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Which Life Insurance Policy Is Right for You?

Life insurance has great value, as often with just a small amount a day, an individual can provide adequate financial protection to his family and other dependents. A Life insurance policy is an ideal financial safeguard for those who are single, married, married and have kids, single parent, stay at home parents, parents with grown up kids, for retired individuals  and for small business owners.

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The sum that one gets on the demise of the insured (known as death benefit) helps in meeting important financial needs like funeral costs, daily living expenses and providing education funds for the children. Additionally,the benefits you get on life insurance are tax-free. But, the question arises - which life insurance policy is best?

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

The Definition

Life insurance is a written agreement between an insurer and insured that briefly defines the monetary benefits that the insurer would give to the insured. Depending upon the insurance benefits and conditions, the insured gets the sum assured along with said bonus either regularly or as one lump sum. In India, life insurance providers offer various types of insurance policies that come with specific benefits, but deciding which life insurance policy is best can be a bit tricky.

Life Insurance-Know How

Insurance providers in India offer different life insurance plans to cater and deciding which life insurance policy is best depends upon the needs of the individual. Some of the commonly available policies are:

Term Insurance Policies

Often known as ‘pure life insurance’, a term insurance policy secures the immediate needs of nominees in the event of sudden demise of the primary policyholder. Under this policy, monetary benefits are offered to the insured’s family/nominee and the policy ends only with the policyholder’s demise. This policy type is the most affordable of the lot, and even offers tax benefits during the policy duration.

Money-Back Policies

Money back policies are different from endowment plans in how the investment component is disbursed back to the policyholder. For a money-back policy, the primary insured receives a fixed amount at specific intervals throughout the duration of the policy. However, when the main insured dies, the full sum assured is paid to the beneficiaries. The terms and conditions as well as insurance benefits differ from provider to provider.

Whole Life Policy

A whole life or a “straight life” insurance plan offers insurance benefits and covers the life of the insured for his entire lifetime. In this insurance type, there is no fixed tenure; it is defined by the life term of the main insured.

Unit-Linked Investment Policies (ULIP)

Unit linked insurance policies  are insurance-cum-investment plans where the main insured gets the benefits of insurance as well as investment, as a part of the premium paid every month goes towards the insurance cover, and the remaining is invested in different market funds.

Pension Policies

Pension policies are retirement planning investment schemes. Under these policies, the applicants can self-determine and set a fixed stream of income post retirement. The sum assured at maturity depends upon the monthly paid premium. The tenure of this policy is the age at which the policy owner wishes to retire (this has to be mentioned at the time of purchasing the policy).

How to know which life insurance policy is bestfor you requirements?

Life insurance policies provide financial assistance to you and your family members against unforeseen situations in life. With so many different policies available, it is sometimes difficult to choose the best suited life insurance cover. Based on the comparison table below, you can easily decide which life insurance policy is best for you.

Types of Insurance

Premium

Coverage

Interest earned

Cash Value

Loan against policy

Term Insurance

Low

Fixed

No

No

No

Money-back

Flexible

Fixed

Yes

Yes

Yes

Whole Life

High

High

Yes

Yes

Yes

ULIP

Flexible

Variable

Yes

Yes

Yes

Pension

Flexible

Fixed

Yes

Yes

Yes

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Making the right choice

It is important to make the right choice while selecting a life insurance policy so that it comes to use when you need it the most. Here are certain suggestions that every policy buyer must consider before determining which life insurance policy is best and buying it -

    • Taking important aspects into account:Based on your life stage and needs, decide the life insurance amount, benefits and coverage you would need. Subsequently, decide whether you need an insurance policy to provide financial support to your family, the benefits you would want to receive in your life span, and then choose the policy type.
    • Make efforts to reduce your life insurance premium: Getting higher coverage for a lower premium is always beneficial. To find such a policy, you do not just have to compare the available policies by different insurance providers, but also make efforts at your end. To be precise, you have to start leading a healthier lifestyle.
    • Compare policies and ask for quotes:Never buy any insurance policy before comparing it with other similar products available in the market. Once you have done that using an online comparison tool, ask for quotes from the top insurers that are of your interest.

 

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