Q Why do I need Insurance?
Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.
Q How much Insurance do I need?
It is very important to have adequate amount of coverage for each insurance policy. For any asset or property insurance, the value of the asset based on market value or reinstatement value should be taken into consideration before deciding Sum Insured. If the Sum Insured is not adequate, the percentage representing the uncovered portion of the asset is to be borne by the insured.
Q What all can I get covered under insurance?
Almost everything that has a financial value in your life and has a probability of getting lost, stolen or damaged can be covered through insurance. Property (both movable and immovable), vehicle, cash, household goods, health, dishonesty and also your liability towards others can be covered.
Q What is Premium?
Premium is the fixed amount of sum paid over the period by the insured to the insurance company to take insurance policy and to complete the contract of insurance.
Q What is life insurance?
Life insurance is nothing but an agreement or a contract between the insurer and the insured or the policyholder. In case of uncertainties such as death, critical illness or disabilities, the life insurance company agrees to pay certain amount to the insured’s nominee in return of timely premiums paid by the insured. Life insurance offers a financial shield on the event of death or an accident of the insured. It ensures a comfortable lifestyle to the loved ones on the death of the bread-winner of the family. The unpaid loans and other debts and expenses are well taken care off in your absence by the life insurance policy.
Q What are the types of life insurance?
The life insurance comes in different variants. The basic structure is same – premiums and payouts. But each policy may have some differences to fit different needs of different people. Each life insurance company may offer different types policies under the same segment. Some life insurance policies provides coverage for whole life, while some covers risk of untimely death for a specific duration. Some policies may have the inbuilt functional part to provide corpus or funds either through savings or investments. Some insurance companies also offer an option of converting from one type of policy to another.
Types of life insurance policies are:
  • Term Insurance
  • Whole Life Plans
  • Endowment Plans
  • Unit Linked Insurance Plans (ULIP)
  • Money Back Policy .
  • Child Insurance Plan
Q When is the right time to buy a life insurance?
Time is always right to do the right thing. So you must not delay the process or overthink when it comes to buying a life insurance plan. The best thing to do is to buy when you are young because the premiums are far lower than at the old age. The right age would be from the age of 25 to 30 when you are financially independent, have dependents for their financially needs, and you need to build funds.
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