If you do not have a
life insurance policy, then you can take it with sufficient amount as soon as possible. Term Insurance Policy: The beginning of the new year is a good time to look at our finances. With this, it is the right time to keep your financial plans for the year, review the progress made in the last year, identify the difficult areas and if necessary, take steps for improvement. This year it becomes more important because the epidemic in the world is not over yet. Last year, many of us understood the importance of having a life insurance plan to protect the financial interests of our dependents. If you do not have a life insurance policy, you can take it as soon as possible with a sufficient amount. How to choose the right policy?
If you are not sure about how much sum assured will be enough, you should follow the rule that the life insurance plan should be at least 10 times your current annual income. You can also plan for more even assurance according to your needs. It is worth noting that there are
different types of life insurance policies in the market, in which different features and benefits are available and you can compare all the options and choose the best policy according to your needs. These include term insurance plans, unit-linked plans, endowment policies, retirement plans, money back plans, whole life policies, child insurance plans etc.
According to the bank market, many people opt for term insurance plans with higher sum assured at lower premiums. However, note that the
premium of a life insurance policy will increase with your age. Therefore, if you are thinking of making a plan, then take it at an early age.
When choosing an insurance policy one should not only look at the cost of the premium. According to the bank market, you should also look at other important things like the claim settlement ratio of the insurance company, policy features, add on benefits.
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If you are thinking of buying a term insurance plan, then in this list, the annual premium price of the policy has been given along with the assurance of 21 crore insurers at the time of Rs 1 crore. Note that the premium price is calculated according to a 30-year-old non-smoking person living in Bangalore, whose annual income is 5 lakh and the policy term is 30 years.