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Life insurance is designed keeping in mind the people who are dependent on you. They can lead the same kind of lifestyle even in your absence.
You should decide the amount of money you wish to insure for your family. The amount should be affordable as you need to pay the Premium for the sum Assured periodically. Depending on the Coverage amount which is the money you are planning to insure you can go for the right type of policy to cater the financial needs of your family in your absence. To know more about the policy you can seek the help of an Insurance Agent who will guide you through the life insurance application process. Also, you can surf the net to know and compare the rates offered by different insurance companies.
Term insurance policy covers only the Risk of death. The beneficiary receives the Sum Assured in case of his death within the term plan, beyond this term no payment is payable to the insurer.
Money back plan offers periodic payout at specified intervals during the term of the policy. When the Insured survives the term, the balance of the sum assured in addition with assured Bonus and returns is paid to him. If he dies during the term, the entire sum assured is given to the Beneficiary irrespective of the periodic payout made over the term.
Endowment plans are useful in two ways. One, the insurance cover that provides the death benefit to the beneficiary in case of the untimely death of the insured. Other than this, if the insured survives the term, he would get the Maturity benefit along with assured bonuses and returns.
Pension which is otherwise called retirement plans is considered one of the best ways for a hassle free retirement life. All you have to do is to invest a small amounts while you earn and in return get fixed annual or monthly payouts during your retirement years.
ULIP is a type of plan which offers both life cover and high returns subject to market risk. One part of the payment is kept for the insurance while the other is invested in different market based equities or stocks as suggested by the insurer.
Everyone who applies for life insurance would expect to reduce the premium amount. Age, family medical history, lifestyle habits plays important role in determining the premium. You can do the following if you want to reduce your premium.
Losing weight means preventing illnesses like high cholesterol and high blood pressure. Moreover obese people are prone to heart related diseases and chronic disease like diabetes. So by reducing your weight you can lower the premium rates.
If you quit smoking, there are lots of chances for you to live longer. This allows the insurance company to collect more premiums from you; therefore your premium can be reduced.
Alcohol consumption is hazardous to health. The insurance company will examine you and your application form to know your drinking habits. Stopping alcohol intake poses less risk to the insurance company and in return they will award you with lower premium. Opt for safe driving: Driving violations can make the Insurer to hike the premium. So opt for safe driving practices.
With the advent of the internet, you can choose the right life insurance online by comparing other rates and offers. Processing life insurance claims are also easy using online services of the insurance company. Using the online services one can view all the important details of the policy like benefits and Exclusions if any. This will help them to avoid unnecessary claims.