Live Long and Prosper

by Yash Sharma I am creative writer

The younger generation of India generally tends to ignore taking a life insurance policy until it becomes too late. When in young age, people do not usually think about their old age and the issues they can face in their life. But taking up a life insurance policy should be a must in your to-do list. The early you start with it, the better and lower premiums you get to have. It protects your family when you are not around financially and lessens your burden. Here is why it is important to have a life insurance policy.

What do you understand by Life Insurance?

It is a contract between an insurance company and policy holder where the insurer guarantees to pay an assured sum of money to the nominee or beneficiary in the case of sudden death of policy holder during the tenure of the policy. The policy holder has to pay a predetermined sum of money as premiums either on lump sum basis or on a regular basis. The payment of benefits can be affected due to some conditions, such as critical illness or a terminal illness.

Things to consider before buying a policy-

Instead of just taking up the first policy, you get to know about, here are a few tips that can help you from making any wrong and rash decision.

· Buy policy when you are young-

Buy a policy as early as possible to avail a number of benefits. The younger you are, the lower premiums you will get and the more the chance will be to have a long-term policy at an inexpensive price.

· Think before you buy-

Before buying a policy or considering buying a policy, it is important that you understand your financial situation well. Make sure that you are stable financially so that you can take care of premium payments for now and in the future to come.

· Being clairvoyant-

Be careful on how things will work out in future. Buying a Life Insurance policy with a great coverage would protect you and your family against inflation and rising prices.

· Make Research-

Use internet and browse and study about as many plans as you can. Take advantage of internet. This way you can make an informed decision while buying a Life Insurance Policy.

Few Life Insurance Providers to consider-

It can be confusing to decide on the best policy for you and your dependents. Here are some insurance providers offering Life Insurance products-

· Reliance Life Insurance-

It is one of the most popular Life Insurance Provider in India and offers an attractive policy for the long term with coverage up to Rs. 1 crore along with maximum term duration of 35 years.

· ICICI Prudential Life Insurance-

This policy offers a wide range of Life Insurance products and policies. Tenure under this policy ranges from 30 to 40 years with a maximum entry age of 70 years.

· HDFC Life Insurance-

This policy has a tenure stretching up to 40 years, offering coverage of up to Rs. 1 crore. It is an ideal policy for young working professionals.

Here are some other Best Life Insurance Plans you can consider buying-

Life Insurance Plans	Entry Age (Min/Max)	Policy Term (Min/Max)	Sum Assured (Min/Max)
Aviva I-Life Plan	18/55 years	10/35 years	25 Lacs/NA
Bajaj AllianziSecure	18/70 years	10/30 years	20 Lacs/NA
Bharti AXA eProtect Term Plan	18/75 years	10/30 years	25 Lacs/NA
HDFC Click2Protect Plus	18 /65 years	10/30 years	10 Lacs/10 Crores
HDFC Life Sanchay	30/45 years	15/25 years	1,05,673/NA
ICICI Pru iProtect	20/75 years	10/30 years	3 Lacs/NA
Kotak Life Preferred e-Term	18/75 years	10/40 years	25 Lacs/NA
LIC AmulyaJeevan	18/60 years	5/35 years	25 Lacs/NA
LIC New JeevanAnand	18/50 years	15/50 years	1 Lac/NA
LIC Term Plan	18/75 years	10/35 years	50 Lacs/NA
Max Life Online Term Plan	18/70 years	10/35 years	25 Lacs/100 Crores
SBI ShubhNivesh Plan	18/60 years	5/30 years	75000/NA

Understand the Contract Terms-

Before signing a contract, it is necessary to understand the terms associated with contract-

· Indisputability Clause-

The insurer can challenge the validity of your insurance claim if proper information is not provided to them. This gives them the right to cancel your insurance policy and return your premiums.

· Suicide Provision-

This provision states that the insurer will not settle any claim if the policy holder commits a suicide or even makes an attempt to suicide.

· Reinstatement Clause-

This comes into use when your policy lapse due to non-payment of the premiums. Under this, the policy can be revived again after paying the outstanding premiums along with late fees or interest, but the insured person need to prove that he is eligible for this provision.

· Settlement Options-

According to this clause, you will collect your settlements as per the options provided by the insurance company.

· Excluded Risks-

According to policy, there can be some exclusion like covers are not provided under situations like war and aviation accident.

· Grace Period-

It is provided to the policy holder in case he or she is not able to pay premiums within stipulated time. Time period for the payment of premium is generally extended.

To know more visit: Paisabank.org

Conclusion-

Do not let life expectancy data scare you. Buy a right insurance policy to protect yourself and your dependents to live a happy and prosper life. Secure your family’s future, as life insurance policy will protect your family financially even when you are not around.