Why do we need the best life insurance? If the person has any liability ...
Why do we need the best life insurance? If the person has any liability like a home loan, Business loan, or any personal finance loan, or any kind of debt then life insurance is the best choice because that’s how we are protecting our spouse, child, and parents from financial burden. In other words, that individual who has any dependent family member and earning of his/her are from a single family member should consider life insurance Which is better and why: Term Insurance or Whole life insurance? or What are the pros and cons of Term Life Insurance? Yes, term insurance is the best choice because of its a low premium or we can say term insurance is the cheapest among the best life insurance plans available in India. By choosing the term insurance not only we can save lots of money but also we earn lots of money by investing in different investment options like a mutual fund, equity, gold, and real estate.
Important: Always separate Insurance and Investment
Because the premium is the lowest in the term insurance plan, the policyholder has sufficient cash in hand so that policyholder can invest in different investment options.However, keep in mind whatever premium policyholder pay in case of term insurance most of the times will not get back after completion of the policy term. Which company is providing the best term insurance plan in India in 2021? There are several players in the market but one should choose the best company based on experience and a good track record. After all, we are buying term insurance for our dependant family members’ protection. What policy term should cover while Buying life insurance or term insurance?In my opinion, the ideal policy term should be 60 years because at this term there are rare chances that somebody is dependent on us and another advantage is to have a low premium. At What age we should buy Life Insurance? As early as possible we should buy life insurance to get the lowest premium benefit. What are the key parameters need to see before buying the best Life Insurance? Claim settlement ratio:It is a ratio between How many individual claims and that individual benefited. Say for example 100 people claim and 99 people benefited that means the claim settlement ratio is 99%. Amount settlement ratio: It is a ratio between how much amount claim and how much amount is paid. Say for example the 10 crore claim amount, the actual amount benefited is 9.5 crore that means the amount settlement ratio is 95%. What is the other addon need to cover while buying Life Insurance or Term Insurance? As per my opinion, two riders (extra addon/benefit) need to cover while buying life insurance one is a Disability rider and the other is a critical illness rider which means even if in case of a major disease or accident policyholder gets benefited. What are the different companies which provide Life insurance or term insurance services? Several players provide different Life Insurance plans and services like
What are the different types of life insurance plans available in India?The number of life insurance plans and policies available from a different company but still the term insurance remains the best choice as per my opinion if you are moderate to an aggressive investor.
Some plans of life insurance corporation of India is provided below and can get a hyperlink
Thanks for reading!!
Disclaimer: I am not SEBI approved Analyst or advisor. Investor/Traders must do his/her own Study and analysis before investing
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