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An overview of life insurance in India

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Title: An overview of life insurance in India


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An overview of life insurance in India
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  • These days, life insurance policies have not been
    restricted to the old traditional plans. The life
    insurance industry has been showing a massive
    growth in the past few years. Many companies have
    come into existence in order to add to the
    betterment of the masses. Insurance policies with
    all new features is offered by some of the
    leading providers. There are various types of
    insurance policies such as plain/basic life
    insurance cover, money back plans, pension plans,
    investment plans to name just a few. So what
    should one choose? Which plan will be the best to
    cover your requirements? While thinking of buying
    a policy, you may have to tackle these questions
    that come to your mind. Below are a few useful
    things which should help you find out an
    appropriate policy, according to your budget and
    needs

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  • The first thing that you should consider is the
    fact that so you actually require a life cover?
  • If you are the bread earner of your family and
    you have dependants than you definitely need to
    go for an insurance to take care and protect your
    family financially.
  • What to expect from the best life cover?
  • In case of unforeseen situations like the death
    of the policy holder, his/her family is provided
    with a financial cover. Purchasing a life
    insurance is a also one of the great ways of
    saving for the future of your children, such as
    their education, marriage and your retirement as
    well. An insurance cover also helps in tax
    saving.
  • How should one begin?
  • Understand your needs now as well as in the
    future, set your budget accordingly and then
    proceed further to shop for the right life cover.
  • Determine the importance of life cover
  • Seek the answers to some basic questions to
    understand why a life cover is needed.
  • The current lifestyle expenses of your family.
  • What are your savings and how will they be
    helpful when you are no longer with your family.
  • Expenditures that will arise in the future for
    your family such as marriage, education and other
    desires of your loved ones.

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  • When to buy an insurance?
  • Life insurance needs change with every stage of
    an individuals life. The one common fact among
    all the buyers of an insurance policy is that you
    should choose a cover that suits your
    requirements and is also priced reasonably. It is
    often suggested by financial experts that you
    should buy an insurance at an early stage of your
    life and seek for wider options too.
  • Life insurance policies are of many different
    types such as term insurance, whole life
    insurance, endowment plan, unit-linked plan,
    money back plan. Thus, it becomes essential to
    know what you require before buying a cover.

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  • Term insurance High risk cover is provided under
    a low premium. In case of the death of the policy
    holder, the insurer will pay the sum assured to
    the beneficiary/nominee mentioned in the policy
    by the policy holder.
  • Whole life insurance This type of insurance
    covers you for your entire life which means you
    need to pay the premium until you die. In case of
    your demise, the nominee will get the sum
    assured.
  • Endowment plan The premium is usually high and
    it gets invested in the markets- equity and debt.
  • Unit linked plan A plan that provides investment
    along with assurance. The assured sum is paid in
    the event of death.
  • Money back plan A certain portion of the sum
    assured is paid regularly. In case the policy
    holder survives, he/she gets the balance sum
    assured and in case of his/her death, the nominee
    will get the full sum assured.
  • Review your income changes and growing needs on a
    regular basis to understand whether you are
    getting the most out of your life insurance or
    not.

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