Life Insurance

What is Life Insurance?

A life insurance plan is a contract between an insurance policyholder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium after a set period or upon the death of an insured person. Life insurance offers you and your family financial protection.

Types of Life Insurance

Whole Life Insurance

Whole life insurance provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also includes a savings component that can accumulate cash value on a tax-advantaged basis. These policies may be referred to as traditional life insurance.

Universal Life Insurance

Universal life insurance is permanent life insurance (lasting for the life of the insured) with an investment savings element and low premiums similar to term life insurance. This policy option offers more flexibility than whole life insurance. Policyholders can adjust their premiums and death benefits.

Term Life Insurance

Term insurance is the simplest form of life insurance. It provides financial security to your family at the most affordable rates. With this, you can get a large amount of life cover at a low premium rate. In case of death of the Life Assured during the term of the policy, the benefit amount is paid to the nominee.

Benefits of Life Insurance:

Life insurance refers to an agreement between an individual and an insurance company under which the latter promises to provide a sum assured (death benefit) to the family of the life assured in the event of an untimely death of the life assured. In case of no death, a sum assured known as the maturity benefit is provided at the time of maturity of the policy under certain life insurance plans. There are many reasons to buy life insurance:

Life Cover
Peace of Mind
Financial Security
Loan Facility
Tax Benefits
Assured Income Benefit
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          How much life insurance coverage will I need?
          A careful examination of your current and future financial needs can determine the amount of life insurance you need.
          How much is my life insurance cover?
          Most insurance products offer a cover of 10 times the annual premium you pay. However, you may still need more cover. Ask your advisor to calculate the right amount of insurance cover for you.
          Does the plan require a physical exam?
          Most plans require a physical exam before the plan is effective. In many cases, this will be done at your own expense by an approved doctor.
          What are the exclusions in the plan?
          Understand policy exclusions in detail. Remember to ask your advisor about all situations that may make you ineligible to receive the benefit amount.
          What happens if you miss a monthly premium or are late on a payment?
          Non-payment or late payment of life insurance premiums may affect your benefits and if the policy remains in force.
          Is there a application fee to apply for the plan?
          Some insurance companies require an application fee before making a final decision on whether to provide you with life insurance.

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