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Buying insurance policies according to requirements

Buying insurance policies according to requirements

Wednesday April 19, 2017,

4 min Read


It is often advised by people that it is best to keep your money in a few different kinds of securities. Insurance is one of the most secure investment options available to you. There are several companies in India that sell insurance policies to the citizens.

When you buy health insurance, home insurance or motor insurance, you do it to avoid getting into financial trouble in case of a crisis. But with life insurance plans, unit-linked insurance plans and term insurance you invest for a better financial future for yourself and your family’s sake.

Overview Of The Life Insurance Plans

An untimely demise is devastating on a family. It is the responsibility of the adults in the family to make sure that the suffering is not increased because of financial difficulties. There are a few kinds of life insurance policies available.

Here are some of the details


Why Buy Term Insurance?

Term insurance meaning in simple terms is that it is a financial protectorfor your family after your death. Some companies provide cover for critical illness and permanent disability also.

A term insurance policy LIC or from any other company can be bought for a fixed amount of time. The premium you invested is not paid if you survive the policy term. However, the premium amount is quite low compared to any other type of life insurance plans.

There are, again, different variations of term insurance plans. You can read policy bazaar term insurance reviews to know more.

Term Plans In India

Every provider of life insurance has at least one term plan in its list. There is no particular best term insurance plan India, however, there is loads of data available. You can do your own research and arrive at a conclusion.

So, buy term insurance ICICI Prudential, Max Life or some other plan after comparing the claim settlement ratio, covers, premium etc.

Holding More Than One Life Insurance Cover

In every kind of investment, be it equities, money market or something else, it is all about spreading the risk. So why not do it in insurance too?

In case you already have one and then your find another best life insurance policy with high returns, what should you do? Buy that too, of course. This works even if you want to hold a term insurance and a ULIP or any other combination together.

It is legal to buy two or more life insurance plans. However, you are required to provide full disclosure and the total holding should not exceed your Human Life Value. You can use the policy bazaar Human Life Value calculator for your convenience.

So browse among LIC life insurance plans and SBI life insurance plans and more, you will find suitable ones.

Which Is The Best Life Insurance Company In India?

There are many public and private sector insurance providers. Each company provides a variant that can be beneficial to the customers.

Life Insurance Corporation (LIC) appears at the top of many lists.

• The fact that it is government operated has worked in its favour

• It provides term insurance, ULIP and health insurance also

• The various awards and recognition it has gained over time add to the popularity

• LIC operates with a good amount of efficiency

You can also look for the best insurance policy for investment in the private companies like Max Bupa and TATA AIA.

Documents And Claims Process

You need to be ready with all the usual documents like photo ID proof, address proof and PAN card while applying for life insurance plans.

The claiming process for each company is essentially the same, be it term insurance or any other kind. It starts with the clients sending a notice of the claim and then submitting the required documents. Then they are assisted by the company representatives to get their money.

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