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    Life Insurance

    What is Life Insurance?

    Life insurance is a contract signed between a person and an insurance company. In exchange for premium paid at regular intervals, the insurance company promises to pay a lump sum known as a death benefit to the beneficiaries of the policyholder after the death of the policyholder. The intention of the life insurance is to provide a financial benefit to the dependents of the person buying the life insurance, to guard them against financial pitfalls in the event of the premature death of the insured person.

    Benefits

    Benefits of Buying Life Insurance Plans Online

    1. Financial Security 

    Among several advantages of life insurance, financial security, and peace of mind are hugely significant. You can rest assured your family will not have to compromise due to financial burdens in case of a mishap. It will also help them in taking care of financial liabilities, such as loan payments.

    2. Death Benefits 

    The death benefits of life insurance entail payment of a predetermined amount to the insured individual’s family in case of loss of life. While nothing can be equal to the value of life, the financial aid in such a time can reduce the burden substantially.

    3. Maturity Benefits 

    The maturity benefits of life insurance allow the policy to function as a saving instrument as well. When the policy matures, some plans offer the insured the total amount of premium paid during the tenure.

    4. Tax Benefits 

    Section 80C allows certain tax benefits of life insurance. It makes the premiums paid towards the policy eligible for a tax deduction, reducing the taxable income. Furthermore, Section 10(10D) also ensures that any pay-outs through the policy also remain tax-free. The tax benefits of life insurance make it a significant incentive to purchase a policy.

    5. Investment Opportunities 

    Some types of life insurance allow the policyholder to enjoy investment opportunities and the benefits of life insurance. It is done so by using a portion of the premium to invest in equity funds and using the rest of it towards life coverage.

    Features

    Features of Life Insurance Plan

    Some of the most common features of life insurance plans are :

    Premium Waiver

    Some life insurance waives further premiums in case the policyholders have a severe illness or are disabled under any circumstances.

    Accelerated Death Benefits Online

    In case the policyholder gets a terminal illness, they can claim cash advances in exchange for the death benefit. This can help pay for the treatment and other expenses.

    Spouse 26 Child Riders Online

    Some of the life insurance policies helps you to add a cover for your spouse and your child until they are 26 years of age. This feature is useful if you cannot afford to get separate covers.

    Mortgage Protection Plan

    Several life insurances have a mortgage protection cover. The insurance pays your mortgage in case the policyholder dies.

    Why It's Important to Buy Life Insurance Policy in India?

    A life insurance policy acts as a financial shield for a possible event linked with human life, such as disablement, retirement, death, accident etc. Since life is a crazy ride, you can’t really predict the next move. In the event of the sudden demise of the prime wage earner of a family, apart from the emotional ordeal, his/her family is at the risk of a financial setback. In case this individual is the only bread earner of the family, his/her dependents are faced with a loss of income.

    Even though there is no such calculator that can estimate the value of a human life, what needs to be done have to be done at any cost to make sure that you and your family is protected. In order to work out the sum assured, the life insurance company takes your finances and lifestyle into consideration.

    This sum assured is provided to insured’s family following his/her demise in order to provide them with a much-needed monetary support. You must consider buying a suitable life insurance plan to ensure that your family doesn’t have to make any compromises due to financial crunches.

    • Unpredictability: We can’t predict life. We can’t really sit here and predict our last day on earth. Anything unfortunate can happy anytime without any warning. If you could really control your life then you wouldn’t leave anything to ensure the financial security of your family. It’s unfortunate that it’s not in your hands.

      Therefore, the solution is that you must make sure that you buy a life insurance plan. This way you can be a step ahead so. By purchasing life insurance policy you can accomplish the financial goals that you set for your family even when you will no longer be around them.

    • Financial Protection: Life insurance policy provides with the much-needed financial support to your family by compensating against the loss of income.

    • Debt-Proof Future: The unexpected demise of a wage earner is nothing less of a tragedy. You have to deal with the emotional crisis initially and it can transform into a financial emergency in no time. With the help of a life insurance policy, any outstanding debt, like a personal loan, motor loan, a home loan, etc. would be taken care of.

    • The Fulfillment of Retirement Goals: Life insurance plan is an ideal alternative to achieve the long-term goals. It can also help you accomplish the retirement goals too. Some life insurance plans offer miscellaneous investment opportunities while some life insurance plans provide you with performance-based bonus.

    • Avail Tax Benefits: A life insurance policyholder can enjoy tax-benefits regardless of the type of life insurance policy one chooses to purchase. As per the Income Tax Act of section 80 C, the premium payable for a life insurance plan is entitled for tax benefits of up to Rs. 1 lakh 50 thousand.

    • Mental Peace: The most precious gift that life insurance policy offers is the ultimate peace of mind by providing financial assurance for the future of your family. Even a basic life insurance plan can help generate funds to take care of the future economic needs of your family.

    • Savings Tool: You will have to pay an enhanced life insurance premium if you opt for a traditional/unit-linked plan. This additional amount of money is invested in your preferred fund and as a result, it can act as a savings instrument for the future.

    • Children’s Future Expenses: A life insurance plan can take care of all the future expenses of your children. Various expenses like wedding and education expenses can be take care of by like insurance policies.

