The biggest reason to take life insurance

Is your salary your family’s sole source of income? If it does, then you need to take life insurance as soon as possible.

It may sound like a cliché, but it is true that the only constant in life is change. Many times, life does not follow the trajectory we set out for it. We imagine a certain kind of future: good job, a house, children attending good schools, a stable retirement. But how many times do things pan out exactly in the same course? Life has a way of suddenly altering the course of our destinies, and there is nothing one can do about it.

A person may be out for dinner with friends, and suddenly suffer cardiac arrest. Another might be walking home and suffer a fatal accident while crossing the road. The point is, life is full of unexpected shocks and surprises. One might be happy and hearty one moment, and the next moment might bring untold grief. One cannot predict what the next minute will bring.

Imagine if this were your life’s story. As the sole earning member of the family, it is your responsibility to ensure that your family’s every need is taken care of. You are aware of the tremendous burden you carry on your shoulders: your family is solely dependent on your income, and you cannot jeopardise them in any way. This means that you must be in the prime of health every day, and be around for your family forever.

Except, nobody is around forever. What happens when you are absent from your family’s life? How will your loved ones manage their household expenses, children’s education costs, medical expenses, etc.? These and other expense heads can be taken care of by the simple expedient of purchasing life insurance.

Life insurance plans make fiscal sense on many levels. They safeguard your family against an uncertain future in your absence. Despite your best efforts, your salary may not allow you to save money diligently every month or make investments. Hence, if there isn’t a lot of money in your savings account, your family is bound to suffer from financial shocks in your absence. However, a life insurance policy provides a large corpus of money to see your family through all its financial needs.

Life insurance companies in India offer you the option to purchase life insurance plans that provide for your family upon your unfortunate demise. Your loved ones receive the sum assured in a lump sum amount – this can be used to pay for children’s education, emergency medical expenses, unpaid liabilities like home loans, etc. Your life insurance policy helps keep your family protected from penury and harassment from creditors. 

Isn’t that what you’ve always wanted to ensure, your family’s safety and protection? Get it with life insurance

I Hope You Act Now and Do Not Pay the Price of Procrastination

The first-year premium collections of life insurance companies rose by 9.5% to ₹11,026.82 crore in December 2015, says an article published in January 2016. Life insurance is probably the most important financial decision of your life. It secures your family’s financial future even after your death. There are primarily 5 types of policies available in India: term plan, ULIPs, whole-life, money-back and endowment. Only term life insurance is a plain vanilla product, while all other policies are part investment products. The former offers one of the highest covers at a low cost. You would probably contribute only a fraction of the money as premium towards this plan and get a significant cover.

Why Do Term Plan Premiums Go Up with Age

A term insurance plan is probably one of the best choices for any earning individual, as it helps you get sufficient cover to meet the various financial needs of your loved ones after your death.

So, when is the right time to get term life insurance? The answer is simple. If you haven’t already got it, the time is NOW. Most people in their early twenties, who have just started their career, usually do not consider insurance. This, in fact, is a great time to secure your life. Sure, your sudden death is unlikely. But life is unpredictable and a term insurance plan is for unlikely, yet devastating events. Therefore, whatever age you may be, you must get yourself insured today. Moreover, the earlier you start the better off you are.

If you begin at an early age, you can get a policy till retirement at a much lower cost. Insurance cost, or the premium that you pay, increases as you grow older. This is because with age there is increased risk of you catching a disease, with immunity going down.

It is a great idea to buy a term policy as soon as you start earning. You can always enhance your cover later on. Moreover, you must not wait to fall ill or discover you have some disease before getting yourself insured. You can buy a policy online today. Use the life insurance premium calculator to determine the premium you need to pay to get the cover you desire.

Ensure that the personal details you furnish are accurate. You can maintain a softcopy of all your documents, as well as the policy.

Premiums are higher for smokers. Some insurers reward individuals who maintain a healthy lifestyle. So, find out all the details before finalizing a policy. 

Easy steps to follow for medical coverage in minutes

Nothing’s easier than taking a mediclaim policy online. Simply log on and let the insurer guide you to sound medical insurance for you and your family.

Taking a medical insurance plan for yourself and your family is par for the course in today’s uncertain times. However, it is astounding that so many people today continue to rely on insurance brokers to process their application and premium payments. The insurance industry functions excellently on the Internet, making it easy for customers to buy a policy in minutes. Customers can also pay their premiums online, renew policies and also file for claims when the need arises.

If you’re looking to purchase mediclaim, simply follow these five steps:

1. Do your research. Every person’s needs are different, so a plan that works for another may not work for you. Calculate your family’s future needs to arrive at a desired sum assured. Make sure to pick a plan that covers all your requirements. If you are faced with a choice of two or three recommended mediclaim policies, ask an experienced insurance broker about the best one, or consult business or finance publications which give their opinion on the best mediclaim plans that year.
2. Select an insurer. Once you know which mediclaim insurance plan you seek, simply log on to the insurance provider’s website and look for ‘Health Insurance’ or ‘Mediclaim’. Once you click this button, you will be presented with a list of health plans that the insurer offers. These will be categorised under Individual, Family, Group, Corporate, etc. Try and include critical illness insurance in the plan that you select. Once you have made your choice, click the button marked ‘Buy online’ or ‘Buy now’.
3. Calculate your premium payable. At this stage, you will be presented with the plan highlights and an online premium calculator. Use this calculator to find out how much premium you will pay vis-à-vis the desired sum assured and the plan tenure. You can compute these figures in real time till you reach the desired numbers. Now you can proceed to fill the application form for the mediclaim policy.
4. Fill out the application form. At this stage, you must fill out the details asked of you in the application form on your screen. You will be asked to enter your name, age, professional qualifications, if you are a smoker or not, if you have any pre-existing diseases, your income profile, number of family members taking insurance (in case of family plans) etc. Fill in the latest and correct information – falsifying any information to avoid paying a higher premium will result in the policy being terminated at a later date.
5. Proceed to purchase the mediclaim policy. Once you fill out the application form, you can pay the policy’s first premium online using your credit/debit card or via Internet banking. However, some insurers insist on the applicant undergoing a medical test before completing the purchase process.

As mentioned earlier, deliberately or inadvertently falsifying information can lead to the mediclaim being terminated. You must also mention if you have purchased other insurance policies prior to this one – insurance companies conduct checks on every claim made in the application form. The insurer can reject your application if you have omitted to mention details of your other insurance policies.