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How to Select the Best Life Insurance Today

Life Insurance is a necessity. Know the best ways to choose the right insurance policy for you.

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How to Select the Best Life Insurance Today

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  1. How to Select the Best Life Insurance Today

  2. The Insurance industry is no longer limited to traditional term plans and whole life insurance plans. Individuals now enjoy the benefits of accessing through an array of choices that range according to their eligibilities. These plans range between pension plans with regular monthly income, money-back policies and plain life cover.

  3. As an individual, it is important for one to understand their financial standing and need; this will in turn help you to choose the right plan. Here’s how you can go about it:

  4. Evaluation of need for insurance: An individual will need to create a list of your financial needs in the form of priorities. One can consider adding a life cover insurance policy on the top of the list of requirements. • Assets and Liabilities: Your current assets and liabilities will help you decide on the kind of insurance plan or policy you need. Few of these could be future college expenses, marriage, business, home loan, auto loan among others.

  5. What are the different kinds of life insurance plans available in India?

  6. Term Life Insurance: Term life plan is for a limited period. The insurance can be claimed only if the insured person dies during the insurance term. This is said to be a low cost plan. • Endowment Plan: An endowment policy is an insurance plan that covers the life of the insured as well as helps the insured to save regularly over a period of time to claim a lump sum on the maturity of the term. Such insurance plans can be used for funding school/college fees, retirement as well as housing loan. • Whole Life Plan: Whole Life Insurance plans cover the insured wholly. The said policy can be claimed in an unfortunate demise of the insured person, irrespective of when it happens during the term. The rates for this plan is slightly higher compared to term life insurance.

  7. Apart from these life insurance policy plans, individuals can also apply for Unit Linked Insurance Plan (ULIP). It is always advisable to look out for a IRDA certified agent or professional whenever opting for a life insurance plan. One can also get a number of options available online.

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