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Showing posts with label about life insurance. Show all posts
Showing posts with label about life insurance. Show all posts

How to buy the right term insurance plan?

Some lessons are difficult to learn.  This should not happen in the case of your insurance policy.  Your life insurance cover must be big enough to cover all outstanding liabilities and future goals.  Some other aspects of the policy also need attention.  For example, when you need the policy the most, then its period should not end.  Do not make mistakes that can lead to a claim being rejected.  After losing their loved ones, nothing can be more shocking for the family.  Here we are going to tell some important things, which should be kept in mind while buying a term insurance plan.
How to buy the right term insurance plan?
How to buy the right term insurance plan?

Give correct information

 Trust is the foundation of an insurance contract.  It is based on this principle.  If the insurance company finds out that the policy holder has given incorrect information in the form, then the existence of this contract ends.  Premium is low for non-smokers.  But, if you smoke, do not forget to tick 'No' in the application form.

 Claims may be later rejected by concealing something in relation to habits or medical conditions.  If you smoke or drink alcohol, then mention it.  If you have a history of diabetes in your family, then tell them.  Do not hide the truth.  This will increase the premium slightly, but the purpose of insurance will remain.  The claim will also not be endangered.  Remember that every year about 2 percent of life insurance claims are rejected.

 Insist on getting a medical test

 Term plans are very high-value covers.  Therefore, companies usually conduct a comprehensive medical test of buyers before issuing a policy.  In some cases companies do not insist on medical tests.  She only asks the buyer to declare good health.  This thing can work against the person buying the policy.  In case of untimely death, the company can say that the buyer lied about his health.  He was a victim of illness even before buying the policy.

 If the buyer goes through the process of medical examination, then the entire responsibility falls on the company and the doctor who tests it.  Then the company is no longer in a position to dispute the insurance claim with the policyholder's nominee.  Therefore, only take the policy of the company that does the complete medical test.

 Don't just look at the price

 Pure term plan is the cheapest option of life insurance.  The reason is that there is no investment component in it.  One can buy a cover of Rs 1 crore for Rs 8,000-10,000 annually.  But low premium alone should not be the reason for decision making.  Should buy term policy from such insurance company who has a good track record of settling claims.  What does it mean to buy such a cover, which costs Rs 1,000-2,000 less, but you are not sure whether the family will get the claim amount or not.

 Pay attention to the term of the policy
 Term plan saves the family from financial difficulties in case of untimely death of the policy holder.  Therefore the insurance policy should cover the policyholder as long as it works.  It can be from 55 years to 65 years.  In some cases this cover may be even longer.  Generally, a person should take cover for 60-65 years.  There is no use of taking a policy of 15-20 years, which should end only when the policyholder is 50 to 55 years old.  Some companies offer cover ranging from 80 to 95 years.

 Mode of payment of premium
 Once you buy a term plan, 

do not let it lapse due to missing the renewal premium.  Use the bank's ECS facility to avoid payment of premium.  In this, the fixed amount of premium is deducted from your bank account at the specified time.  There is another option.  Every year you can place a standing order to your credit card issuing bank to pay the premium.  In this way the premium is paid automatically on time.  You only need to pay the credit card bill

What is life insurance? 10 Benefits for Buying Life Insurance

Life insurance is a contract, which provides financial security to themselves and their loved ones.
What is life insurance
What is life insurance
Life insurance helps in future economic disaster.

person is not alone, he has a family of his own, every person in the family has dreams.

In today's environment, in case of calamity, relatives also leave matters of financial support to the family.

The same life insurance policy is ready to support their loved ones.

Life insurance is a simple means of realizing one's dreams and oneself.

Life insurance can make dreams come true, according to dreams, whether or not a person lives on taking a life insurance policy, life insurance fulfills the responsibility of realizing their dreams.

Life insurance is considered to be the best means of saving, life insurance starts with one point, each drop slowly takes the form of a pitcher,

After the time period is over, the same pitcher is returned.

 Life insurance has been considered the best tool for protection with 10 savings.
 In the USA, it is compulsory for every person to have life insurance, where people go and get insurance,
 Are we aware about insurance, did we do it ??
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