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Basic Principles of Life Insurance Policy in India
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Basic Principles of Life Insurance Policy in India

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Buying life insurance policy is a must have option due to the changing situations of life. But there are some basic principles that one needs to know before opting for life insurance in India. …

Buying life insurance policy is a must have option due to the changing situations of life. But there are some basic principles that one needs to know before opting for life insurance in India.

Published in: Economy & Finance, Business

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  • 1. • Purchasing a life insurance policy is a must with the changing situations of life.• Taking insurance is something that one should never take lightly as it ensures that their loved ones will be taken care of in case of unfortunate events.• There are different life insurance plans available in India and depending on the individual requirements and affordability one can set up the premium amount.• Before buying your policy, one should have a complete look at their personal finances.
  • 2. • Life insurance is a source/medium/platform of providing a strong financial support for your family after your demise.• It is a sound financial planning of your family for a better tomorrow.• It helps you achieve your long term goals in life.• In professional level, life insurance policy is a contract between oneself (insured) and the agent or insurance company (insurer).
  • 3. • Premium amount is the basic consideration for the insured.• The first payment and then the continuing payment of premiums matters him the most.• For an insurer, his considerations is the offer to pay out for the sum insured if the life insured dies during the respective policy period.
  • 4. Both the parties that is the insurer and the insured must be in agreementfor what they are contracting for the specific period of policy. The life insurance policy must have an “insurable interest” specification.
  • 5. People under the age of 18 years i.e Minors are restricted by the Family LawReform Act 1969. Because of certain restrictions, the contract cannot beenforced against them.Hence, many insurers will not issue a policy to someone under the age of 18.