Is a term insurance policy for you?

You should consider taking term insurance if you want adequate coverage at an affordable cost.

Taking insurance for oneself and one’s family has become par for the course in the case of every responsible person today. Rightly recognising that it may not be possible to pay for emergency expenses or indeed, future living costs just from one’s savings and investments, people who are sufficiently invested in their families’ welfare are bound to take insurance.

However, the multitude of insurance products that suit a variety of needs and budgets can confuse the novice investor. On the one hand, one wishes to take a plan that offers every possible benefit to the family, but on the other hand, such a plan comes with expensive premiums. Instead, it is always wiser to take a more affordable insurance product: term insurance.

Who should buy term insurance?

1. The fact that it has affordable premiums and a very high sum assured amount make term insurance policies extremely attractive to many. Term insurance in India offers some of the highest sum assured amounts across the insurance spectrum today. Hence, those who require a high sum assured for their family’s future can certainly buy term insurance.
2. Insurance can, and should, be purchased by each and every person with an income today. However, many people do not have the financial wherewithal to pay expensive premiums, especially those who have just recently started working. Thus, those who earn a modest income but would like to get sufficient coverage till they can afford a more expensive life policy must buy term insurance.
3. Insurance is not an investment instrument like other tools available today. It does not appreciate in value like gold or property does, nor can it be liquidated mid-way. This stops many people from buying insurance for their family. Besides, many who do buy insurance prefer to invest in life insurance that has maturity benefits, which term insurance policies do not offer. Thus, term insurance is ideal for those who do not view taking insurance through the prism of investment, and who are more concerned about their families’ future wellbeing.

Normally, term insurance premiums are quite affordable and one can easily set this sum of money aside even a couple of days before the payment date. Term insurance in India is a growing product owing to its simplicity and benefits. When selecting the right insurance policy, one must look up the premium payable by using a term premium calculator, and whether the desired policy has a good rating and recommendations from other policy holders.

You can find the best term life insurance in India by researching them online and comparing their features on insurers’ websites. It is also possible to buy term insurance online within a matter of minutes. Insurers encourage the purchase of term insurance online – in most cases, they do not insist on a medical test to complete the purchase, and the premiums are lower for online term insurance.

Are you looking for a life insurance company? Trust only BSLI

Birla Sun Life Insurance’s plans offer varied and all-encompassing benefits to customers.

The only constant in life is change. We plan a certain path for our lives – we get a good education, get employed, work hard for our families, make a large amount of money and retire in style. But how often does life follow this script? There have been numerous instances of life changing in one instant – one minute a person may be hale and hearty, and the next moment he may stare at untold sadness.

Thus, it is clear that life is highly unpredictable. It can alter the entire course of our existence in the blink of an eye. But while you may bear any and every hardship with fortitude, what about your loved ones? Will they be able to stand up to financial problems in your absence? Will your absence insulate them from the pitfalls arising from a loss of income?

If you fear such a fate for your loved ones, the solution is obvious: taking a good life insurance plan that covers you and your loved ones.

Selecting the best life insurance policy in India

For all intents and purposes, the life plan you choose depends on your future requirements and must be adjusted for future inflation. The sum assured must be more than adequate to meet your needs, while the insurer you choose must have an impeccable reputation and an excellent track record in settling claims quickly.

We recommend zeroing in on Birla Sun Life Insurance (BSLI) for your life insurance needs. Not only is the company a trusted partner in the insurance space with the reputation of featuring amongst the premier life insurance companies in India, it also offers an array of excellent insurance options that take a gamut of eventualities into account. Besides, BSLI offers customers the chance to create savings, make sound investments and get excellent returns while also receiving life coverage. BSLI’s life insurance plans are covered under:

1. Protection: These comprise a range of excellent term plans to protect your family’s future.
2. Savings with Protection: These offer the component of financial protection as also the opportunity to create a large savings corpus for the future.
3. Children’s Future: These comprise child insurance plans that ensure the fruition of your children’s many dreams.
4. Retirement: Pension and annuity plans are featured in this category, nudging customers towards planning their retirement in a systematic manner.
5. Health and Wellness: BSLI offers exceptional health insurance plans that also provide valuable riders for critical illness and a host of mediclaim benefits.
6. Wealth with Protection: BSLI offers tangible solutions for wealth creation by providing instruments for investment while offering valuable life coverage and steady returns.

