Life Insurance
Covering your every need. Securing your every dream
Life has many important milestones: your house, your child’s education and marriage, your retirement. It would be your dream to achieve them all with certainty. However, this would need careful planning and an insurance cover. Your family is very precious to you and you want to see them secure at all times. Plans are specially designed to give that protection to your family (May God protect them from all harm). In the event of death of the life insured during the term, the beneficiary would receive the sum assured as a lump sum.
Main Cover / Life Insurance Policy
Provide money so that your family continues to live with pride
See off all your loans and liabilities
Life Insurance also takes care of family in case of your disability or critical illness.
Get lump sum amount in the event sudden death
Provides supplementary income in case of loss of income due to accidental disability or illness
Get lump sum amount if diagnosed with critical illness
Additional sum insured in case of accidental death
Things to Look for While Buying Life Insurance
Coverage
As a part of a financial plan for life, you must assess the coverage that you require from your policy. Remember to factor in future expenses that will be relevant to the plan.
Premium Payment Options
Most insurance providers offer different premium payment options to the insured. They can pay on a monthly, quarterly, half-yearly, or yearly basis. It is to make sure the policyholder enjoys the benefits of life insurance on their terms.
Policy Term
It is also essential to determine an applicable term for your plan. This will affect the premium amount, as well. To put it simply, a long-term policy will have a lower premium rate since it is spread over a more extended period.
Riders
As mentioned earlier, riders are one of the most attractive benefits of life insurance. Different types of policies offer various riders along with them at the time of purchase. You must look for one that will considerably increase the benefits of life insurance for you.
Terms and Conditions
nsurance policies come with specific terms and conditions. For example, every policy has a waiting period before the policyholder can make any claims towards it. Make sure to go through them while purchasing to avoid any disputes later. It will help you have a better understanding of the benefits of life insurance that are offered under different circumstances.
Claim Settlement Process
Different insurers may have a slightly different process of claim settlement. It is in your best interest to inquire about your policy so that it doesn't take you by surprise in a time of need. It will also help you prepare for the situation when you require the benefits of life insuranc