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Tips You Should Know When Buying For Life Insurance


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Online insurance plans are those where you can complete your insurance process through internet.

Published in: Economy & Finance
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Tips You Should Know When Buying For Life Insurance

  2. 2. WHAT IS LIFE INSURANCE? A life insurance policy helps secure your family in the event of the death of the policy holder. It is an agreement where the life insurance company pays a pre- determined lump sum upon the death of the policyholder during the term of the policy. It is extremely important to understand what a life insurance is and the scores of benefits you can avail. When it comes to your family, there is no question of taking chances with their welfare.
  3. 3. THERE ARE DIFFERENT TYPES OF LIFE INSURANCE POLICIESOther than that, each company may provide personalized plans to help suit your needs better. Thanks to fast growing insurance industry, there are several life insurance companies that have made big name in the market owing to their quality products. You can compare between different plans offered by top companies. Their websites give a fair idea about their insurance products. You need to educate yourself and stay updated about the nuances of insurance.
  4. 4. INSURANCE ELIGIBILITY The eligibility may vary depending on various factors including gender, age, medical history, drinking and smoking habits, health problems, profession and more. These aspects can affect your life insurance policy and may lead to an increase in the premium that you will have to pay. You need to consider all these points and bring in necessary changes in your lifestyle to avail the best of what insurance can do for you.
  5. 5. SOME IMPORTANT TIPS TO KEEP IN MIND WHILE BUYING INSURANCE 1. Different insurance plan provide different benefits. It is up to you to decide which one suits you and your family best. Educate yourself about insurance policies. 2. Choose an insurance that doesn’t put any strains on your finances or lifestyle while still providing great coverage. Your premium must be affordable. 3. Online insurance plans are those where you can complete your insurance process through internet. Saves you on a lot of money and time. There are exciting offers available online as compared to offline.
  6. 6. 4. Your life insurance company should offer add-ons to your main insurance policy. Also known as riders, these increase the quality of your life insurance while making sure you have good deal of benefits to reap. Critical illness is one such rider that is common. 5. Policy term ranges from 5 years to over 40 years. Plan your life insurance accordingly. 6. Life insurance policies come with tax benefits under Indian Income Tax laws. The reason why you buy life insurance is to secure your family in the event of your demise. You don’t buy insurances to secure tax benefits. Tax benefits are an add-on advantage. 7. If you buy your insurance while still young, this ensures your premiums are very affordable. 8. Browse online for as much information you can gather about insurance companies. You need to fully trust a company you are entrusting the financial stability of your family.