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Life insurance is commonly known as life assurance. It is an agreement between the consumer and the insurer, where the insurance company promises to pay a specified amount which is also known as the sum assured in return of premium, in the case of the death of the policyholder. The payment regarding terminal illness and critical illness depends upon the norms of the insurer. The consumer pays a specified premium amount in the lump sum or at regular intervals. Expense such as a funeral can also be included in the same.
Provides protection
Good for investment
Financial security
Tax benefit
Loan
Wider Options
Why It Is good to Buy A life insurance when you are younger
Well, as per the thumb rule of it, the earlier you buy the cheaper your policy will be. If you are going for a life insurance plan at an early age or in your 20s then your policy can be two times cheaper as what you will get in your 40s. The whole concept of it is that the insurance company consider you less likely to file a claim at a young age. But you must keep in mind that before offering a life insurance plan to you, the insurer will check a few things such as your occupation, your medical history(in case of younger the chances of the medical test will be less), life style and much more. It is a fact that whenever you buy your home, getting married, having children than buying a life insurance is a cost-effective way to secure your future.
How does life insurance work?
In most of the cases, the best and effective form of life insurance is known as term insurance. Under the same, the beneficiary will get a sum assured amount as regular income or in the lump sum after your demise. Under the life insurance policy, you will get the option of choosing coverage and term of the policy as well.
Well, it may be quite difficult for you to understand the whole concept that�s why we are here to help you. Here you can compare features, benefits, and premiums for plans easily and can choose the best one for yourself within a few minutes.
What Should Be The Ideal Amount For Best Life Insurance Policy
If we think practically, the requirement of having an insurance plan changes every few years due to increment in responsibilities. A bachelor with his working father doesn't have much need for a life insurance plan. However, once he gets married the need of having a suitable insurance policy will arise. For a married person who has kids and dependant parents, it becomes a must-have thing. Every policyholder should review his plan's features on a regular basis so that it is coherent with the current needs. Major factors such as marital status, earning power of the person, age in the family have to be considered for new life insurance needs. You must plan wisely for your life insurance, it should neither be an excess of your necessities, nor less than what you should have. If you are getting insured for less, then your family may have to bear the burden of expenses in case you are not around to take care of them. Likewise, with an expensive insurance plan, you would waste a lot of your savings that you can use for some other purpose.
Provide financial protection for you and your family as well. It will help in maintaining a standard lifestyle. The basic needs such as clothing, food, shelter, and education come under it
After securing your basic necessities, it would be the right time to think about the long-term investment that can meet the predictable needs arising in future like child education, vehicle, marriage, and buying a house among others.
For an independent future, you need to consider a retirement plan for maintaining a respectable living standard and be able to meet the increased medical expenses. It is advisable for you to take the pension plan at an early stage of life, it will help you in getting lower premium amounts. As you secured all your basic and future needs, you would also want to increase your wealth. Judicious financial investment planning can help you in determining the goals related to wealth and the right path to reach it wisely. The life insurance plan that you have can help you in increasing wealth corpus by negating the effects of inflation.
You can use life insurance premium calculator to know the ideal amount.
Useful Tips To Buy Life Insurance
Well, if you are getting confused in comparing life insurance online, then here are a few tips that will help you a lot in choosing the best and affordable one.
There is no doubt in saying that the premiums of life insurance are calculated on several factors. The younger you are, the lower will be the premium. It is advisable to purchase a life insurance policy at an young age as it will help you in availing a long-term, low-cost cover through which you can easily secure the future needs of your loved ones and several other things.
It is the very crucial step, before buying life insurance you must first understand your needs of having it. Consider all your needs of present and future along with the financial obligations, don�t forget to add requirements of your family. Choose a plan that can easily go well with your needs.
Whenever you are buying a term plan don�t forget to think about the inflation. It is obvious that a cover of Rs 50 lakh does look enough today, but would it be able to meet the needs of future or after 20 years. When deciding the amount of a life insurance plan, make sure to consider inflation like how prices will change and can affect future requirements.
Online life insurance is affordable and convenient as well. By purchasing online, you are cutting the middlemen that are agents. Online life insurance is easily accessible. It will help you in saving your hard earned money and time as well.
How to make a claim ?
When a policyholder dies, an intimation regarding the claim should be sent to the insurer as soon as possible. The nominee and beneficiary can do the same. The claim intimation should have the details about the date, place, and cause of death. The insurer has the duty to check it out as early as possible and assist the policyholder's family in completing the formalities of the claim.
The claim intimation should contain information like the date, place, and cause of death. The insurance agent has the duty to help the life assured's family/ assignee to deal with the insurance company to fulfill the formalities for a claim.
Claim form
Death certificate
Policy document
Deeds of assignments
Legal proof of title if the plan is not assigned
Form of discharge
Apart from this, medical attendant's certificate, police inquest report, post-mortem report, employer's certificate, etc are required. You can compare life insurance online to get the best life insurance company which has a good claim ratio.
Documents Required
Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Anyone)
Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one's citizenship
Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address
Income Proof specifying the income of the person buying the policy
To have a record of the insured person's identity for future references
Some plans may also require medical tests
Online Buying Process
Very easy to buy, hassle free buying without going through heaps of paperwork
Takes less than 10 minutes to complete a purchase
Simply enter basic requirements details as per the need and preference to find the best insurance plan for you
Compare plans from various companies in less than 30 seconds and take a wise decision for your insurance investment
Choose a plan which fulfills your criteria of insurance and be insured within minutes
Complete online proposal form in 5 minutes, which asks you for your basic details for further reference
Upload your documents and make payment towards the plan you want to opt for.
You are now covered under the policy
