Life Insurance

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Whatsapp Privacy Policy

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Life Insurance

Whatsapp Terms and Conditions

Whatsapp Terms and Conditions

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Why to Buy Life Insurance Early

Why to Buy Life Insurance Early?

At the onset of one’s career in our early 20s, most individuals are hardly concerned about buying life insurance since they think they are young and healthy. Also, it is not seen as a very lucrative investment opportunity. However, it is recommended by financial experts that starting with life insurance at an early stage can have a lot of benefits.

Lower Premium

The majority of the people in their early 20s are single with lesser responsibilities. However, it doesn’t mean that they will never get married and have a family.  The primary advantage in buying life insurance for individuals in their early 20s is that the premium amount for young adults is lower for life insurance. For the same insurance, a person in their 30s would have to spend more on premiums. Hence, starting early means that you make more cost savings and have a higher return.

Debt Repayment

Higher education is expensive, and usually, students or their parents take huge amounts of education loans for this purpose. There is an equal burden on parents (since they are the guarantors) for repaying this debt. Since life is full of uncertainties, getting insurance at an early age would ascertain that the loan repayment does not fall upon your parents if you pass away. Your parents could use your life insurance amount in repaying the debt.

Back-up for your loved ones

Even though there are not many responsibilities when you are young, you would nevertheless want to leave back something for your loved ones. Also, as you grow, the family members and their duties would increase. Hence, you would like to leave them with a stable paycheck if you leave the world too early. Having life insurance in the early 20s is an advantageous situation for young people. Time is on their side, and hence getting insurance with appropriate coverage can be a wise decision. Also, it would keep your loved ones protected in case any serious mishap was to happen.

How to take care of a Person after Coronary Bypass Surgery

Taking care of a person after coronary bypass surgery

The word ‘surgery’ creates unknown fear and stress among almost all patients. If there is a proper support system, the stress level might be reduced. After surgery, the most important thing is postoperative care. And if it is a coronary bypass surgery, a treatment option for a blocked artery in the heart, both the patient and the caregiver should be extra cautious about physical activity and diet.

The first thing a patient needs after the surgery is a word of assurance and confidence that everything will be fine soon. The patient’s relatives or caregivers should ensure that the home is properly cleaned and take all measures diligently to prevent and control infections.

Once the patient returns home after the successful surgery, the caregiver should ensure that the patient follows the doctor’s advice, like proper exercise and diet. He/she should also ensure that the patient takes medicines at the right intervals.

Here are some important points:

·   –  Ensure that the patient is in a proper room with an attached bathroom

·   –  Make sure that lights are on at night

·   –  Wear proper slippers

·   –  The attendant/caregiver should always be near the patient so they can be taken to a nearby hospital in case of an emergency.

For most coronary bypass surgery patients, cardiac rehabilitation begins in the hospital. The caregiver should ensure that the patient is doing the proper exercise. If the patient needs to go for a short walk, the caregiver should be with him/her throughout the period. Walking boosts blood flow, which is good for the patient.

Avoid negativity

Any surgery leads to a momentary dip in the confidence level as patients can’t perform certain tasks independently. The most important thing is to speak in such a way that boosts the patient’s confidence and self-esteem. It is quite common for relatives and friends to visit a patient, so ensure that they boost the patient’s morale and not the opposite. Ask the patient to listen to his/her favourite songs at low volume or read him a few lines from his/her favourite books.

Getting frustrated is the biggest challenge that patients suffer immediately after the surgery, as the patient has to depend on an attendant even for little tasks. During such time, patients should be encouraged and motivated to do work very slowly. Almost all patients recover and are back to normal after a few weeks, as advised by doctors. But make sure that the patient doesn’t show any symptoms like fever or shortness of breath. Any such symptoms should be attended to immediately, and the patient has to be rushed to the doctor.

What is Life Insurance? Features of Life Insurance Policies

What is Life Insurance? Features of Life Insurance Policies

Life is uncertain and unpredictable. It throws many curveballs along your way. While you can battle life’s challenges head-on, untimely death puts a plug on your dreams and responsibilities. If you have dependents who depend on you financially, your untimely death will cause  considerable financial instability for them. Therefore, you need to make provisions for securing the financial future of your family in your absence. This is where life insurance comes into the picture.

What is Life Insurance?

