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Compare Life Insurance Policies in India

Life insurance policy provides you assurance that your family will get financial security and support even when you are not around. This is the best way where the insured person can save his family from financial crisis at the time of any mishappening or after death, but prior to this it's necessary to compare best life insurance policies offered by different companies, their contract terms, cost, premium quotes, limitations and benefits. With a population of over one Billion, only 35 million people in India are covered with life assurance policies. There are so many reasons behind this low penetration of insurance. Undoubtedly, ignorance about insurance, lack of knowledge about facilities and cost efficiency of insurance - are some of the reasons. That is the reason website like www.policybazaar.com will be of much help for all those who are looking for effective life cover solutions.

Compare Policy for Best Premium and Quotes

If you too are looking for a good life policy but do not have any idea about which insurance company to choose and what type of policy is apt for you, www.policybazaar.com can be a great help.

At our site, we are offering details of the leading life insurers in India. You can get comprehensive details of different life indemnity policies offered by these companies. You can even compare different life protection policies to see which policy suits you the most. You can also enroll for a policy and pay the premium for the policy. So get insured, all it takes is a few clicks of the mouse at our website.

Not many today know that life Insurance premium over the past few years has been revised by quite a few insurers. This has not only reflected in the amount of increased allocation per insurance premium but also the returns that guaranteed returns that a policyholder gets on his premiums.

To learn more about the premium for the bestselling products all a customer today needs to do is log on to www.policybazaar.com and get life cover quotes from all the top rated insurers. The customer on www.policybazaar.com does not only get the benefit of comparing life insurance quotes or premium from various insurers but also buy them directly on the site.

Life Insurance Basics

It is an agreement between two parties i.e. insured and insurer where in insurer agrees to indemnify insured in event of any contingency leading to death and injuries.

Types of Life Insurance

There are various types of life covers available to an individual depending upon the sole motive of insurance in order to meet contingencies. Below are types of life cover options available to an individual:

  • Term Insurance:

    Term insurance plans provide insurance to an individual for a fixed tenure. It is the pure and cheapest form of insurance for an individual. This type of policy is suitable for people who are unable to pay high insurance in order to buy endowment policies.

  • Whole Life insurance:

    Whole life policies are totally opposite to term life plans. This insurance policy covers risk to an individual for their whole life and generally no pay backs are provided under these types of policies.

  • Endowment Policy:

    These are also referred as the traditional policies. Endowment policies cover the risks of an individual for a specific period of time as per the opted policy and it also pay backs sum assured and promised bonuses at time of maturity as well.

  • Money Back Insurance policy:

    Money back insurance policy is a type of life cover under which money is paid to an individual at different stages of life yet covering their risk for a specific period of time.

  • Unit Linked Insurance Plans:

    Unit linked insurance plans are the modern form of insurance. In addition to insurance cover provided by the provider, money is also invested in various avenues therefore providing opportunity to derive good returns as well. So, it serves as an insurance policy and investment plan.

  • Retirement Plans:

    These policies are specially meant to provide steady income to an individual after their retirement. These kinds of policies enable a person to be independent maintaining good lifestyle.

  • Savings and investment plans:

    These plans help you to save money and also provide you investment opportunity to grow your money.

  • Child Insurance policy:

    These types of policies are meant especially for children. The basic motive of these policies is to provide financial assistance to a child at various stages of their education and thus making their bright future.

Term Life Protection Plan

Term life protects an individual from any contingency for a specific tenure and it is not hard on your pockets as well as premiums are very low. They offer maximum coverage and secure your family's future. They don't pay you anything back at the time of maturity if the person survives for the tenure of the whole policy which is the demerit linked with term plans.

Term Insurance Investment Plan

Term insurance investment plans serves dual person for an individual. It provides you life cover and helps your money to grow as it can be invested in various investment avenues. Investment avenues range from high risk to low risk depending upon your investment allocation.

Life Insurance Coverage

It is the sum assured to an individual in the event of any contingency. This coverage depends upon many factors like age of the insured, coverage of the policy and the policy opted by an individual. The risk group also decides the life coverage of an insurance policy.

Contract Terms

There are various terms used in an insurance contract. Below are some of the terms used:

  • Indisputability Clause:

    An insurance provider can challenge the validity of your insurance claim if genuine and proper information is not provided to them. They have the right to cancel your insurance policy and return your premiums.

  • Suicide Provision:

    This provision is the clause under which insurance company will not settle any claim if insured commits a suicide or even make an attempt to suicide.

  • Reinstatement clause:

    The reinstatement clause becomes useful when your policy lapses in the event of non-payment of the premiums. It states that policy can be revived again after paying outstanding premiums along with late fees or interest but an insured must declare and prove themselves fit in order to be eligible for this provision.

  • Settlement Options:

    This clause states that you will collect your settlements as per the options provided by the insurance company.

  • Excluded Risks:

    There can be few exclusions depending upon the policy like covers are not provided under situations like war and aviation accident.

  • Grace Period:

    A grace period is provided to an individual in the event when an individual is not able to pay premiums within stipulated time. Generally time period for payment of the premium is extended.

Life Insurance Claims

These claims are differentiated into two different forms as below:

  • Death claims:

    Death claims are made by nominees of the individual in the event of death of the insured. There are few formalities to be provided to the insurance company like policyholder's death certificate, original policy contract, a duly filled claim form and proof of identity of the beneficiary.

  • Maturity claims:

    Maturity claims are made by the individual when policy term gets completed and to avail this benefit insured has to furbish original policy bond and duly filled maturity claim form.

Tax Benefits

One of the key factors while buying insurance is tax. In India, tax rebate is provided to an individual for the sum invested in insurance policies. The amount invested in life cover is eligible for deduction of the amount from taxable income.

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Frequently Ask Question

 

Do we need to pay taxes for benefits provided under life insurance cover?

Ans:

The agent should actually inform you about the taxable benefits included in your policy. And, generally the death benefits are not subjected to any income tax.

 

How to check cash value of life insurance policy?

Ans:

Majorly, cash value of life insurance policy include the death benefit along with some amount of fund which can be used as saving or source for future premium payment.

 

How do health condition, age and sex affect the premium?

Ans:

The older you get, the greater are the chances of sickness and demise. Talking about the sex, male are likely to pay more as the life existence of a woman is generally higher than that of a man. If you are suffering from poor health or pre-existence disease then you are expected to pay a higher premium. Health is actually counted before age and sex.

 

Can the insurer refuse to pay?

Ans:

Till the time it is a genuine case, the insurer has no point to reject the case. In case of deceptive claim or disappearing of an individual under mysterious circumstances, the insurer can hold the payment for investigation results.

 

Is there any tax benefit?

Ans:

You can have tax rebate on the policy under the Income Tax Section 80C. Also, the death benefit received as cover is not considered taxable income for the beneficiary. The cash value plans are generally not counted under the taxable section.

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