- Rs. 1 CroreTerm Cover @Rs 16/Day
- Tax BenefitsUnder Section 80C & 10(D)
- Extra BenefitsAccidental, Terminal & Critical Illness
- 7 Lac+Families Secured
Tenets of Life Insurance
- DetailsWritten by PolicyBazaar -
- Hits : 4283 -
Updated date : 15 June 2016
Life insurance is considered as one of the best financial instruments to meet requirements at different stages of life. It provides monetary security to your family after your demise. It plays a vital role and therefore it is advisable to understand your life insurance policy carefully to gain maximum benefits.
Let’s know how:
Define your needs- You need to identify both your short and long-term needs separately. You need different financial instruments to achieve both these requirements. For instance, endowment plans help you save funds for particular needs such as buying a house. Similarly, retirement plans offer you a steady income post retirement.
Review your insurance needs - You may have purchased the insurance policy to accomplish your different financial goals, such as child education, marriage, and retirement. It is imperative to carefully evaluate and review your insurance policies periodically to ensure that they are in accordance to your requirements. Once you settle down and have a family, you should invest in a term plan to ensure that your family continues to enjoy financial stability especially when you are no longer there to support them.
Stay invested till maturity- Life insurance policies are designed to give you maximum benefits. Market-oriented policies such as endowment, whole life policy, and ULIPs are designed to offer dual advantages of insurance and investment and generate maximum returns. Therefore, it is important to understand the benefit of continuing to hold the policy till its maturity. Also, you should start investing early to enjoy the compounding effect.
Maintain strict financial discipline- You should regularly pay your insurance premiums to keep your insurance policy active. In case you miss the premium due date, it may lead to policy lapse and your policy coverage may also get lowered. Checkout: 9 Popular Life Insurance Premium Payment Options
Opt for riders- Riders, such as premium waiver benefit and critical illness, give you additional protection by customizing the policy as per your requirements. While most of the policyholders choose them at the time of inception of the policy, some insurers offer you an option to buy riders later also to expand your insurance coverage.
Check taxation benefits- Insurance is an effective tax saving tool. You can get tax deductions on the premium paid for both the life insurance policy and riders. You should always indulge in a periodical review of insurance policies to get maximum benefits out of it.
- Most Read
- Does Life Insurance Policy Provide Coverage Against Coronavirus?
Date: 24 March 2020
- Top 10 Life Insurance Plans in India
Date: 16 March 2020
- LIC Plans for 5 Years
Date: 12 February 2020
- Why Should You Buy ‘Sabse Pehle Life Insurance’
Date: 09 December 2019
- Aviva Life Insurance Introduces Aviva Income Suraksha for Defense Sector
Date: 14 October 2019
- How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Views : 2512525
- LIC Online Payment - LIC Premium Payment Options & Process
Views : 449419
- How to Check PLI Status?
Views : 215142
- एलआईसी पॉलिसी की स्थिति और प्रीमियम विवरण कैसे जांचें?
Views : 179686
- LIC Login Online: Step-by-Step Login Process to LIC website
Views : 159651
- Income Tax Calculator
- Other Calculators
- Pension Calculator
- Savings Calculator
- Save Regularly
- Actual Savings
- Health Insurance Premium Calculator
- Car Insurance Calculator
- Bike Insurance Calculator
- SIP Calculator
- Life Insurance Calculator
- Term Insurance Calculator
- ULIP Calculator
- Premium Calculator
- FD Calculator
- Investment Calculator
- Travel Insurance Calculator