Life insurance is a tool for financial security. Under life insurance plans, you get a benefit if you die during the policy tenure (the risk of premature death). Moreover, many plans also pay you a benefit if you survive the policy duration. If you buy life insurance pension plans, the possibility of living too long is also covered wherein the policy pays regular pension payments to fund your retirement for your entire life. Thus, life insurance is essentially a financial protection tool that gives you financial assistance to meet life’s unexpected challenges.

Features of Life Insurance Plans

Here are some of the common features of life insurance policies:

Types of plans

Life insurance plans come in different variants to provide relevant solutions for different types of financial needs. The types of life insurance policies available include the following –

  • – Term insurance plans
  • – Whole Life plans
  • – Endowment plans
  • – Money-back plans
  • – Child plans
  • – Unit linked insurance plans
  • – Pension Plans

Every policy has a different benefit structure so that you can choose a policy that fulfils your financial needs.

Sum assured premium and tenure

The level of coverage you choose under the policy is called the sum assured. This sum assured is payable on death or maturity. You also choose the policy tenure throughout which coverage is allowed. Against the coverage, you have to pay a premium to the insurance company. The premium depends on various factors and can be paid throughout the policy tenure, for a limited period, or in one instalment when you buy the policy.

Bonus

Endowment and money back plans might also offer bonus additions, enhancing the death and maturity benefits.

Tax benefits

Life insurance policies have dual tax advantages. The premium paid for the policy is allowed as a deduction from your taxable income under Section 80C of the Income Tax Act. The deduction limit is the actual premium paid (subject to a maximum of 10% of the sum assured) or Rs 1.5 lakhs, whichever is lower. Similarly, the death benefit received from a life insurance policy is completely tax-free. In case of maturity, if the premium paid was up to 10% of the sum assured, the maturity benefit, including any bonus, would be completely tax-free. So, understand the meaning of life insurance and its features and then choose the most suitable policy so that you are financially secured.

Sabse Pehle Life Insurance

Sabse Pehle Life Insurance

What is Sabse Pehle Life Insurance Campaign about?

It is important to ensure that you bestow a protective cover for the ones who matter in your life so that they can be financially equipped and stay worry-free when you are not around them. One such means of providing financial stability to your loved ones in your absence is by providing them with Life Insurance plan and this should be a crucial part of your financial planning as well.

Why Sabse Pehle Life Insurance?

In order to stress the fundamental need and importance of Life Insurance, all the 24 Life Insurance companies in India have joined hands to educate the people about their responsibility towards prioritizing on buying the life insurance plan. Named as “Sabse Pehle Life Insurance”, this campaign was recently announced by Life Insurance Council and has been launched with both digital and conventional mediums. Along with the aim of raising awareness of Life Insurance plan, this campaign also intends to encourage the investors to buy sufficient life cover for their family. The “Sabse Pehle Life Insurance” campaign is the very first collective mass media drive in India’s insurance industry and draws its inspiration from the mutual fund’s drive (Mutual Funds Sahi Hai) launched by AMFI.

Looking
at the statistics and annual reports of the insurance industry, it was found
that the penetration of life insurance has shown a downfall since 2009 (4.6%).
Also, many people across the country buy Life Insurance for secondary benefits
without even knowing how crucial it is in one’s life. And hence life insurance still
remains at the back seat while most think it as only an investment option. The
Sabse Pehle Life Insurance” is an
imperative step to educate the people about why
having a life insurance policy is a must
and also re-build the willingness
to buy or invest in this long term investment option.

The
campaign will be an encouragement factor for individuals to come forward and
protect themselves and their family’s financial future. It will also shed some
light on the benefits of life insurance policy in a seamless manner and
encourage people to buy this plan not just as a tax-saving option but as a
primary protection plan.

Do you have a life insurance plan?

If
you still don’t have a life insurance plan, then you must surely buy one as it
offers life protection to your family in your absence. A life insurance policy
will take care of your family’s finances when you are not around.

Apart
from the perks of financial security that the plan offers, a term life
insurance plan also comes with other benefits of highest life cover for the
lowest premium rates, long term protection, tax benefits and other add-on
benefits and riders such as critical illness cover, accidental cover etc.

How to get Rs.1 Crore Term Life Insurance Cover?

