By K Ashwin Mobile: 09920183006 Email: email@example.com
Life insurance is all about loving your family and protecting the lives of your loved ones! You need life insurance if a child, spouse, life partner or parent is dependent on you. You don’t buy life insurance because you are going to die but to ensure that those you love can continue to live a healthy and financially stable life. But why are over 95% of Indians still not realizing the importance of life insurance in their lives? Nearly two decades after the life insurance business was privatized in India (in the Year 2000), life insurance penetration touched just 3.6% of the total population by the end of March 2019 (as per IRDAI). This is much lower than the penetration of life insurance in Japan, Singapore, S. Korea and Thailand.
A recent CARE Rating report said that the life insurance sector is expected to grow around 14-15 per cent per annum. The growth in India will originate, it said, from various components, including higher demand for retirement items, for example, pension and annuity, alongside low accessibility of government-sponsored standardised savings systems and rising awareness of retirement planning and growing urbanisation.
Therefore, Insurance Inclusion is the need of the hour for India today! Talking about policies, different types of policies suit different types of people. People who are willing to take some risk and know a little about the investment can opt for a ULIP. People looking for only the protection aspect can go for a term insurance plan.
Life Insurance is financial protection for your family in case of your death. You can also use it to build savings for yourself if you outlive the policy term. The different types of policies are Pure Term Insurance Policy, Endowment policies, Non-Linked Participating Endowment Plan, Unit Linked Life Insurance Policy (ULIP), Non-participating Non-linked Endowment Plan.
In certain types of policies, there is an option to get critical illness benefits or create additional protection for your family if you pass away because of an accident. Even the healthiest of individuals can fall sick without warning and require expensive medical treatments. In such a scenario, being financially unprepared to tackle the costs of the necessary medical procedures is not an option.
The complete buying process is completed in just 10 minutes. Just follow these simple steps:
Step 1: Select a plan you want to buy.
Step 2: Once you have selected a plan – click on Buy Now to calculate your premium.
Step 3: Complete the application form by answering some simple questions about your personal & professional life and health details.
Step 4: Review the form and make payment.
To summarize, there is a life insurance plan for every possible financial goal. If you are looking for a simple cover to shield your loved ones against financial risks, choose a term plan. Those looking for a combination of insurance and investment opportunity, a ULIP is an ideal choice. If you want insurance and comfort of savings, select an endowment plan. Periodic returns with an insurance cover can be realized from a money-back plan. A child plan is best for fulfilling your child’s life goals like education, marriage, etc. Plan your retirement and retire gracefully with a retirement plan. It is better to live rich than to die rich!