What is Life Insurance?

Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term.

Do you need life insurance?

If you have dependents and financial responsibilities towards them, then you certainly need insurance.

Having a family means dependents, which, in turn means financial commitments. Financial commitments come in the form of loans, expenses incurred on children’s education, medical expenses etc.

How much does life insurance?

In order to buy a life insurance policy, you must pay premiums to the life insurance company. The amount of premiums payable depends upon the type of policy, term of policy contract, sum assured and your age.

You could pay these premiums monthly/ half-yearly/ annually/ or as a single premiums.

What is Term Insurance?

Term Insurance, also known as pure life cover, is the cheapest and the simplest form of insurance. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the Death Benefit in event of your premature death. However, if you survive till the end of the policy term, nothing is payable to you. This policy has no savings component and the premiums you pay are purely a cost to buy you a life cover.

What is an Endowment Policy?

An Endowment Policy is a combination of savings along with risk cover. These policies are specifically designed to accumulate wealth and at the same time cover your life. In simple words, these polices are issued for specific time periods during which you pay premiums. If you die during the tenure of the policy, your beneficiaries will receive the death benefit along with the accumulated bonus additions and if you outlive the policy tenure you will receive the maturity benefit along with accumulated bonus additions (if any).

Is there any policy where I can receive money during the tenure of the policy?

Yes, a MoneyBack Policy. This is an anticipated endowment policy with an additional feature of receiving a benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire policy term inspite of the installments already paid.

What are the different premium paying options available?

Nearly all policies provide yearly, half yearly, quarterly and monthly modes of premium payment.
In addition, some plans also have the option to pay the premiums only for a limited period of time and not for the full policy term.

Are there any advantages in buying insurance at an early age?

Yes. The premium that you pay on your insurance policy is mainly dependent upon two things – your age and the tenure of the policy. The younger you are, the lower is your insurance premium amount. At younger age, you would be physically sound and may not be suffering from illnesses/ medical. This would entitle you to a lower premium on the policy. Therefore it is advisable to buy insurance at an early age to reduce the cost of insurance.

How do I know if the agent is authorized to sell life insurance policy?

A life insurance agent is a representative of a particular life insurance company and can provide advice on the products marketed solely by that life insurance company. An agent who sells life insurance products is registered with the IRDA and is required to pass a pre-contract examination, conducted by NSE.IT. Always insist on seeing agent’s authorization card issued by IRDA, before interacting with them.

What do I get when I buy term insurance?

You have bought and received the company’s guarantee that if you die during the term of the policy, it will pay a death benefit to your beneficiary.

Does that mean I’ve wasted my money if I don’t die?

No more than you have wasted money by buying car insurance but never having an accident. You’ve purchased peace of mind. With term life insurance, if you die during the term, you know the company will pay your beneficiaries.

Tips on Buying Life Insurance

  • Make sure you feel confident in the insurance agent and company.
  • Decide how much you need, for how long, and what you can afford to pay.
  • Learn what kinds of policies will provide what you need and pick the one that is best for you.
  • Do not sign an application until you review it carefully to be sure the answers are complete and accurate.
  • Do not buy life insurance unless you intend to stick with your plan. It may be very costly if you quit during the early years of the policy.
  • When you buy a policy, make the cheque payable to the company, not the agent.

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