Understanding Life Insurance

Life insurance is an important part of a complete financial portfolio

Understanding Life Insurance

Life insurance is an important part of a complete financial portfolio. Learning basic life insurance facts will help you make an informed decision about the type and the amount of life insurance that you need.

When you buy life insurance, you enter into a contract with an insurance company that promises to provide your beneficiaries with a certain amount of money upon your death. In return, you make periodic payments, called premiums.The premium amount is based on factors such as your age, gender, medical history, and the dollar amount of life insurance you purchase.

Why Do I Need Life Insurance ?


Life insurance can provide “income replacement” so that your family can continue to pay everyday expenses.

Divorced Parent

A policy could cover the support payments thats a divorced parent makes.

Stay At Home Parent

Life insurance would cover the cost of paying for services the parent does for “free,” such as achild care.

Parents Of A Special Needs Child

Lufe insurance can ensure the child will have financial support no matter when a parent dies.

Someone With Co-Signed Debt(Eg. Student Loans or credit cards)

Life insurance could never the cost of the debt.

Home Owners

Life insurance would cover the cost of paying for services the parent does for “free,” such as achild care.

People Concerned About Paying For Their Own Funerals

Small life insurance policies can pay for your funeral and final expenses.

Someone Who Wants To Provide An Inheritance

If you don’t have a lot of wealth ,life insurance can provide a small inheritance of heirs.

Inventors Who Has Maxed Out Savings

Life insurance with a cash values component can provide a supplement source of retirement saving. 

Benefits Of Life Insurance

With this type of coverage, you have the dual security of knowing that while your premiums will never change, in the event of your death, your beneficiaries will receive the policy benefit tax-free.

Lifetime Coverage

With permanent life insurance, you are covered for life—your coverage does not end after a certain term.

Guaranteed Premiums

Premiums are guaranteed when you buy your coverage and remain unchanged for the life of your policy.

Tax-Free Benefit

Permanent life insurance provides a tax-free death benefit to your beneficiaries when you pass away.

Coverage Adapted To Your Needs

Term life Insurance

Term life insurance provides temporary protection for temporary needs. It also has some flexibility, so you can adjust your insurance as your needs.

Whole life Insurance

Whole life insurance provides coverage for the life of the insured. In addition to providing a death benefit, whole life also contains a savings component.

Universal Life Insurance

2 important aspects of financial planning: Permanent insurance protection for lifelong peace of mind, plus Investment account options that can grow your savings.

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Frequently Asked Questions

What is the meaning of insurance?
Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.
Why do I need Insurance?
Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.
Why should one cover oneself immediately ?
Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest.
How to Choose the Best Term Plan?

While selecting a term plan, you need to look for the following and ensure that your family has the best financial protection with the term plan:

Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.

How much life cover do I need?
The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family.
If budget is a problem, you could go for monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised.
What is Critical illness benefit ?
If you are ever diagnosed with a critical illness, it can affect you physically, emotionally and financially. The optional benefit of covering 34 Critical Illnesses such as cancer, heart attack and kidney failure for a maximum of 30 years without any change in premium. But here’s the best part – It gives full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No Hospital Bills required. This amount can also safeguard your family against the loss of income arising out of the illness.
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