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Life Insurance

Life Insurance, India:

Colloquially, the term insurance is derived from the verb 'insure' which means to protect or safeguard. As such, the term insurance means protection or safeguarding your interests. Insurance in India is an umbrella concept spanning several types of insurance. Butt the most common one for all individuals and corporations is that of life insurance. In technical jargon, life insurance can be defined as a type of insurance that pays a benefit upon the death of an insured person. It can be described as insurance that provides for the payment of a sum of money upon the death of the insured. In addition, life insurance can be used as a means of investment or saving.


Whole life insurance policy Vs Term life insurance policy:

In 2002, more than 62% of salaried individuals opted for tern life insurance as compared to whole life insurance. The former offer coverage only for a scheduled period of time for instance the first 15 years of your life. In the latter case, insurance coverage amounts to the entire duration of an individual's life as long as the premiums are paid. Thus, both insurance policies are flexible and manageable but the former is flexible only within the stipulated time frame.


Endowment policy:

The endowment plan policy is mainly targeted at rural housewives. The policy is based on the same principles as that of term insurance whereby, it insures the person against risk for a specified period of time only. Upon expiry of the time, the person can encash the policy and thereby accumulate liquid wealth. The policy can also be seen as an opportunity of saving and investment whereby the individual is ensured of a regular income upon payment of the premium.


ULIP insurance policy plans:

This policy is described as a variation of the endowment plan. In this case, the individual pays premium for a specified period of time for protection i.e. insurance. But the value of the premium differs in accordance with the net value of the assets owned by the policy holder at that time. Thus, the premium rate is determined by the net value asset i.e. NAV. The premium rate is never constant. It keeps on varying as the asset value is correlated to various socio-economic factors. It is very easy to make informed decisions about such policies by referring to life insurance online. This simply refers to Internet accessibility which gives you all life insurance information at your leisure.


Application Process:

The first step is to decide by yourself what sort of insurance you want to have - for whom and for what purpose. You can either get your information online or go to an agent. Armed with all the information, you then need to decide what policy suits you. To do this, you need to compare life insurance quotes and make an informed decision. Which policy is flexible and offering you tax benefits? Is a policy of whole life insurance giving you child insurance as well? What about health insurance? Can you use the insurance money for any purpose other than that of insurance? Do you have to apply for a separate policy for retirement?

Life insurance is a complicated affair. There are thousands of insurance companies in the Indian market offering various policies.

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