There is no doubt that life insurance is an integral part of life, one that is not to be ignored. However, it is also a fact that people are grossly under-insured, when it comes to Term
life insurance. The question that faces people is not “what is life insurance” – these days, the awareness about life insurance Policy
is not as bad as it used to be. However, the question that needs to be addressed immediately is “why life insurance”. The rather fixed views, preconceived notions, and short-sighted perspectives about life insurance are to be blamed for the shortcomings. There are, however, many positive aspects about life insurance as it is flexible, can be customized, and help you make the most of your investments.
Customize Your Life Insurance Policy Through Additional Benefits
The life insurance policy is not written in stone. Life insurance industry in India has tailored products and services that would suit most needs and requirements of the average investor, with the addition of what are called riders. Here are a few examples that help you customize your life insurance policy .Accidental Death Benefit:
Uncertainties in life are of many kinds – and accidents are facts of life that cannot be ignored. Life insurance in India has recognized this aspect and has come up with an accidental death benefit, where you could ensure that your family stands to get financial compensation, if there were to be death by accident. All it involves is the payment of a small additional sum that lets you enjoy this benefit.Critical Illness Protection:
You may want to go for an extended Coverage
with an expanded list of diseases that are protected against, especially in the critical category. After all, what is life insurance that does not provide you with vital coverage?Premium Return Rider:
For those who are interested in getting more out of their term life insurance, there is a Premium
return facility that should work in their favor. For an additional premium that you would pay, you could get your life insurance policy working harder for you. In this case, the good thing about life insurance is that you would be able to get the premium back.Premium Waiver:
There is no doubt that you would have planned ahead before you worked out the terms of your life insurance policy and figured out why life insurance was important for you. However, in a life of risks and uncertainty, you may not be able to foresee every possibility. You could customise life insurance to make it the right one for your version of uncertainty – if there are situations where you are not in a position to continue paying premiums owing to instances of permanent disability, you could continue to enjoy life insurance coverage with this additional cost that you incur in paying your premiums.
Another aspect to be noted about life insurance is that the provision for premium Waiver
is also available in the case of term life insurance that you plan for your children. In this case, if there were to be unexpected developments involving the death of the insured, the life insurance policy
allows for waiving of further premiums to be paid. This clause is equally applicable even in the case of permanent disability or dismemberment.