It is
highly recommended to go with a term insurance plan at an early age, as the sooner you buy, the cheaper you get.
So, if you are planning to buy a term life insurance cover, it is suggested to
go with enough amounts (Rs. 1 crore) that can help your family efficiently in
your absence. When it comes to buying a term life insurance cover, there are various
insurers who provide a cover of Rs. 1 crore. With the new regulations passed by
IRDAI, the price of the premiums has dropped significantly for cover for Rs. 1
crore or more. To get more insights, into which insurer would be an apt option,
you can visit the website of various web aggregators or insurance brokers such
as Probus Insurance wherein you can compare with the various policies online
and find the best which suits your needs.

While
looking out for the 1 crore term life insurance plan, the selection might be
quite tough, however, meticulously going through details such as plan benefits,
inclusions and exclusions can make the task easier. Also, comparing premium
rates, riders and claim settlement ratio of various insurers will smoothen up
your task of deciding the right fit.

Let’s keep the most important thing, the most important thing: Sabse Pehle Life Insurance

As
the campaign says “Sabse Pehle Life
Insurance
” which means “Life
Insurance before anything else
”, truly means that one must definitely
consider buying a life insurance plan as the top priority investment plan. It
is indeed important for the people to understand about this primary protection
tool and realize the need to step ahead toward prioritizing life insurance plan
as a fundamental necessity in their lives.

Term Insurance vs Whole Life Insurance

Term Insurance vs Whole Life Insurance

Term insurance and life insurance are 2 different products provided by the insurance company. Given a choice, one can choose any one of the products based on your financial ability to pay the premium and requirements in the future.

Both the policies have a common factor and serve in providing benefits to the beneficiary assigned by the policyholder.

Let’s take a look at the advantages of Term insurance:

• It provides financial security: Leaving in a world of uncertain economy choosing financial security is a must. In the eventful death, this policy will take care of your loved ones.

• Higher value returns: We normally pay higher premiums by adding addons to our insurance policy. Term insurance provides greater returns with lower premium value.

• Choose your coverage: Term insurance gives you the flexibility to choose or customize the coverage you need. You can choose the tenure and also the amount of coverage that you are looking for.

• Benefit on survival: Term insurance gives you a return on payments under the Term Return of Premium Plans (TROP). In the event of survival, you will get a return of the premium paid on maturity.

• Add-ons: Term insurance can be enhanced with additional riders provided by the insurer. These add-ons will give additional protection at a very nominal cost. Riders could be an accidental death, critical illness, partial disability, permanent disability, etc.

• Flexibility with payments: one needs not to worry or stress when it comes to the payment of premium. There are multiple choices available wherein you can pay monthly, quarterly half-yearly or yearly.

• Tax benefit: all premium paid towards term insurance can be claimed against taxation.

 

Some advantages of Whole life insurance: Unlike the advantage of term insurance whole life insurance does have common benefits as well as other benefits.

• Benefit for life: choosing whole life insurance will give you coverage for life.
• Coverage assurance: Irrespective of whatever happens to you, you will be assured survival benefit.
• Works as an investment: All payments made towards the policy are accumulated, helping one as a source of cash when required.
• Borrowings: As the payments made are accumulated in an account, you are likely to borrow the amount subject to your requirement.
• Financial source: As a common factor of Term Insurance whole life insurance also provides a financial source to your family and loved ones. This policy will come in handy at the time of your retirement.

 

The eligibility criteria for these policies will vary based on age, coverage type, gender, and insurer.  

Different between Term and Whole Life Insurance

Term Insurance

Whole Life Insurance

 

Under the term insurance policy, the insured pays a sum of premium for a fixed period.

One can opt for the sum assured.

The beneficiary gets the benefit of the policy only in the event the policyholder dies during the valid policy tenure

Life insurance provided survival or maturity benefits

 The premium amount is lower however your assured sum is higher

Premium payments can be for a specific time to it can be throughout life.

The benefits of term insurance are limited

Insurer allows borrowing money at lower interest.

 

There is no maturity or survival benefit

The policyholder gets the benefit of the policy.

Investments here do not work as a saving benefit. Money paid is gone forever

 

When to Buy Term Life Insurance

Term life insurance provides coverage to a certain time as it protects your loved one and in the event of death, the beneficiaries receive the payment. We can also say that the policy is valueless.

While choosing a term life insurance, ensure that you choose the tenure of you paying bills as the insurance will provide coverage in the event of death. There are multiple plans available, always choose that plan which will provide cater to your family needs. 

