Life insurance coverage is intended to act as a protective shield for you and your loved ones against the uncertainties of life. life insurance benefits vary from plan to plan.
for example, a pure life insurance plan, also called a term plan, such as the future generali flexi term plan online, extends the benefits of a lump sum income or a monthly income on your death if that happens during the term of the plan. Such plans come only with death benefits so that your family’s immediate financial needs are taken care of and you can maintain your standard of living. can provide life coverage up to age 75. then there are plans that help you strengthen your family’s financial future with the expiration benefit and the death benefit. take the future generali new plan insure plus. Once your policy expires at the end of the policy term and you have paid all premiums due, you will receive the expiration benefit. The plan is designed in such a way that it provides the opportunity to improve your payment due through bonuses. in another case, you can look for plans designed to finance very specific needs. future education plan insured generali allows you to systematically save until your child turns 17 for graduation or postgraduate studies. it is a guaranteed income plan that aims to protect her son’s education in the unfortunate event of her death. therefore, life coverage is extended to keep your child’s journey toward their goals smooth.
It is normally assumed that wealthy people would not benefit from life insurance. But the truth is, even they want a policy for the same reasons we do: Policyholders want their families to be able to maintain their current lifestyle in the unfortunate event of your death. therefore, it is common to see wealthy people take out massive life insurance policies. Let’s take a look at some of these:
- Guinness World Record Holder: The most valuable life insurance policy ever sold, according to Guinness World Records, is valued at a total of $201 million, over the life of an acquaintance to us. Billionaire who resides in the Silicon Valley area of California and is actively known in the tech space. the unprecedented insurance policy was sold by dovi frances, managing partner of sg llc, a company based in santa barbara, california, usa. The policy features a combined death benefit to be paid upon the insured’s death. the name has not been publicly revealed. the global registration authority confirms this on its website1.
- Previous Record Holder: Few people in financial services have had a career as interesting or as varied as that of life insurance salesman Peter Rosengard. one of the highlights of his career was selling the highest amount life insurance policy at the time. He sold the world’s largest life insurance policy, a $100 million policy to David Geffen, the head of Geffen Records2.
- Largest face value: According to a popular insurance blog3, Jeff Rose, an insurance agent, wrote the largest policy with a face value of $212 million and a premium of $6,148,000. The wealthy policyholder wanted the policy to serve him a dual purpose: first, $175 million for estate planning and estate taxes, and second, to leave large gifts to his favorite institutions.
- India’s most expensive policy: Closer to home, a policy4 with a premium of Rs 50 million was bought in mumbai during the wave of demonetisation. the record premium was paid by an individual for a pension plan
- bollywood celebrities in the insurance market: It was also reported that a major bollywood actor bought a Rs 2 crore pension plan which will give him an annuity of nearly Rs 15 lakh each year5.
While these amounts leave us speechless, they also highlight the personality of life insurance. The benefits of life insurance are not unknown to the wealthiest people. it’s about finding that sweet spot – the perfect balance whereby the policyholder can leave enough funds behind for family, loved ones and dependents to maintain their lifestyle and have a financial cushion in place. times of crisis, at least until they can move on. your own financial feet. we can refrain from talking about death all we want, but it can happen at any moment: it is an uncertainty to which even the richest are not immune.
See also: Who Should Have Whole Life Insurance?