Is Buying an Online Term Plan the Right Decision for You?

You can buy anything online today, be it your shoes, your kitchen appliances and much more. So, why should insurance policies stay behind? With the comfort and low prices of premium online term plan does seem like a lucrative option. But is it for everyone? Here are top things you must consider before buying a life insurance policy online!

Are You Ready for an Online Insurance?

·         Lone Ranger: The most obvious difference between buying an insurance plan online and offline is the absence or presence of the agent. In case of the former, there is no agent and you are in direct contact with the company through their online interface. While this will eliminate the commission you had to pay otherwise, it will also give you greater control on decision making on every aspect of the policy.

·         Sound Financial Knowledge: The biggest advantage of online term insurance is that all the information is on your fingertips. You are no longer dependent on the whims of an agent or their personal interest to learn the financial nitty-gritties. You can check out even the minutest details of any plan on the company’s website before choosing a plan. You can read about the features, terms and conditions and make an informed decision without being swayed by an agent who is more interested in his commission than your long term security.

·         In Time of Need: In the event of the death of the policy holder, the claim and settlement must be carried out to secure the sum assured. This task, in offline policies, is undertaken by the agent who is the underwriter. But in case of online policies, the onus comes upon the policy holder's nominee, who will then have to coordinate with the customer support of the insurer. The good news is that the process has become immensely simplified and convenient so that even a novice at the internet can navigate through the claim settlement process.

·         Be Safe from Scams: With online transactions, you are dealing directly with the insurance provider. They usually ensure that their website is secure and all monetary transactions are absolutely safe. You no longer have to worry whether the agent who rang your doorbell is a fraud, who will scam you of a large amount of money.

·         Cheaper Policies: The online mode also offers lower premiums. This is because what the insurer saves in terms of overheads is passed on as discounts to the customer.

If you were convinced by the above points, then you consider an insurer like Bharti AXA, which offers varied online term plans. Not only will it save your money but also be a convenient option.

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.

All your gifts to your child need not be materialistic

The most expensive gift you can give your child is that of a good education. Taking a child education plan can help you do this.

As parents, we shower our children with gifts. We get them expensive clothes, toys, books and education material even before they ask for it. If a new electronic gadget catches their fancy, we buy it for them on our way home from work. We keep telling ourselves, “I am spending on my beloved child. Who else do I work so hard for?”

But as your child grows up and begins school life, you are faced with umpteen education-related expenses. School tuition fees, transport fees, extra-curricular activities, projects, class trips and so many other expenses demand your attention. You spare money for everything lovingly – but at the back of your mind, you are slightly uneasy about the future. If school education is so expensive, you wonder, how much will higher education cost?

It is not necessary to spend less on your children – on the contrary, the best gift a parent can bestow on the child is the gift of a good education. Often, a sound basis in learning separates one child from another. The access to educational opportunities that you provide will form the foundation of your child’s future.

However, you need to help yourself in the process, too – as your child grows up, you are also ageing. Though your income may grow every year, so do the household expenses. Apart from your child’s education, you must also pay daily living costs, save for your own retirement, set aside funds for emergency medical expenses, and so on. How will you pay for your child’s education in the midst of this, without compromising on some other expense head?

Many parents are forced to dip into their savings or take a loan to fund their children’s further education. Instead, they can easily circumvent this situation by taking an excellent investment plan for the child – known as child education plan. The best child plan in India offers a large sum of money for the child’s future education. It takes the pressure off the parents who wish to help their children achieve their educational goals, without causing debt. It helps the child secure his future dreams and achieve all his ambitions.

The best child plan will provide for a large corpus for the child when he or she reaches the age of higher education. The money can be used to fund a course in a foreign university, or even as seed money for start-up that your child wants to initiate while still studying. The point is that the money is a useful addition to your efforts in providing the best education for your child.