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How to choose the best life insurance policy?

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Read about how you can choose the best life insurance policy. Know about types of life insurance policies and also read how your life insurance premium is determined? Know more. – PowerPoint PPT presentation

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Title: How to choose the best life insurance policy?


1
How to Choose The Best Life Insurance Policy?
2
  • Having a life insurance policy provides you with
    the much needed financial security in times of
    unfortunate death of the policyholder.

3
Benefits Of Life Insurance Policy
  • Protects your familys financial future
  • Provides financial help during medical emergency
  • Is an investment tool that helps you save money
    for your childs marriage, education and your
    retirement.
  • Helps in paying off loans and liabilities
  • Helps build retirement corpus
  • Helps you leave an inheritance

4
Types of Life Insurance Policies
  • Provides life insurance coverage to an individual
    till the age of 100 or as long as he survives.
  • Policyholder is required to pay premiums until
    death or till a specific period of time.
  • The nominee is paid the sum assured along with
    bonus on death of the insured.

Whole Life Insurance Policy
5
  • This type of insurance plan provides death
    benefit to the beneficiary only if the insured
    dies during the term of the policy.
  • It offers high coverage at low premium rates.
  • A pure protection plan does not provide any
    maturity benefit.

Term Insurance
  • It is a mix of savings and insurance that helps
    you build financial corpus while providing
    protection.
  • In case of death of the policyholder, the benefit
    is paid to the nominee.
  • In case of survival, maturity benefits along with
    bonus (if any) is given.

Endowment Plan
6
  • This is a savings cum protection plan that
    provides a certain percentage of sum assured to
    the policyholder at regular intervals.
  • Pay-outs are generally at regular interval i.e.
    every 4 or 5 years.
  • Survival benefit is paid if the policyholder is
    alive.
  • On death of the policyholder, the nominee
    receives the full sum assured along with bonuses
    (if any).

Money-back policy
  • Helps you build wealth for your childs education
    or marriage.
  • Protects your childs future in case of your
    unfortunate death

Child Plan
7
  • This type of plan provides you with a steady
    income flow post retirement.
  • Helps you build a healthy financially secure
    future

Pension Plan
  • This is an investment cum insurance plan.
  • A part of the premium is invested while another
    part is used towards life insurance.
  • These plans provide market linked returns along
    with flexibilities on managing investments and
    withdrawals.

Unit Linked Plan
8
How to Calculate How Much Life Insurance You Need?
  • Decide whether or not you need life insurance
  • Firstly, determine whether or not you need life
    insurance
  • If youre single and dont have any dependents,
    then you may not find the need to buy life
    insurance
  • If youre married and have kids, then its
    advisable to buy life insurance
  • Estimate your familys living expenses

9
  • How much coverage do you need?
  • Depending on your income, your liabilities,
    assets, your income, your life goals like childs
    marriage and education, lifestyle, you can
    calculate the coverage you need.
  • Its a thumb rule to opt for a life insurance
    cover 15-20 times more than your income.

10
How is Life Insurance Premium Determined?
  • Your life insurance premium is determined by the
    following factors
  • Age
  • Gender
  • Health
  • Smoking Drinking Habits
  • Lifestyle
  • Family medical history

11
Conclusion
  • You can choose the best life insurance policy by
    keeping the above things in mind and also by
    choosing the best type of life insurance.
  • Recommended Read How to choose and buy the best
    life insurance policy in India?
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