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Why Should You Have Life Insurance?
Having life insurance in place can help you achieve much needed financial security for both you and your family. The payout from a life insurance plan can be flexibly used by the policy beneficiary/beneficiaries for various purposes such as covering daily expenses, paying off outstanding debt, etc. to secure the financial future of your loved ones.
Can I Choose the Policy Term and Premium Payment Term When Buying Life Insurance?
Yes, you have the freedom to customise both the premium payment term and policy tenure when buying a life insurance from a life insurance company. A longer premium payment term typically leads to lower individual premiums, while a longer policy term means that you will be covered by the insurance policy for a longer period of time.
What Are Life Insurance Quotes?
Life insurance quotes show how much premium you will pay for the coverage you want. The premium payable for a life insurance policy depends on multiple factors such as your age, health, policy type, and sum assured. It is a good practice to obtain quotes from multiple insurers to help compare different plans before buying the right one.
Who Needs Life Insurance the Most?
Anyone with financial dependents should definitely consider purchasing a life insurance policy. If you have dependent family members who rely on your income, like your spouse, children, or ageing parents, then you should definitely consider buying a life insurance policy. Others who should consider purchasing a life policy include working individuals, married people, single parents, and new parents.
What Are the Types of Life Insurance Plans?
There are various types of life insurance plans in India, such as:
- Term insurance
- Endowment plan
- Whole life plans
- Money Back Policies
Apart from the above, some other types of investment-oriented insurance policies also provide life cover benefits. Examples of this type of life insurance products include – Unit Linked Insurance Plans (ULIPs), Child Plans, Retirement Plans and Annuity Plans.
What Are the Key Factors That Affect Life Insurance Premiums?
Premium of life insurance policies are calculated based on various factors including but not limited to your age, current health condition including pre-existing conditions, lifestyle habits (like smoking/drinking), policy term chosen, sum assured, premium payment term, riders/add-ons chosen, and the type of plan selected. Young and healthy people are usually charged lower premiums compared to older individuals with health issues. Similarly, a higher sum assured lead to higher premiums in the case of life insurance plans.
What Are the Uses of Life Insurance?
The primary purpose of a life insurance policy is to provide financial support to your family in the case of your untimely death. The life cover payout of a life insurance policy can help pay off outstanding debts, cover education or marriage costs of children, and more. Additionally, the premiums paid for keeping a life insurance policy in effect offers tax benefits under Section 80C, if the policyholder has opted for the old tax regime.
Do I get survival benefits under my life insurance policy?
This depends on the type of insurance policy you have bought. For instance, if you have chosen a term plan with return of premium option, you will get the sum of all premiums paid as survival benefits after the end of policy tenure. However, there is no such benefit under a pure term plan.
What will happen if the life insurance premium is not paid on time?
If the life insurance premium remains unpaid even after the grace period, it can lead to policy lapse. You will lose the expected insurance benefits while also wasting all the premiums paid in the previous years.
Who decides the life insurance premium?
The life insurance company you choose decides on the premium payable for its policies. The premium amount is calculated based on several factors, like your age, gender, health condition, smoking habits, and life expectancy.
What is a life insurance premium?
It is the amount that you need to pay to an insurer, either one time or as regular payment, to keep your life insurance policy active.
How to choose the right sum assured under life insurance?
You need to consider several factors while choosing sum assured, including your income, financial liabilities, lifestyle expenses, and future goals.
Why buying life insurance is important?
With a life insurance policy, you can plan for the financial security of your loved ones who are dependent on you. Alongside, you get several benefits like tax deductions and life cover.
What are life insurance riders?
Life insurance riders give your term plan extra wings by increasing the regular plan cover. A few of them are critical illness, accidental death, waiver of premium riders, etc.
They allow you to tailor your plan for additional protection at a small extra cost.
They allow you to tailor your plan for additional protection at a small extra cost.
Why add riders to your term life insurance policy?
