Get the right life insurance that covers all your needs

 Life Insurance is a source of having a savings plan for the future so that you can have a constant source of income post-retirement and towards other financial contingencies and requirements. Life Insurance is one of the ways to protect as well as save in a disciplined manner.

Life Insurance provides financial coverage for various contingencies of human life. Life Insurance Plans can help create a significant financial budget for your long-term financial goals by helping you save money with the protection of life cover.

Life Insurance provides financial support to your family during your demise. It is important to buy a Life Insurance Plan that covers the mortgage, education and other expenses to secure your dependents after your demise.

Types of Life Insurance Plans in India:

There are different types of Life Insurance Policies in India:

·         Term Insurance plan – Term insurance plans or death benefit plans are insurance policies which offer compensation to the dependants in case of the death of the life assured.

·         Unit-linked insurance plan – Unit-linked insurance plan are insurance policies in which a part of your premium go towards mutual fund investment while the remaining goes towards the death benefit.

·         Endowment plan – Endowment plans are insurance policies in which a part of your premium goes towards the death benefit, and the remaining is invested by the insurance provider.

·         Moneyback policy – Also known as survival benefit, Moneyback policies pay a certain percentage of the plan’s sum assured at regular intervals.

·         Whole life insurance- Whole life insurance policies offer life cover for an individual's whole life.

·         Group life insurance – Group life policy or employee-based coverage is a health insurance plan offered by the employer of a member organization. A group insurance policy offers financial independence to the employee's family if the insured employee dies.

·         Child Insurance plans- Child insurance provides financial aid to children throughout their lives and the death benefit is available after parents' demise.

·         Retirement plan – Also known as pension plans, retirement plans are a combination of investment and insurance. A part of the premium goes towards creating a retirement fund for the policyholder.

How to choose the right Life Insurance Plan?

Choose the right insurance that covers all your needs to get optimal benefits. Below are a few of the things to keep in mind before choosing a Life Insurance Plan:

·         Plan your life insurance goals with the help of a suitable life insurance policy.

·         Calculate the insurance cover you need and discuss it with your financial advisor.

·         Determine the premium amount you have to pay for the required life insurance.

·         Select a suitable policy term, keeping in mind at which age you expect your income to stop.

·         Choose a reputed life insurance provider with a CSR (Claim Settlement Ratio) of over 95% for consecutive years.

·         Be transparent to your insurance provider and do not conceal any details. It is mandatory to declare existing ailments. Providing accurate information is crucial to avoid claim rejection in future.

·         Plan for a life insurance policy at an early age since life insurance premiums are lower when you are younger.

·         Choose a comprehensive policy that protects you or your loved ones against critical illness, accidents, permanent disability, and terminal illness.

·         Read your life insurance document carefully and evaluate your insurance needs regularly.

Life Insurance is an essential financial tool to keep your future secured when your fixed income stops or to secure your loves ones' future post your demise. Choose an insurance policy that offers maximum benefits and covers all your needs.