      In the modern age, the cost of reading a child is through the ceiling. Apart from that, getting an admission in a reputed college costs a high amount of money. Life insurance policy makes sure that the policyholder’s your children don’t have to make any concession as long as their educational and personal requirements are concerned.

    • Business Security: Some life insurance plans certainly cater to the requirements of yours as well as your family’s. However, there is availability of some life insurance plans in the market that provide support to your business as well. Life insurance policy also facilitates a business partner to buy the share of his/her departed business partner.

    Once you know what you want, the next step is to shop around and compare various life insurance plans that fulfill your requirement. The best life insurance policy is the one that provides the best for the insurance buyer’s requirements. Such a life insurance plan will help your family to sail through the hard-hitting times with elegance.

    Guiding Principle to Choose the Best Life Insurance Policy

    We all know that purchasing a life insurance policy cannot bring your loved one back, but it can help you by providing financial security. Whether it’s just you and your partner or your family that consists of kids, the main concern for your peace of mind is having the right life insurance policy. There are so many life insurance companies in India, thus it can be a daunting task to choose the best life insurance policy. The following guidelines can help you choosing the best life insurance policy.

    Type of Policies

    There are numerous different types of life insurance policies. While choosing yours, you should know which type of policy you need. If you are looking for a lifelong indemnity plan that can help your family’s well-being after your termination, then a whole life insurance plan would be the right choice for you. This plan offers the death benefit for as long as you are alive. You can also look for the plan which provides your Human Life Value and includes a salary coverage and loan repayment if you need.

    Apart from these if you want a protection plan for a certain time period, you can choose term insurance. To pay off your overdue amount, you can purchase an insurance plan for specific period. That is why it is recommended to check out the various other types of plans like Pension Plans, ULIPS, Money back plans, Endowment plans etc. It is also suggested to buy life insurance policy at your young age.

    Coverage That You Require

    It is one of the most crucial factors in choosing the right insurance plan. At first, you should know the number of dependents of your family. If you are the only source of income of your family, purchasing a life insurance plan should be a priority for you. The main purpose of having a life insurance policy is to provide financial security after your demise. So evaluate the number of dependents of your family and search for a policy that provides highest coverage. You may also consider the amount your dependents may require to continue their lifestyle when you are no more.

    Premium Costs

    While purchasing the right life insurance plan, you also should keep in mind the premium factors. Though you certainly need an adequate coverage, don’t over buy. If your insurance premiums are too high to manage, you have to be much more cautious. If you want to purchase the policy just for tax-saving or investment purposes, then the premium is one of the most important deciding factors. For instance, the premium costs for endowment plans, Whole life policies and Unit Linked Insurance Policies are on a higher side when compared to others like Money Back Plans, Term Insurance and Pension Plans.

    Age Factor

    You present age plays a crucial role while purchasing an insurance policy. The premium cost of some life insurance policies depending on your current age – the younger you are, the cheaper your policy premium. Hence, it is always advised to purchase life insurance policy as your early age – when you are young and monetarily self-sufficient.

    Retirement Plan

    Retirement plans can be a good start if you think it as a source of cash flow after retirement. Hence, if you are looking for retirement plan, selecting the correct retirement policy will help you to live a worry-free life post-retirement.

    For that purpose, you have to go through the terms and conditions of the policies and then choose the right one.

    Evaluate the Sum Insured

    In order to get the best life insurance policy, you should have a calculation of sum insured and then search online for different insurance companies. And you have to do thorough research of their plans, benefits, and limitations. It may be perplexing initially; you will have a clear picture.

    Compare Quote

    According to insurance experts, at first you have to shortlist at least 3 to 4 companies from any online life insurance distribution marketplace and comparing them. Once you receive different quotations, you will be able to choose the right one as per you needs. You should choose such policy that can cater to most of your requirements and preferences in terms of the policy period, premium, budget and coverage.

    Purchase Life Insurance Policy Online

    Once you find a company that you are contented with, you should ask questions, because the clearer you are on what kind of life insurance is right for you, the easier it will be to agree on policy that matches your necessities. You can make the purchase online; there might be certain official procedure that you will need to fulfill which may vary from one insurance company to another. Moreover, it is so convenient to buy life insurance policy online. It’s easy to search, compare, and get quotations online.

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    Faqs

    Life Insurance FAQs

    With a life insurance policy, you can plan for the financial security of your loved ones who are dependent on you. Alongside, you get several benefits like tax deductions and life cover.
    You need to consider several factors while choosing sum assured, including your income, financial liabilities, lifestyle expenses, and future goals.
    It is the amount that you need to pay to an insurer, either one time or as regular payment, to keep your life insurance policy active.
    The life insurance company you choose decides on the premium payable for its policies. The premium amount is calculated based on several factors, like your age, gender, health condition, smoking habits, and life expectancy.
     
    If the life insurance premium remains unpaid even after the grace period, it can lead to policy lapse. You will lose the expected insurance benefits while also wasting all the premiums paid in the previous years.
    This depends on the type of insurance policy you have bought. For instance, if you have chosen a term plan with return of premium option, you will get the sum of all premiums paid as survival benefits after the end of policy tenure. However, there is no such benefit under a pure term plan.
     

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