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7 Factors to Consider When Buying Life Insurance

Life insurance is more than just a financial product. It is a long-term promise to protect your loved ones when they need it the most. Whether you are just starting a family, planning for your child's education, or thinking about a peaceful retirement, a life insurance plan can provide the financial support your family may need in your absence.

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However, choosing the right life insurance policy can feel overwhelming. There are many options, and it is important to understand what truly matters when making this decision. To help you make the right choice, here are seven key factors to consider before buying life insurance.

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What Are The Factors To Consider When Buying Life Insurance?

  1. Understand your life stage and financial responsibilities

    Your age and current life stage greatly determine the type and amount of life insurance you should get. A young professional who has just started earning will have very different needs from someone married with children or nearing retirement.

    Consider your dependents, debts, ongoing expenses, and future financial goals. This will help you identify how much protection your family might need if you are no longer around to support them.

  2.  Decide how much life cover you need

    Choosing the right sum assured is one of the most important steps in buying life insurance. A good rule of thumb is to choose a policy covering at least ten to fifteen times your annual income. However, consider using an online life insurance calculator for a more accurate estimate.

    Look at your family's lifestyle, monthly expenses, liabilities such as home loans, and important future goals like your child's education or wedding. Ensure the life cover meets these needs without putting financial pressure on your loved ones.

  3.  Choose the right type of life insurance policy.

    Not all life insurance plans are the same. Different policies serve different purposes. Here are a few common types to consider:

    • Term life insurance is best if you want high coverage at affordable premiums. It provides a large death benefit but does not offer maturity returns.

    • Endowment plans combine life cover with savings. They offer maturity benefits if you survive the policy term.

    • Whole life insurance covers your entire lifetime, typically up to 99.

    • ULIPs or Unit Linked Insurance Plans offer the dual benefits of insurance and investment.

    • Child plans help secure your child's future financial needs, such as education or higher studies.

    Pick a policy based on your financial goals, risk appetite, and protection needs.

  4.  Choose the Right Policy Tenure

    Your life insurance coverage should ideally last until your key financial responsibilities are completed. This usually means till retirement or until your children become financially independent.

    For example, if you are currently 30 years old and planning to retire at 60, a 30-year policy term would be suitable. Choosing a longer policy term can provide better peace of mind and continued protection for your loved ones.

  5.  Premium Payment Mode

     Choose a payment mode that suits your budget: monthly, quarterly, half-yearly, annually, or a one-time lump sum. Some plans also offer limited pay options, where you pay for a few years but stay covered for the full term. Select what's most convenient and affordable for you.

  6. Policy Terms and Conditions

    It's important to carefully review the terms and conditions of your life insurance policy. Look into the grace period allowed for late premium payments, and check if there's any waiting period before certain benefits begin. Also, understand other key aspects like nomination rules, the option to take a loan against the policy, and the charges and value applicable on surrendering the policy early. These details can affect how the policy works during its tenure and at the time of claim.

  7. Choose optional riders for added protection.

    You can attach additional benefits to your base life insurance policy for extra protection. While they require a small additional premium, they can be extremely valuable in certain situations.

    Some popular riders include:

    • Accidental death benefit

    • Critical illness rider

    • Waiver of premium rider

    • Permanent disability benefit

    Choose the riders that match your specific health risks or lifestyle needs to customize your coverage.

Life Insurer Details

Wrapping It Up

Life insurance is one of the most important financial decisions you will make in your lifetime. It is not just about protecting your income but also about securing the dreams and goals of your loved ones. By taking these seven factors into account, you can make an informed decision that suits your needs, priorities, and budget. Do not rush into buying a policy. Take your time to compare options, understand the features, and if needed, seek help from a financial advisor. Remember, the right life insurance plan is not the cheapest one, but the one that provides the right balance of protection, affordability, and peace of mind.


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˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com  in the first 6 months of FY 24-25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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