When to Buy Whole Life Insurance

Unlike other life insurance policies, whole life insurance provides a lifelong cash benefit. As your money starts growing you will be accumulating a sum that is tax-differed. This policy allows you to borrow cash from the account or even surrender the policy. While surrendering you are no more covered under the policy, hence death benefit will not be applicable. 

While choosing to buy Whole Life Insurance one can blindly opt for the plans. The premium once chosen remains the same throughout and the death benefit is guaranteed. 

Choosing between Term Plan and Whole Life

The below comparison will help you to choose between Term Plan and Whole life.

Term Life Insurance.

• With term life insurance you have the flexibility to choose the duration of the policy that will suit your needs. You can choose the duration considering the coverage you are looking for.

• There is no provision of lifelong coverage in term insurance. Policy lapses on the day the tenure of the policy ends. Thus, does not support your lifelong.

• The premium amount under term insurance generally remains the same.

• Any policy you choose with term Insurance will always have a premium which is calculated at a substantial rate making it very easy for customers to buy. One can just go in for it.

• Irrespective of the plan you opt for payments are assured subject to policy terms and conditions.

• All payments made under the Term plan are lost and have no value or returns neither does it get accumulated. Hence all payments you make for the premium are lost.

• As the payments made have no value there are not annual dividends or benefits.

 

Whole life insurance.

• Whole life insurance is a lifelong policy and there is no tenure. You can keep paying until death.
• Under whole life, insurance one had coverage for a lifelong, which keep the policyholder stress free.

• The premium in whole life remains the same throughout the policy term.

• The premium payments are comparatively higher than the term insurance premium.

• Whole life insurance guarantees the payments in the event of claims.

• Whole life insurance works as a saving account. Payments made here are all accumulative and add value to your account.

• The insurer may give you the benefit of the annual dividend based on your policy.

1 Crore Term Insurance

How to get 1 Crore Term Insurance?

Doubtless of anything, what we see is day to day the cost of living is going higher and standards have changed and people find it expensive to leave in the present condition.

Surely everyone wants to live a good life and have a good lifestyle and the ultimate goal is to buy an insurance policy. This not only secures yourself but also your family. Insurance policy is the best option to overcome any hurdles. 

Compare Term Plans Online to Get 1 Crore Term Insurance

When there are multiple choices with different companies, it becomes difficult to choose the term insurance. Most of the insurance providers assure you 1 crore rupees Term Insurance. 

Every insurance provider has their perspective of rating the premium for the term insurance, only after IRDA intervened and passed a regulation standardizing the rates, many insurance providers have brought down their rates making it more comfortable for customers to buy term insurance.

Company

Policy

Settlement Ratio

Sum Assured

Premium Amount (aprox)

Covers upto

SBI Life Insurance

eShield

(Basic Plan)

89

1 Crore

6400 Per Annum

N/A

AEGON Life Insurance

iTerm

(Basic Plan)

89.8

1 Crore

8892 Per Annum

70 years

Reliance Life Insurance

Online Term

(Basic Plan)

83.8

1 Crore

7950 Per Annum

N/A

HDFC Life

Click 2 Protect Plus

(Basic Plan)

90.5

1 Crore

11145 Per Annum

70 years

PNB Metlife

Metlife Mera Term Plan

(Basic Plan)

92.9

1 Crore

9011 Per Annum

N/A

Bajaj Allianz Life Insurance

iSecure

(Basic Plan)

91.9

1 Crore

14513 Per Annum

N/A

Max Life

Online Term Plan

(Basic Plan)

95.5

1 Crore

9046 Per Annum

70 years

Star Union Dai Ichi Life Insurance

Premier Protection Plan (Basic Plan)

94

1 Crore

22000 Per Annum

N/A

ICICI Prudential

iCare II Term Insurance

(Basic Plan)

93.8

1 Crore

18293 Per Annum

70 years

LIC

e-Term Plan

(Basic Plan)

98

1 Crore

14600 Per Annum

N/A

Why 1 Crore Term Insurance? Don’t forget inflation.

In the current world where life is uncertain, we look forward to coverage or insurance in all aspects of our lives and protecting our loved ones. We look forward to protecting our loved ones financially making them stable in case of any uncertainties.

Inflation has been to its pick. One individual working and being the only breadwinner in the house, could opt for a 1 crore term insurance which is much more enough to protect your family financially in the event of the sudden death of the policyholder.

