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What is Life Insurance?

It is type of financial contract or arrangement between a person (the the policy holder) as well as an insurer. Under this agreement, the person who is insured pay regular monthly fees for insurance to an insurer and in exchange the insurance company will pay an amount of death benefits to the beneficiary of the policy following the death of the policyholder. Life insurance is a way to offer financial protection and help for the loved ones of the policyholder as well as beneficiaries upon their death.

Types Of Life Insurance:

⦿  Term Life Insurance Pure, long-term financial security strategy that is that is designed to protect your family’s financial security.

⦿  Life Insurance: Whole Life Insurance: Provides lifelong coverage that extends until age 99. This guarantees longevity in life insurance.

⦿  Unit Linked Insurance Plan (ULIP) can be used to invest in a diverse mix of debt and equity funds, and a five-year lock-in period for withdrawals that are only partial.

⦿  Endowment Plan: Assures that the policy will receive the amount planned at policy’s expiration, thereby providing security for the financial aspect.

⦿  Cash Back Plans: Helps in managing cash flow, specifically in the case of financing your child’s education or getting married.

⦿  Retirement Plan: Aids you to build a large retirement fund, or set up a pension plan to ensure your retirement.

⦿  The Child Insurance Program: Securely put money into your child’s education and goals for marriage, while also providing life insurance.

⦿  A Group Insurance Policy: A great benefit for businesses and other organizations to shield their employees and clients from unforeseeable dangers.

⦿  Savings and Investment Plans: Use your savings to achieve your financial goals for the future.

Life Insurance

It is form of life insurance that provides security for a set amount of time, or as well as a period. In the event of a tragic loss, the insured dies during the term of the policy the type of insurance provides a financial reward to the beneficiary. These low-cost products provide great life protection. For e.g. the cost of an insurance policy with a $1 billion policy could be as little as $485* each month. The premiums set can be paid in one go or in a regular interval over the length period of coverage, or just for a short period of time. Based on the premium payment method chosen by the purchaser the amount of premium payable varies.

 

Term Insurance

The term insurance policy is form of life insurance that offers insurance for a certain time (term) like 10 30, 20, or even 30 years. If the policyholder passes away within the period, a specified amount is given to the beneficiaries. Term insurance is primarily focused on financial assistance in the event of death.

Who should purchase the Life Insurance Policy?

⦿  Financial dependents of individuals like children, spouses or parents who are aging.

⦿  Breadwinners that contribute a lot to household income.

⦿  Anybody who is in debt including mortgages loans, mortgages, as well as credit card accounts.

⦿  Parents who want to guarantee their children’s education as well as future financial security.

⦿  Business owners who want to safeguard their businesses and ensure their families in the event in the event of their death.

⦿  Individuals who have financial goals that are specific like leaving an inheritance or a legacy.

⦿  People who want to make sure the funeral and costs are not stressing their families.

⦿  People who are looking to increase their capital or investment opportunities by utilizing certain life insurance policies, such as universal or whole life.

 

Find out a few words about Life Insurance

⦿  The monthly payment for your life insurance plan.

⦿  The entity or person who gets the death benefit on the death of the insured.

⦿  The amount paid to the beneficiary on the death of the insured.

⦿  The period of time of time for which an insurance life policy will be in force.

⦿  The amount that the policy pays out to the beneficiary.

⦿  The method of assessing the risk of an applicant and making a decision on eligibility for insurance and the amount of the amount of premiums.

⦿  The savings component of some policies is able to grow over time.

⦿  Optional add-ons to policies that provide additional benefits or coverage.

⦿  Covers a specific time frame with lower rates.

⦿  Provides coverage for life with savings components and higher rates.

FAQs

Life insurance is a contract between you and an insurance company, where the insurer provides a lump-sum payment, known as a death benefit, to your beneficiaries upon your death in exchange for premium payments.

Life insurance provides financial security for your loved ones, helping to cover expenses such as funeral costs, outstanding debts, mortgage payments, and future living expenses.

The main types of life insurance include:

⦿  Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years) and pays a death benefit if the insured dies during the term.

⦿  Whole Life Insurance: Offers lifetime coverage with a savings component, accumulating cash value over time.

⦿  Universal Life Insurance: Provides flexible premium payments and death benefits, along with a cash value component that earns interest.

⦿  Variable Life Insurance: Includes investment options for the cash value component, allowing for potential growth based on market performance.

Consider factors such as your income, debts, living expenses, future financial goals, and the number of dependents relying on your support. A financial advisor can help assess your specific needs.

A beneficiary can be an individual (e.g., spouse, child), multiple individuals, a trust, or an organization. It's essential to designate beneficiaries clearly to ensure the death benefit is distributed according to your wishes.

Premiums are influenced by factors such as age, health, lifestyle, occupation, policy type, coverage amount, and term length.

Yes, you can hold multiple policies to meet different financial needs, such as personal coverage and business-related coverage.

Missing a payment may lead to a policy lapse, terminating your coverage. Some policies offer a grace period to make the payment without losing coverage.

Depending on the policy type, you may adjust aspects like coverage amount or beneficiaries. However, changes may affect premiums and benefits.

Visit our website to explore various life insurance options, compare policies, and apply online. Our team is available to assist you throughout the process.