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Questions (FAQs) on
What is Life Insurance ?
A life insurance policy is a risk coverage investment instrument which guards the buyer against the death or other mis-happenings & ensure a certain sum of amount to the family. Life insurance is a kind of financial security to the family. In legal terminology, life insurance is a contract or agreement between the buyer & the insurance company where the buyer commits to pay a certain amount for certain period for a sum assured (pre defined) as the risk coverage. In case of death or loss, that sum amount is paid by the Insurance company to the policy buyer’s family.
Which companies offer best life insurance policies in India ?
Aditya Birla Sun Life Insurance Co. Ltd |AEGON Life Insurance Co. Ltd. |Aviva Life Insurance Company India Limited |Bajaj Allianz Life Insurance Co. Ltd. |Bharti AXA Life Insurance Co. Ltd. |Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. |DHFL Pramerica Life Insurance Co. Ltd. | Edelweiss Tokio Life Insurance Co. Ltd. | Exide Life Insurance Co. Ltd. | Future Generali India Life Insurance Co. Ltd. | ICICI Prudential Life Insurance Co. Ltd | IDBI Federal Life Insurance Co. Ltd. | IndiaFirst Life Insurance Co. Ltd. |Kotak Mahindra Life Insurance Company Ltd | Life Insurance Corporation of India | Max Life Insurance Co. Ltd | PNB Metlife India Insurance Co. Ltd. | Reliance Nippon Life Insurance Co. Ltd. | Sahara India Life Insurance Co. Ltd. | SBI Life Insurance Co. Ltd | Shriram Life Insurance Co. Ltd. | Star Union Dai-ichi Life Insurance Co. Ltd. | Tata AIA Life Insurance Co. Ltd.
These companies further have hundreds of insurance policy offerings and each policy further can have multiple additions and riders to customize the best policy for your needs.
What are the different types of Life Insurance policies ?
Though there are various types of life insurance policies buy broadly classifying the policies fall under the following 7 groups :
Term Insurance Plan , which provides purely the death risk coverage & nothing else.
Endowment Plan, which provides term insurance risk coverage with maturity benefits as well.
Whole life policy, which covers your life till death & pays the sum assured to your family after death
Money Back Policy, a policy which brings to periodic returns or money during the policy term
Annuity Plan, better known as a retirement plan which covers your income loss post retirement
Children’s Policy, for the future planning of your child it gives you money the way you plan
ULIP or Unit Linked Insurance Policy, an endowment plan with the flavor fluctuating NVAs like mutual funds.
How does an Insurance Advisor help me ?
There are more than 1000s of Insurance Policies and what makes it more complex is that these policies can be customized by adding riders or additional benefits. Even before you think of buying a life insurance policy, you need to assess the value of your life so that you can buy the life insurance cover for you for the right amount. Being under insured doesn’t save you against the risk whereas getting over insured results in a financial loss to you. A Life Insurance advisor helps you understand the nuances of the life insurance policies, tells you a comprehensive comparison of policies across different companies and their benefits. Remember, lower premium is not the only criteria to buy a policy but even more important is to see the higher benefits & better claim settlement and these are all facilitated by an Insurance advisor.