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 Tips & Advice |
Hints To Choose Life Insurance PolicyPosted on : Dec 13, 2011 |
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Hints to choose life insurance policy
The increasing times with tumultuous financial markets are making it inevitable to get insurance cover for your family and you. Many of us hesitate to take decisions as it is a wax ball.
Choosing insurance policy is not only for your health, but also helps your financial plan. The benefits top the financial support in the times of untimely death of the bread winner of the family. Getting insurance cover is vital for a sound financial future and is also equally important.
Hints to choose
Choose insurance policy depending on the current as well as the projected income and your ability to pay insurance premiums, you age, medical state and financial plans.
The next is to look for the cost-benefit ratio. This is done by keeping close eye on the insurance buying cost and ensuring it justifies the benefits it indicates covered under the policy. The cost and benefits to be available should strike a balance.
Cover
Ensure that your insurance covers the majority of health problems and dependants. The promises of the insurance companies may appear green, but decide you require a pure cover or an insurance cove with investment features. The main insurance kinds are:
Term Life Insurance - Providing coverage for a specific period of time. There is no maturity value and the premiums are very low comparing other types of policies.
Endowment Policy - This is a life insurance contract tailored to pay a lump sum on the completion of a particular term or on unavoidable events such as earlier death. The policy holder gets a lump sum in the end of the policy period if he survives.
ULIPs - Offers life insurance such that the value of the policy keeps varying. ULIPs are stock market oriented products and returns are closely linked to the ups and downs of Indian stock market.
Money-back Policy - This is where the survival benefits are to be paid only up to the endowment period end and you can receive as partial survival benefits periodically. Most Money-Back policies give periodical cash returns to specified period.
Comparing these plans it is essential to consider few points before buying life insurance products:
1. The claim settlement ratio so that it is available when required.
2. The bonus rates declared every year.
3. The Profit of the insurance company.
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