2. WHAT IS LIFE INSURANCE?
A life insurance policy helps secure your family in the event of the
death of the policy holder.
It is an agreement where the life insurance company pays a pre-
determined lump sum upon the death of the policyholder during the
term of the policy.
It is extremely important to understand what a life insurance is and
the scores of benefits you can avail.
When it comes to your family, there is no question of taking chances
with their welfare.
3.
4. THERE ARE DIFFERENT
TYPES OF LIFE
INSURANCE POLICIESOther than that, each company may provide personalized plans to
help suit your needs better.
Thanks to fast growing insurance industry, there are several life
insurance companies that have made big name in the market owing
to their quality products.
You can compare between different plans offered by top companies.
Their websites give a fair idea about their insurance products.
You need to educate yourself and stay updated about the nuances of
insurance.
5. INSURANCE ELIGIBILITY
The eligibility may vary depending on various factors including
gender, age, medical history, drinking and smoking habits, health
problems, profession and more.
These aspects can affect your life insurance policy and may lead to an
increase in the premium that you will have to pay.
You need to consider all these points and bring in necessary changes
in your lifestyle to avail the best of what insurance can do for you.
6. SOME IMPORTANT TIPS
TO KEEP IN MIND WHILE
BUYING INSURANCE
1. Different insurance plan provide different benefits. It is up to you
to decide which one suits you and your family best. Educate yourself
about insurance policies.
2. Choose an insurance that doesn’t put any strains on your finances
or lifestyle while still providing great coverage. Your premium must
be affordable.
3. Online insurance plans are those where you can complete your
insurance process through internet. Saves you on a lot of money and
time. There are exciting offers available online as compared to
offline.
7. 4. Your life insurance company should offer add-ons to your main
insurance policy. Also known as riders, these increase the quality of
your life insurance while making sure you have good deal of benefits
to reap. Critical illness is one such rider that is common.
5. Policy term ranges from 5 years to over 40 years. Plan your life
insurance accordingly.
6. Life insurance policies come with tax benefits under Indian Income
Tax laws. The reason why you buy life insurance is to secure your
family in the event of your demise. You don’t buy insurances to
secure tax benefits. Tax benefits are an add-on advantage.
7. If you buy your insurance while still young, this ensures your
premiums are very affordable.
8. Browse online for as much information you can gather about
insurance companies. You need to fully trust a company you are
entrusting the financial stability of your family.
