What is Life Insurance?

Welcome friends hope you are doing well. We cover in this article What is Life Insurance, SBI Life Insurance, How to get life insurance, Types Of Insurance, Benefits of life insurance

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Life insurance is an agreement or contract between the person insured and the insurance company. According to this contract, if the person insured dies in an accident, the nominee (family member) is paid a certain amount by the insurance company. However, for this, the insured has to pay money in the form of regular premiums for a fixed period, which acts as a financial security for the insured after his family. If you also want to get Life Insurance, then in this post we are going to give information about what is Life Insurance.

Those people who want that their families do not have to face financial problems after them, then they must get their life insurance done. Apart from financial security, life insurance policy also helps in saving tax. If you are also thinking of getting your life insurance, then first get information about what is life insurance or life insurance and what are the benefits of getting life insurance etc.

Life insurance is a contract or agreement between the policyholder and the insurance provider. In which if there is an accident with the policyholder and he dies, then the life insurance company provides that amount to the family of that person according to the life insurance policy made by that person. So that even after the death of the earning person, his family members can be helped. It comes in handy to help the family financially. If you have any kind of loan or you live in a rented house then you must get life insurance.

About SBI Life Insurance

SBI Life Insurance Company, one of the most trusted life insurance companies in India, was incorporated as Life Insurance Companies of India in October 2000 and registered with Insurance Regulatory and Development Authority of India (IRDAI) in March 2001. Went. It provides services like Life Insurance, Pension Plan, Child Plan, Investment and Savings Plan etc. to its customers. The user can take any plan as per his convenience offline or online by contacting its official website.

How to get Life Insurance

There are many insurance companies in India from where you can get life insurance. You can also get insurance by visiting these companies and you can also apply online if you want. On applying online, an agent of the insurance company comes to you so that you can get the insurance done online. You can also send a request for life insurance on the company’s Toll Free Number. For this, you have to fulfill some of their conditions like your age should be between 20 to 60 years. You should not be suffering from any kind of deadly disease and at the same time be mentally healthy.

How much does life Insurance take

How much life insurance you should take depends on your annual income, how many liabilities you have, and how many people in your family depend on your income. You should take a life insurance cover amounting to ten to fifteen times your annual income.

Top Life Insurance Companies

Next, you have been told the names of some popular life insurance companies from where you can take life insurance.

SBI Life Insurance
Aviva Life Insurance
Bajaj Allianz Life Insurance
Bharti AXA Life Insurance
Canara HSBC OBC Life Insurance
India First (IndiaFirst Life Insurance Company Limited)
PNB MetLife Insurance
Reliance Life Insurance
Kotak Life Insurance
Life Insurance Corporation of India (LIC)

Types Of Insurance

Keeping in mind the needs and preferences of the users, many types of life insurance plans have been created, some of which Life Insurance Ke Prakar has been told to you below.

1. Term Insurance:

Term insurance policy provides life cover for a period of time. In the event of the death of the insured during the term of the insurance policy, the sum assured is given to the nominee of his family. In this policy, you get cover for the period you choose.

2. Endowment Policy:

This policy is for the whole life. After the death of the policyholder, the beneficiary gets the full amount. If a person takes this policy, then he gets two types of benefits, first benefit of insurance and second benefit of investment.

3. Money Back Life Insurance:

In a money back policy, a fixed part of the sum assured is paid to the insured during the policy period itself. In the event of the death of the policyholder, the full sum assured along with life benefits is paid to the nominee.

4. Unit Linked Insurance Plan:

In this, both your insurance and investment needs are met. The premium paid by you is deducted from the insurance and management expenses and charges and the balance amount is invested.

Benefits of Life Insurance

If you have taken life insurance, then we are telling you what benefits you would get from it.

The biggest advantage of life insurance is that it provides financial security to your family.
This can give regular income to your family. It also helps in health and healing.
Tax benefits are also available on premium payment under Section 80ccc, 80c and 80D of the Life Insurance Policy Act, 1961.
Long term savings can be made.
It is essential in the education of children.

How to choose the best life insurance policy?

Since there are various plans offered by life insurance companies, it is very confusing to choose the best plan among various options to get the best coverage at an affordable premium. Some of the points to remember before buying a plan are as follows:

1 Keep in mind the claim ratio

A person buys a life insurance policy only to get a claim in the time of need. But what if the family does not get the sum insured after the person leaves? There is nothing to worry about, there is a way to solve it. Before selecting a provider, you should check its claim ratio. This will give you an idea of the number of claims a company has made in a year. The company that has the highest ratio may be a good option for you.

2 Company background check

There are many companies today that provide insurance policies. Because of this, there is a dearth of quality providers in the industry. To be smart, you should do a background check on each company. Whatever the facts match your expectations you should go with that.

3 Valuation of Sum Assured

Before you start knocking on the doors of insurance providers, it is highly recommended to calculate your expected sum assured. Along with this, you can do a deep check from the premium calculation which is done by the companies. Combine both the factors to know which company deserves your hard earned money.

4 Customer Reviews Are Important

Sometimes, a company may look great from outside but run with bad intentions from inside. The best way to find such companies is through customer reviews. These reviews are given by people who have experienced how such companies work and whether they live up to their promises. Reading the reviews of such people can really influence your buying decision.

How to claim for life insurance policy?

In case of death of the insured, the nominee/executive of the deceased shall be able to claim in the following manner:

Inform the insurance company about the death as soon as possible with important details like time, place and cause of death.
Submit the required documents and proofs to the insurance company. This will include the death certificate of the insured along with the claim form provided by the insurance company.
If the policy was assigned, the assignee has to provide the documents. If any person (other than nominee or assignee) is filing the claim, he/she has to submit legal proof of his/her relationship with the insured.
If necessary, the report of the post-mortem, hospital and attending physician will also need to be submitted.
In cases involving police inquiries, an investigation/survey report has to be submitted.
Once the investigation is over, the insurance company will approve/reject the claim. The details of the same will be shared with the claimant.

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Conclusion

Before taking advantage of any insurance plan, the person taking the policy is medically examined. This test is done to ensure that the insured is not suffering from any serious or chronic illness. If you have now decided to get your life insurance policy, then choose a good policy only.

What is Life Insurance? – All information about Life Insurance