Group Insurance

Group insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives, weaker sections of society. Group insurance plans have low premiums. Such plans are particularly beneficial to those for whom other regular policies are a costlier proposition. Group insurance plans extend cover to large segments of the population including those who cannot afford individual insurance. A number of group insurance schemes have been designed for various groups. These include employer-employee groups, associations of professionals like doctors, lawyers, chartered accountants etc.

Group insurance coverage is seen as a major perk for employees from their employers. The premium payments are usually deducted automatically from the pay itself. Some companies will absorb the entire cost of the policy as a benefit for employees. The main advantages of the group insurance schemes are low premium and simple insurability conditions. Premiums are based upon age combination of members, occupation and working conditions of the group.

A major feature of group insurance is that the premium cost on an individual basis may not be risk-based. Instead it is the same amount for all the insured persons in the group. Another distinctive feature is that under group insurance a person will normally remain covered as long as he or she continues to work for a certain employer and pays their insurance premiums. This is different from the individual insurance policy where the insurance company often has the right to reject the renewal of a person's policy, depending on his risk profile.

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Life Insurance Endowment Policy

An endowment policy covers risk for a specified period. At the end of this policy the sum assured is paid back to the policyholder along with the bonus accumulated during the term of the policy. An endowment life insurance policy is designed primarily to provide a living benefit and only secondarily to provide life insurance protection. Therefore endowment policy is more of an investment than a whole life insurance policy. Endowment life insurance pays the face value of the policy either at the insured's death or at a certain age or after a number of years of premium payment. Endowment policy is an instrument of accumulating capital for a specific purpose and protecting this savings program against the saver's premature death.

Premium on endowment policies is payable for the full term of the endowment policy unless, the insurer dies earlier. When compared to whole life insurance policies, the premium rates for endowment policies are higher and the bonus rates lower. But one of the major attractions of endowment policies is that they provide a return on premium payments when the policy comes to an end. The endowment received at the maturity of the policy can be used for buying an annuity policy to generate a monthly pension for the whole life.

Endowment policies are one of the most popular insurance plans today. It not only provides financial risk cover in case the insurer's premature death but the insurance amount is also repaid once this risk is over.

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Children's Life Insurance

Children’s Life Insurance is a tool many families use to give their children a financial foundation that they can draw upon when they are older. Children’s life insurance will cost you lowest as rates rise with age. The low rates make whole life insurance affordable for almost everyone. Because whole life premiums are locked in at the beginning, they will never increase with the child’s age, regardless of whatever health issues may arise. So this could be looked up as good investment and security.

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Universal Life Insurance

Universal life insurance offers many features of whole life insurance; but essentially allows greater flexibility once the policy is in force. Like whole life insurance, universal life insurance is a permanent policy. It protects the policyholder until death; however long that may be. Also like whole life insurance, universal life insurance accrues cash value over time. But unlike whole life insurance universal life insurance breaks the death benefit and cash value accumulation into separate components. This allows the policy holder to make changes in the policy. For example, if the policyholder wants to increase the death benefit, he/she puts more of the premium money into the insurance account and less into the cash value account or vice versa. The policyholder can decrease the death benefit and increase the cash value contribution. To reduce premiums, the policyholder can pay only the insurance portion. Once the cash value has accumulated, the policyholder can withdraw the money. The money must be paid back, or else the death benefit will be decreased. Some people use the universal life insurance policy as a savings account to draw on as they get older. Others use the accumulating cash value to increase the death benefit so they have more to leave their loved ones. Universal life allows these choices and decisions to be made throughout your lifetime.

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Whole Life Insurance

Whole life insurance covers the policyholder for his or her whole life. There is no fixed end date for the policy, as there is with term life insurance. When the policy holder dies, the face value of the policy which is also known as a death benefit is paid to the person or persons named in the life insurance policy i.e. the beneficiary or beneficiaries. The cost of a whole life insurance policy is spread out across many years and so the premium remains the same. This ensures that older people on a fixed income will not have to cope with rising premiums.

