LIFE INSURANCE INFORMATION

Please see Life Insurance information below.

        

LIFE INSURANCE

Life insurance is now essential to a vast number of people in India. Find out more below...

What is Life Insurance?

Life insurance provides some financial security for your family and other beneficiaries, in the event of your death. When you die, you can leave behind a financial burden, which is not always easy to cope with.

This is especially poignant if you are the main income earner in your household. A death leaves not only personal grief but also practical problems such as funeral costs or everyday living costs. The life insurance provides a financial payout in the event of the policyholder's death.

What are the Types of Life Insurance?

As with many types of insurance, life insurance often comes under many different policy names as set by the insurance company. But generally you can find the following types:

  • Whole Life insurance

This is a policy that continues as long as the person is alive, for their entire life.

  • Term Life insurance

This policy covers only for a set period of time. If this period reaches and end and the policyholder is still living, then the cover ends and a new policy must be set up.

  • Endowment insurance

Under this policy, the risk is covered for a set period of time. At the end of this period, the assured sum is repaid to the policyholder plus a bonus which has been gathered over the term of the policy.

There are many more types of life insurance besides these, so make sure you go over those offered by each insurance company in detail. The benefits and drawbacks of each type should reflect your personal need and risk levels.

Choosing the Right Policy

When you consider a life insurance plan, it is worth taking your time. There are many factors to consider, such as the costs and what risks you and your loved ones face. How much cover do you need? How many dependents rely on you and your financial contribution?

Whether you are engaged, just married or heading towards retirement, your needs where life insurance are concerned will change. Use Which Way To Pay India to compare and weigh up the best offers.

        


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