend and growth plans. One can choose any plan based on their requirements and tenure.
It is very clear from these benefits that investing in liquid funds is very beneficial than leaving the money idle in a savings bank account.
Out of all the liquid funds available in the market Upwardly has shortlisted the following top funds to invest in.
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