in the former,we will get risk coverage for the period of time as we pay the premium and at the end of certain period (policy maturation) we will get return back money we paid with some profit and bonus if we survive that policy period. thats why the premiums are high. as the companies do the business with our premium money they can pay back. in unit linked policies companies will invest the money in equities.
in term policies - we will get risk coverage for the premium payment period but at the end of the period we doesn't get back single rupee. that's why the premiums are low.
recently single payment policies, three year payment policies came into the scene which will cover for certain period of time. in these policies,the person has to pay high premiums.
the welfare schemes managed by our IMA are pure term policies. if we compare these schemes with term policies managed by insurance companies, our schemes have following advantages:
1.annual premium ( fraternity contribution) is very very low.
2. IMA doesn't demand authentic health status report. only self declaration.
we are covering our lives and providing security to our families every year by paying the fraternity benefit. thats all. the fraternity contribution we are paying is the charge for security we are getting. when ever we opt out from the scheme no life coverage and no return of money.
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