Unlike term life insurance, whole life insurance accrues cash value over time. If you cancel the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you. The cash value is scheduled to equal the face value when the policyholder reaches the age of 100. If you live that long, the insurance company will likely pay the face value to you in a lump sum. This is not the only way to use the cash value, however. You can also borrow some of the cash value as a loan. The money has to be paid back, but there is no approval process and no risk of being turned down. You are your own lender. Some whole life insurance pays dividends, so it can be used to supplement your retirement income.

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Term Life Insurance

Term life insurance is also called as term assurance. It is a life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount. Term insurance is considered the cheapest plan available in the market. It is a pure protection plan and basically designed to protect you from unexpected circumstances. It is suitable for those with not so normal health conditions and comes in three types with varied sum assured: level benefit, increasing benefit and decreasing benefit.

The first thing to be decided while buying a term insurance is the sum assured. This is arrived after considering the lifestyle and the current debts of the person taking it up. In the event of the death of the person the sum assured could be used to repay the debt. Term insurance does not give maturity benefit to the buyer. Nevertheless, one can buy riders to the term policies that could give premium on maturity. If the buyer dies before the maturity, the nominee gets the sum assured.

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Form of Exercises: Aerobics

Aerobic exercise is one of the best and safest exercises to do. It is a complete workout as well as a fun sport to do. Doing aerobics regularly can improve one’s heart rate, body condition and state of mind. Aerobics helps relax the tense muscles. The term “aerobics” literally means with oxygen. It implies that the body is using oxygen supplied for low and moderate intensity physical activities that are constant such as biking, jogging, etc. Aerobic exercise plays the same role in the human body by pumping out deeply accumulated fat from inside the body.
Aerobics is an excellent way for a person to achieve physical fitness. A person performing aerobics has increased heart rate and increased metabolism rate. Increased metabolism rate speeds up sweating and eventually accelerates the fat burning process thereby resulting in the weight loss. Aerobics involves using large muscle groups for a repetitively for a sustained amount of time. One of the plus points of aerobics is that it can be enjoyed even with the extended period of time. The most common types of aerobics include aerobic dance, bicycling, fitness walking and running, stair climbing and swimming. Dancing and continuous sports activity like running can improve circulation and overall cardiovascular health.
The benefits of aerobics include:

·        It strengthens the body including the weight bearing bones and the cardiovascular muscles.

·        It helps in losing the body weight and in toning up the body muscles.

·        It is very easy and widely enjoyed form of physical exercise and can be enjoyed by people of all age groups. However, it is not recommended for very small children pregnant women. And elder people should perform it for a short duration.

·        It increases blood circulation and lowers blood glucose and blood sugar levels.

·        It increases oxygen supply to heart, lungs and blood vessels and thereby, results in the smooth functioning of the body.

·        Aerobic workout is a great stress buster and acts as an effective remedy for depression, anxiety and tension. It helps to a great extent in the rejuvenation of the mind.

·        It also boosts up the body immune system.

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Life Insurance

Life insurance offers a way to replace the loss of income that occurs when someone dies. It is a contract between you as the insured person and the company that is providing the insurance. If you die while the contract is in force, the insurance company pays a specified sum of money free of income tax to the person you name as beneficiaries. It is a insurance for you and your family's peace of mind. Its function is to help beneficiaries financially after the owner of the policy dies.

It can also be a form of savings in the long run if you purchase a plan, which offers the option of contributing regularly. Additionally, a little known function of life insurance is that it can be tied in with a person's pension plan. A person can make contributions to a pension that is funded by a life insurance company. These are considered private pension arrangements.

TYPES OF LIFE INSURANCE:

1.      Term Life Insurance

2.      Whole Life Insurance

3.      Universal Life Insurance

4.      Children's Life Insurance

5.      Senior Life Insurance

6.      Mortgage Protection Life Insurance

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