Life Insurance – A Quick Guide

Life is unpredictable, and you never know what may happen to you the next moment!

Suppose, if you no longer live because of an unfortunate incident, have you wondered who will take care of your family in your absence?

Who will ensure the financial security of your family?

Life Insurance

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That’s where life insurance steps in to cover financial needs of your family in your absence and availing the best insurance policy may help you out!

What is life insurance?
Life insurance could be referred to as a contract between two parties. When you buy the best insurance policy from a company, you are the policyholder, and the company is an insurer.

You need to pay a certain amount of money to the company which is called a premium. In the untimely event of your death, the company pays your family or specified beneficiary a lump sum figure.

As a result, a life insurance helps as a cover during unpredicted circumstances.

What is the need for life insurance?
If you love your family and want to stay responsible even after your death, you should buy the best life insurance in India policy and relax. The best insurance policy will ensure the well-being of your beloved family even in your absence.

Although, nothing can make cover your loss to your family, when they have financial assistance, the pain will be a bit less to handle.

What’s more, if you are the only earner in your family, it is a must for you to avail the life insurance policy today. There is nothing to be scared!

Life may throw some expected situations to you, and it’s better to stay prepared than never. Yes, managing future finance aspects while you are still alive is the most prudent thing to do these days.

Why not having a life insurance policy will haunt you?
Would you be able to live peacefully even for one moment when your family is in trouble! Yes, you are doing everything for your family, right? So, why not give yourself a peace of mind and ensure that they also live peacefully after your demise?

Not all, but life’s many problems could be solved when you have money.

Thus, not having a life insurance will keep haunting you even after your death when your family won’t have a financial backup. Hence, getting yourself insured is a fundamental yet crucial thing to do today.

Where to buy the life insurance?
With everything available online these days, could a life insurance policy be behind? Yes, you can buy the best life insurance in India over the internet and at an affordable price.

You can also buy life insurance through a broker or insurance agent. Online insurances policies are reasonably priced because there are no middleman commission charges.

You can directly land on a service provider website and purchase reputed company’s best insurance policy such as Bajaj Allianz, HDFC Ergo, Tata AIG, Max Bupa and Future Generali and more.

What are the common terms used in life insurance?

  • Life assured – The person who is now covered by an insurance policy
  • Beneficiary/Nominee – This person receives your insurance policy’s benefits, in your absence
  • Proposer – The person who is paying the premium. If you have bought the insurance policy and also paying the premium, then you are a life assured and proposer both
  • Insurer – The company who provides a life insurance policy
  • Life cover – The amount an insurer will pay to a nominee if you don’t live anymore
  • Premium – An amount that you pay an insurer to receive the benefits of the policy. These payments are regular during the tenor of the policy, for some years or may be paid just once. The payment frequency differs from policy to policy
  • Premium payment term – The total number of years you pay the premiums
  • Policy term – The years a life insurance policy continues

The Bottom Line
Now that you are well-versed with various aspects of life insurance and why it’s so important, you can purchase the best insurance policy from a leading online company website.

Avail one today and keep the financial future of your family safe!

Want to read more about life insurance policies? You can dig deeper on Bajaj Finserv.

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