Life Insurance Policy - Latest News Update, Information, Photos & Videos on Life Insurance Policy at Lokmat Times

Life is full of surprises - some good, some not so good. That's why having life insurance is so important. It helps protect your loved ones if something happens that you don't expect. But with all those policies on offer, it can be tricky to know which one to select. Don't panic. This guide is going to explain how to choose the best life insurance policy for you, in easy terms.Learn Why You Need Life InsuranceFirst, consider why you want life insurance. Are you attempting to leave money behind for your family if you pass away? Do you want to leave a loan to purchase a home or car paid off? Perhaps you want your kids to be able to go to school or leave something to your family. Understanding your motivation will assist you in selecting the correct plan.Know the Types of Life InsuranceOne should know about the types of life insurance. The most prevalent is term life insurance. It insures you for a set period, such as 10, 20, or 30 years. If something goes wrong with you during that period, your family receives the funds. Otherwise, the policy is over. Term insurance is cheap and easy. Other types are whole life insurance and endowment plans. These cost more, but they provide you with lifetime coverage and also save you money in the long run. Some even pay you a lump sum amount when the policy matures, even if you are alive. If you want protection alone, term insurance is the best option. If you also want savings, you may like whole life or endowment plans.Decide How Much Coverage You NeedAfter you pick the type of plan, decide how much coverage you require. This is the money your family will get if anything happens to you. The thumb rule is to purchase coverage up to 10 to 15 times of annual earnings. Think about the monthly needs of the family, current loans, and foreseeable expenditures like children's schooling or marriage. This will give you the most accurate amount to cover. Select a Reputable Insurance CompanyChoosing the right insurance company is also extremely important. Select one that has a good reputation for settling claims quickly. A high claim settlement ratio is a positive sign since it means that the company settles most of the claims that it receives. Also, find out whether they provide easy online services and customer support. You could read reviews on the internet or ask around among trusted friends and relatives. If you are not sure who to start with, do your research on the top life insurance companies in India , including Onsurity, LIC, HDFC Life, ICICI Prudential, SBI Life, and Max Life. These companies are trusted by millions and are very likely to have a host of plans that cater to all different needs. Compare Plans Before You BuyBefore purchasing, spend some time comparing various plans. Most websites allow you to do this with ease. Compare the premium you have to pay, the coverage provided, additional benefits, and any additional charges. The best policy is one that provides the most value for the amount you can pay.Add Riders for Extra ProtectionYou can also get riders for utmost protection. These riders are the additional features with extra benefits for critical illness coverage or covered for accidental death or premiums waived if you become disabled or lose your job. They cost the extra bit but provide peace of mind in the long run.Start Early, Stay ProtectedA final thought is that life insurance is usually pretty cost-effective when you are still young and healthy. So there is no time to delay if your life has reached that point when such protection becomes a necessity. The earlier you start, the better it is not just for you but also for everyone else. Getting an appropriate life insurance policy shouldn't be that complicated either; spend some time learning your needs, comparing your options, and making a choice that will protect what is most important loved ones.

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Life Insurance PolicyFOLLOW

Life insurance policy, Latest News

National :How to Select the Most Suitable Life Insurance Policy for Your Requirements

Life is full of surprises - some good, some not so good. That's why having life insurance is so ... ...

National :Know All About LIC Jeevan Umang Policy: Deposit as little as Rs 44 get Rs 27.60 lakh

National :LIC launches new Bima Ratna policy in domestic market, check details

National :Here's how you can revive your lapsed LIC policy till 6 March 2021

National :IN PICS! Postal Life Insurance: Good news people taking post office life insurance! Now pay multiple premiums together

National :Has your LIC policy been discontinued? LIC to launch revival campaign for policies from August 10