Make up your mind as you need to protect your family financially. You need a source of income running within the family in the event something happens to you as the family is relying upon you. So while choosing the best policy you will come across a lot of insurance companies providing the benefits of 1 crore term insurance.

While choosing the policy please ensure that you run through the policy documents carefully understanding the pros and cons involved. Take a note of the following factors while choosing your policy.

• Rate of premium – your premium will be decided on the coverage you are looking for. Take precautions to be certain that the premium fits your budget. You can always make use of online premium calculators which will help you get an exact quote for your policy. Always compare the premium rates with another insurer before buying.

• Settlements of claim – A little research on the insurance plan will be a must to be assured that the insurance provider is providing claim settlement. To be safer choose the insurer who has over and above 90% claim settlement ration. This will give you peace of mind and leave you to worry-free.

• Add-ons – Most of the insurers provide additional benefits, these benefits only enhance your policy. Be wise to choose the right policy and do not get tricked by the add-ons.

How Your Sum Assured is Calculated in Term Plan?

The ultimate reason why one opts for an insurance plan is to keep their family or their loved ones safe and financially free. Looking at the standards of living and the rate of inflation you need to be pretty accurate of the coverage required. You can do so by estimating the exact amount you spend each year on different aspects like

• Your monthly expenses for utility, household items, and groceries.
• In the case of children their school or tuition fees.
• Payments of all premiums of the family.
• Other miscellaneous expenses of dining out, partying traveling, etc.

Once you come up to a monthly expense table multiple the same amount into 12 and you get your yearly figure or expense. Considering that this is your first year of expense, it may not be necessarily the same amount in the next of upcoming years. There will be inflation, so consider the inflation which calculating your expenses. 

Add your liabilities if any to the expenses. Add up other expenses like a marriage of children etc. 

For example, your monthly cost if Rs.20000/- multiple it into 12(months) = Rs.2,40,000/- into the number of years you want to cover say 20 years = 48,00,000/- plus per year inflation say at 10% = Rs.480000/-. 

Add up your other expenses life marriage functions celebrations, say another Rs. 15,00,000/-.

Monthly expenses for 20 years + inflation + other cost = sum required

Rs.4800000/- + 480000/- + Rs.15,00,000/- = Rs.67,80,000/-.

So you have got a figure for 20 years. That is a coverage that you are looking for in the next 20 years for your family. 

Your Annual Income Plays a Key Role in Getting 1 Crore Term Insurance

The key factor or the objective we can say is that insurance is a replacement of individuals’ income for the family in the event of untimely death. So to derive to the sum assurance the insurance company needs to know your annual income to evaluate and provide the same in return to you.

The applicant here might have to undergo a process of financial undertaking or stating your income proof.

The financial underwriting helps in

• Avoiding over insurance to the applicant.
• Avoiding taking higher risks.

 

The below table will provide a rough estimate of your insurance coverage

Age Group

Insurance cover

18 – 30

25 times the income

31 – 40

20 times the income

41 – 50

15 times the income

51 – 55

10 times the income

56 and above

5 times the income

For example, if Montu is 31 of age and his annual income is Rs.5,00,000/- so he can apply for Rs.5,00,000/- x 20 = Rs.1,0,000,000/-.

How to Calculate Annual Premium for 1 Crore Term Insurance

A specifically designed tool know as a Term insurance calculator will help you to draw an annual premium for the insurance policy. These calculators are available on the insurance companies’ portal which is very easy and simple to use. With the aid of the insurance calculator, you can derive to the sum assured that you are looking to protect your household. 

The term insurance calculator will help to determine the exact amount of premium payable as there are many companies providing insurance policies. This will also make it easy to compare different policies and choose the best suitable one. 

The Term insurance calculators have been a blessing as it works in saving time rather than manually calculating the premium amount. It is a quick tool to compare variously available polices and thus become cost-effective. 

Next time you plan to calculate your premium always remember to make use of the Term insurance calculators.

List of Companies Offering 1 Crore Term Insurance Online

Aegon Term Life Insurance

 

Aviva Term Insurance

 

Bajaj Allianz Term Insurance

 

Bharti Axa Term Insurance

Birla Sun Tern Life Insurance

Exide Life Term Insurance

HDFC Term Life Insurance

ICICI Prudential Term Life Insurance

IDBI Federal Term Insurance

Max Term Life Insurance

PNB Metlife Term Life Insurance

Reliance Nippon Term Life Insurance

SBI Term Insurance