Why is life insurance necessary? Is it something that you should consider? Have you thought about your family’s financial condition? Or your financial safety once you are old?
Before we understand the whys of life insurance, here’s a short overview:
What is it?
It is a policy that can be taken from a life insurance company, which helps nominees monetarily after the policyholder passes away. It is a written agreement between the policyholder and the insurance company, which assures a certain sum of money in case of the policyholder’s passing away, or terminal or dire sickness. Certain exclusions are often mentioned in the written agreement to bind the obligation of the insurer, for example claims on suicide, law-breaking, and war. The expenditure or premium on your plan determines the kind and sort of amount you acquire in an insurance program.
Life insurance can be a kind of savings in the end or it can be merged with a pension plan. It can offer safety, protect home mortgages, and help in retirement savings.
Life Insurance in India
The Insurance Act, 1938, as well as Insurance Regulatory & Development Authority Act, 1999, has made this a central government affair. Hence, all life insurance companies in India have to follow the hard-and-fast regulations outlined by (IRDA), regardless of whether they are state-owned or private.
Kinds of Life Insurance
Buying a life insurance plan covers the uncertainty of dying too soon, by offering monetary help to your family in the case of your passing away. It moreover manages the risk of retirement- offering money to you in your non-earning years. Consequently, selecting the correct policy type with the coverage that is appropriate for you becomes important.
There are a range of plans offered in the market, from term endowment and whole life insurance, to money back policies as well as pension and retirement plans.
As essential as it is to get life insurance, it is of even more importance to pay your premiums timely. A company provides the insured person a grace period of thirty days i.e. thirty days from the due date of the premium. The insured can pay the premium on any day inside this grace period. In case the insured person dies within the grace period, the insurer is accountable to pay the death benefit to the nominee less any sum owed (comprising of the unpaid premium). This helps the insurance firm to lessen the risk of policy lapse.
In these risky times, you are better off planning beforehand, and securing the future of you and your family. So, prepare yourself with the information for an assurance of a lifetime of monetary safety.
In India, specialized insurance company like PNB Metlife ensures financially secure Retirement Plans, Pension Plan with Life Insurance Plans to all individuals. For more details visit - PNBMetlife.com
Before we understand the whys of life insurance, here’s a short overview:
What is it?
It is a policy that can be taken from a life insurance company, which helps nominees monetarily after the policyholder passes away. It is a written agreement between the policyholder and the insurance company, which assures a certain sum of money in case of the policyholder’s passing away, or terminal or dire sickness. Certain exclusions are often mentioned in the written agreement to bind the obligation of the insurer, for example claims on suicide, law-breaking, and war. The expenditure or premium on your plan determines the kind and sort of amount you acquire in an insurance program.
Life insurance can be a kind of savings in the end or it can be merged with a pension plan. It can offer safety, protect home mortgages, and help in retirement savings.
Life Insurance in India
The Insurance Act, 1938, as well as Insurance Regulatory & Development Authority Act, 1999, has made this a central government affair. Hence, all life insurance companies in India have to follow the hard-and-fast regulations outlined by (IRDA), regardless of whether they are state-owned or private.
Kinds of Life Insurance
Buying a life insurance plan covers the uncertainty of dying too soon, by offering monetary help to your family in the case of your passing away. It moreover manages the risk of retirement- offering money to you in your non-earning years. Consequently, selecting the correct policy type with the coverage that is appropriate for you becomes important.
There are a range of plans offered in the market, from term endowment and whole life insurance, to money back policies as well as pension and retirement plans.
As essential as it is to get life insurance, it is of even more importance to pay your premiums timely. A company provides the insured person a grace period of thirty days i.e. thirty days from the due date of the premium. The insured can pay the premium on any day inside this grace period. In case the insured person dies within the grace period, the insurer is accountable to pay the death benefit to the nominee less any sum owed (comprising of the unpaid premium). This helps the insurance firm to lessen the risk of policy lapse.
In these risky times, you are better off planning beforehand, and securing the future of you and your family. So, prepare yourself with the information for an assurance of a lifetime of monetary safety.
In India, specialized insurance company like PNB Metlife ensures financially secure Retirement Plans, Pension Plan with Life Insurance Plans to all individuals. For more details visit - PNBMetlife.com
