Choosing A Correct Life Insurance Policy

In the era of Technology & Science, where accessing the world and commuting with friends and family members has become easy with Twitter, Skype, Whatsapp, Instagram and Facebook or by just pressing few numbers on your mobile. Similar, is the option for getting an insurance for yourself or your loved ones. You just have to go online, compare the insurance quotes, click buy and save to get protected. Does it not sound simple!

There are multiple Insurance companies available in the market selling different insurances. Be it home, medical, fire, liability, life or guarantee insurance, depending on your need and plan. You should invest in the policy that covers you and your family in any situation. To choose the best policy, select the quote online after a thorough research or through financial guru.

Remember, while comparing prices of policy price might differ between different companies. This happens because every company’s risk evaluation is not same. Agencies evaluating risk is like they are evaluating you, so, you should be well aware of what kind of life insurance policy you want according to your income and requirements.

Below policies might help you in taking the best decision of life –

Guaranteed Insurance: The insurance that guarantees you with a pre-defined income of a percentage if insured sum to the policy holder. The life insurance plan along with regular payouts and maturity benefits is something you should invest without giving a double thought. The traditional plan leaving you without worrying even if there is a market fluctuation.

Term Insurance: As the name defines, Term Insurance will cover you for a limited period of time. You are given a choice to the time period of 10 / 20 years while buying the policy. Risk management and finance planning tool can be used in this insurance, e.g. if you are planning to take a home loan, a term plan of corresponding value can be taken along.

Retirement Plans:Planning to live luxurious old age without any worries? Here are your retirement plan options – Immediate Annuity and Deferred Annuity. Deferred Annuity begins after the policy term is over, whereas, in Immediate Annuitypension begins immediately after depositing a assured sum amount.

Investment Plans: As a parent we cherish every milestone of our child, but ever wondered with their growing, you are also getting aged. Now is a chance to invest in Investment Plan to beat the inflation and build large corpus for your retirement and child’s education.

With this you can also invest in –

Children’s Life Insurance/Plan:  The plan which will not only help you in planning a fruitful future needs and education of your child also in marriage.  The Children’s Life Insurance or plan secure the child’s future financially.

Not only this, you also get tax rebate with –

Tax Savings Plan: Like everyone else your main concern us also to save tax, hence, Tax Saving Plan helps you save tax with the premiums of life insurance. You can save up to Rs. 1 lakh under section 80 (C) and maturity & death benefits also gets tax exempt under section 10(D).

Explore the complete knowledge of the plan or insurance features, coverage and exclusions before finalizing the plan. Opt for enough coverage to match your needs and try to minimize the optionswith low premiums.  Also get a policy when you are healthy as investigation might happen before the insurer pays you.

So go ahead, do your market research and secure your future.

Nicole Hennig
Nicole Hennig is a freelance writer, content writer, blogger, and also a photographer. She graduated from the University of Caloocan in Johannesburg, South Africa in 2015.

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