Know About Your Life Insurance
Life insurance is like an investment in your family’s future. It is a contract between a policyholder and an insurance company where the former pays premiums for the policy chosen. In exchange, the latter promises an assured sum of money to the policy’s beneficiaries upon the policyholder’s sudden demise. Thus, it’s essential to choose a perfect life insurance plan catering to your needs and preferences.
There are life insurance policies such as savings plans that assist you with achieving your desired financial goals and investment plans that offer high potential returns. If you are new to investing, you can seek professional advice from experts to reach an informed decision.
Term Insurance
The right term insurance plan is the one that suits your needs and offers adequate coverage without you having to stress your finances. These term plans are relatively simple in design and aim to fulfil a primary function – a better future for your family in your absence.
⊙ Lifestyle Protection
⊙ Terminal Illness Coverage
⊙ Breadwinner Protection
⊙ Return of Premium Option
Frequently Asked Life Insurance Questions
Why are life insurance riders important for me?
Life insurance riders can enhance the effectiveness of your basic life insurance plan. Via riders, you can avail better protection and enhanced coverage. Some examples are the waiver of premiums and coverage for terminal illnesses. What kind of rider is important for you will directly depend on your situation. Do take the help of a life insurance calculator to understand how adding riders defines your policy’s purchase value.
Who Can Buy A Policy?
Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. Policies can also be taken, subject to certain conditions, on the life of one’s spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent’s income and other relevant factors are considered by the Corporation.
Can a disabled person be covered by life insurance?
Yes. In most cases, a disabled person can be covered by life insurance. However, the policy’s terms and conditions may differ from the more standard inclusions and exclusions. One should consult an expert to explain their situation and then understand what policy would best suit the needs of a disabled person.
Can a life insurance policy cover an individual who smokes?
Yes. However, for insuring individuals who smoke, the life insurance policy quotes will be higher, since smoking is considered a health hazard. Compare the premium estimates for different plans before zeroing in on one.
Will I have to pay tax on a life insurance policies maturity benefit?
No. The maturity benefit is tax-free, courtesy of Section 10(10D) of the Income Tax Act of 1961. Do note that tax laws are subject to change with time, and you will have to keep updating yourself with the latest information in order to make the best use of your policy.
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