Choosing the Right Life Insurance
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Choosing the Right Life Insurance

Buy Life Insurance Now
  • 28th Oct 2021
  • 65
Choosing the Right Life Insurance

Life insurance acts as a risk cover for you and your loved ones in multiple situations such as retirement, death, security against home loans, etc. With thorough research and knowledge, you can make the most out of your chosen plan. Let us look at a few steps that can help guide you on how to choose the best life insurance policy in India.

When you try to comprehend what exactly a life insurance policy means, you will see that it is an agreement between you and your insurer that is binding for a significant period of time. In this, the insurer gives your loved ones a pre-decided sum assured in the case of your unfortunate demise, or it may be given to you at the time of the maturity of the insurance.

Benefits of Life Insurance

There are multiple benefits of buying life insurance:

  • Financial security in an unexpected turn of events
  • Home loan payment by tying it with life insurance policy
  • Children’s Education
  • Daily expenditures
  • Tax deductions on premium payment

Types of Life Insurance Products

There are different types of life insurance products such as term insurance, whole life cover, retirement plans etc., to which you can add benefits known as insurance riders. Some of the most common riders are listed below:

  • Critical illness rider
  • Accidental benefit rider
  • Income benefit rider
  • Premium waiver rider
  • Total permanent disability rider

How Do You Choose the Best One?

There are multiple types of life insurance products to choose from that can get extremely overwhelming and leave you confused. So here is how you can go about it.

  • Assess Your Needs
  • This implies understanding what you are looking for and who you want to secure. For example, if you are looking at the financial safety of your family, then you may go for term insurance, but if you are looking out for yourself post-retirement, you can opt for a retirement plan. Buy one which aligns with your requirements.

  • Calculate Your Cover
  • This will be done keeping in mind the daily expenses of your household, loans, if any, the education of your children, the rising inflation, etc. Based on all this information, you can decide the coverage that fits your needs the most.

  • Compare Policies on Different Insurance Website
  • This will help you understand which is the best life insurance policy for adults so that you can make an informed decision. Also, it is recommended to buy policy online as you can directly purchase from the insurer and enjoy a hassle-free and convenient experience.

  • Determining The Premium
  • One of the major insurance policy details that we look at is the premium; and one must thus know how or why it varies. The premium will depend on a few factors such as your age, your lifestyle habits, the riders you choose, and more importantly, the policy you choose (e.g., term insurance usually has lower premiums).

After making the decision to invest in a policy or buy policy online, you need to consider a number of things and weigh the pros and cons before arriving at a decision. Keeping a note of the points mentioned above, you will be one step closer to buying the best-suited policy for you and your loved ones!

- A Consumer Education Initiative series by Kotak Life

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