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Life Insurance Policy
The most valuable gift in life is having a family that loves you. You go to great lengths to be with your loved ones and meet their emotional and financial needs. You must take action to secure your loved ones' financial future if anything unexpected happens to you if you want to ensure that they are safe and happy during their lives.
It is here where the decision to purchase a Life Insurance Policy becomes important. Life Insurance serves as a means to shield your family from any financial losses that can arise following your untimely death. The Life Insurance Coverage that family members will receive will assist them in paying off mortgages, meeting daily living costs, and achieving a variety of life goals.
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What exactly is a life insurance policy?
A life insurance policy is an arrangement between an insurance company and an individual [1]. According to the terms of the arrangement, policyholders pay a certain amount as the policy premium, while the insurer owes a particular amount to the policyholder's family in the event of the untimely death of the life insured.
Since death is the only certain thing in existence, it is important to purchase the right life insurance policy that meets your financial needs.
Why Do You Buy Life Insurance?
A life insurance policy protects the family's financial interests while you are not present. Millions of people purchase life insurance for purposes that are often difficult to articulate. It is an essential component of a sound financial plan because of the following advantages:
Family Financial Security
A life insurance policy would pay a predetermined amount to your relatives (the designated nominee) in the event of your untimely death. They will use the guaranteed amount to meet a variety of financial needs.
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Critical Illness Insurance
In a life insurance policy, you can add a critical illness rider to defend against critical health conditions such as cancer, kidney failure, and cardiovascular issues.
This way, you or your relatives would not have to be concerned with the financial aspects of medical emergencies.
Deductions from taxes
Section 80C of the Income Tax Act of 1961 allows you to deduct the premium you pay for a life insurance policy up to Rs 1.5 lakh.
Mindfulness
With the right life insurance policy by your side, you can rest easy knowing that your loved ones will have a financial safety net to fall back on if you die.
Broad Coverage at a Low Cost
Depending on your age and health status, insurance providers provide substantial payouts for life insurance (such as term plans) at a low premium.
Possibilities for Wealth Creation
Life insurance policies, such as ULIPs (Unit Related Insurance Plans), provide you with life insurance as well as market-linked returns on your investment.
For example, the Max Life Online Savings Plan – Variant 1 includes life insurance as well as a lump sum payment for your financial goals. You can also choose funds based on your investing style.
Lifetime Financial Planning
Life insurance policies, in addition to offering financial support in the event of an untimely death, can also be used as long-term savings to achieve a variety of life goals. You can prepare well for various life stages by investing in life insurance at the appropriate age.
Making Plans for Your Child's Higher Education
Saving money for your child's education will be one of your top priorities as an Indian parent. You can save for your child's future and help him achieve multiple educational goals by investing in the right life insurance plans.
Retirement Income Protection
Life insurance is an investment tool that you can use to prepare for your future. The consistent payouts it can provide in the form of annuities can become a source of income for your retirement years.
Who Will Purchase a Life Insurance Policy?
Any person, male or female, between the ages of 18 and 65, may purchase life insurance in India, subject to the terms and conditions of the policy.
|
Age Group |
The Importance of Purchasing Life Insurance at a Certain Age |
|
20-30 |
Significant coverage at a low premium that will aid in the repayment of school loans, as well as other financial needs |
|
30-40 |
Financial security for the whole family, as well as a regular monthly income, are provided by the life insurance policy selected. |
|
40-50 |
Possibility of generating wealth Higher education for a child and retirement planning |
|
50 and Above |
Ease of repaying large financial debts for the family, as well as other advantages. |
Here are some other important aspects of purchasing life insurance that you should be aware of:
1. Smokers, like non-smokers, may obtain life insurance, but the premium can vary. In addition, before purchasing a life insurance policy, they must remind the insurer of their smoking habit.
2. Disabled people can still get the Best Life Insurance Policy if they can demonstrate that they care for their family members. They may also submit to medical examinations in order to assess the insurance premium depending on the level of risk involved.
3. People with pre-existing medical conditions should purchase life insurance. They must notify the insurance provider of any pre-existing medical conditions. Failure to report this information when buying a policy will result in claim denial later.
Important Life Insurance Policy Terms
1. What exactly is a policy?
Policy refers to the insurance contract entered into between you and the insurance company as evidenced by this document, the Proposal Form, the Schedule, and any additional information
2. What exactly is Sum Assured?
It refers to the amount payable to a candidate in the event of the insured's untimely death, as stated in the chosen life insurance policy. You can determine the premium owed for a particular amount guaranteed by using an online life insurance premium calculator.
3. What exactly is Annualised Premium?
The Annualized Premium consists of the Total Policy and loadings for that year, plus any additional premiums paid for Underwriting, plus applicable taxes, charges, or levies.
4. What is the term "Life Insurance Coverage Period"?
That is the time period over which the insured is covered by a life insurance policy. It can vary from the premium payment term/period required to pay a life insurance premium.
5. What is the life insurance policy's maturity date?
It refers to the date listed in the Schedule when the Policy Term expires.
6. What exactly is a life insurance premium?
It denoted a sum stated in the Policy Schedule that You must pay by the due dates to secure the benefits under the Policy, except any relevant taxes, cess, and levies.
7. What is the mode or frequency of premium payment?
Individuals can pay their life insurance premiums in the following ways:
1. Regular mode, which is weekly, quarterly, half-yearly, or annually for the duration of the policy.
2. A particular premium subscription period, which may be a set number of years (not till the end of the policy term)
8 What exactly are Life Insurance Riders?
Riders are basically functions that are in addition to the Policy's basic benefits. These include the accidental death benefit rider, the serious illness rider, and the premium waiver rider.
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