Adding riders helps you customise your insurance to match your lifestyle and financial goals. They also provide additional coverage for specific risks, such as disability, critical illness, or accidents.
Thus guaranteeing higher levels of financial security without the need for an additional policy.
Thus guaranteeing higher levels of financial security without the need for an additional policy.
What is underwriting in life insurance?
Underwriting is the process insurers use to evaluate your risk before issuing a policy.
It involves reviewing your age, health, lifestyle, occupation, and medical history to determine your eligibility and premium amount.
It involves reviewing your age, health, lifestyle, occupation, and medical history to determine your eligibility and premium amount.
What is a premium in insurance?
A premium is the cost that you pay in order to maintain an active insurance policy. For example, if your term insurance premium is ₹10,000 per year, you must pay that annually to ensure your coverage continues.
How is an insurance premium calculated?
The premium varies depending on various factors, including age, health, lifestyle habits (such as smoking), occupation, policy type, amount of coverage and the period of coverage.
The less risky your profile is, the lower your premium will be.
The less risky your profile is, the lower your premium will be.
Is the insurance premium monthly or yearly?
Insurance premium payments frequency depends on policy buyer’s preferences and insurers’ terms and conditions. You get an option of a monthly, quarterly, half-yearly, or annual basis premiums.
Many people prefer annual payments to avoid frequent reminders and missed due dates.
Many people prefer annual payments to avoid frequent reminders and missed due dates.
What is a quote in insurance?
A life insurance quote is an estimate of what your policy may cost you, depending on the information you give, like age, health, lifestyle, coverage amount and the term of the policy.
It makes you know how much the plan would roughly cost you before purchasing it, so that you can compare across various insurers and select the most appropriate one that suits your needs and finances.
It makes you know how much the plan would roughly cost you before purchasing it, so that you can compare across various insurers and select the most appropriate one that suits your needs and finances.
Why is life insurance a safe investment?
Life insurance is a safe investment option as it provides your family with guaranteed protection and financial security.
What are the benefits of buying a life insurance plan online vs. offline?
Buying a life insurance plan online offers several advantages. Here is a comparison to help you understand the difference:
| Parameters | Online | Offline |
|---|---|---|
| Cost Efficiency | You may receive online discounts, making the premium more affordable. | Usually more expensive due to agent commissions and service charges. |
| Whole Life Insurance | Provides cover throughout one’s lifetime with a guaranteed death benefit, supporting long-term financial security. Also helps create a financial legacy for heirs. | |
| Convenience | Can be purchased anytime from the comfort of your home with minimal paperwork. | Requires physical visits or meetings with agents, making it time-consuming. |
| Customisation | Offers several optional riders and benefits that can be easily added based on individual needs. | Customisation depends on the agent’s offerings and manual procedures. |
| Customer Support | Provides quick, dedicated online assistance and 24/7 helplines for queries or claims. | Relies mainly on agent support, which may not always be immediately available |
| Time Required | Much quicker with lesser touch points and on the go approach. | Traditionally much more time taking. |
What are the types of death not covered in life insurance?
The following are some of the circumstances under which a life insurance company can turn down a death claim:
- Murder of the policyholder and the nominee is involved
- Death due to criminal involvement
- Death under the influence of alcohol or drugs
- Non-disclosure of smoking habits
- Death during hazardous or adventure activities
- Death through pre-existing illnesses
- Death during childbirth or pregnancy complications
- Suicide during the first year of the policy
- Death as a result of a natural disaster
Always check for latest inclusions/exclusions by regulator to stay up to date
Can I withdraw money from my insurance policy?
Yes, you can withdraw money from your insurance policy, but it will depend on the kind of life insurance plan you have:
- In term insurance, there is no withdrawal or cash value privilege available.
- In endowment, money-back, or ULIP policies, you can withdraw part of the funds after a certain lock-in period or receive a surrender value if you decide to end the policy early.
