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Life Insurance Plans in India

Life Insurance

Overview

No matter how much and how well you plan, life always remains unpredictable and that can create some serious problems at some point, rather unexpectedly. Such abrupt unpleasant and unplanned situations can really imbalance the pace of life for you and your loved ones. Having an adequate life insurance cover is not only a guaranteed provision for your family in case of any mishappening that may endanger your life in future but it also helps to put your mind at rest that no matter what the future holds, your loved ones will never be left uncared for.

Life insurance is primarily a policy that provides adequate financial support to the beneficiaries (could be one or more) of the policy in case of the death of the policy holder. Even though nothing can replace the human existence in life but the provision of prompt financial support can prove to be immensely helpful during an already emotionally draining time.

Benefits of Life Insurance

While the obvious and biggest advantage of life insurance is the financial security it promises to provide your loved ones, life insurance has several other benefits as well that make availing a suitable plan a mandate for every individual today.

  1. Tax Exemption- One of the best part about having life insurance cover is getting the additional benefit in terms of tax exemption for the premium one pays towards the policy, being eligible as per the section 80C of the Income Tax Act 1961. Also, certain policies providing benefits on maturity are also entitled to giving due tax deductions on the maturity earnings, under the section 10 (10D).
  2. Availing Loan Against Policy- The policy also provides for a provision wherein the policy holder can avail loan in case of an urgency, wherein the amount of loan can be taken either in the percentage of the insured sum or as the cash value.
  3. Investment Perspective- Life insurance cover also assists an individual in systematic financial planning at a specific life stage for one’s convenience. It acts like a long term investment tool for better management of one’s finances as it can provide due aid at important parts of life such as the education or marriage of your child, retirement planning or building one’s home etc.
  4. Better Returns- As opposed to the other forms of investment, the life insurance policy provides relatively much better returns on one’s investment. Moreover, the money invested is much more secure and less at risk in comparison and the amount will be returned for sure, either at the time of tenure completion or the demise of the person.

Why Compare Policies?

There are a number of insurance plans available today in the market, offering different coverage plans for specific requirements and thus, comparison before choosing one helps an individual in making the right deal.

  1. Policy Cover Scope- The scope of policy cover given for the set amount is one of the most important factors to keep in mind. Given the varied range of policies available in every category today, it is vital to duly make comparisons and get your hands on the most suitable one.
  2. Claim Settlement Ratio- While the features covered in the plan and the cost element are the more important components, the claim settlement experience of the company is no less a factor to be taken into account. The ease and speed of claim settlement by a brand in the past is a way to judge how best the company can serve you in future and how minimal the chances of any ugly disputes.
  3. Customizing at Ease- The flexibility to customize one’s individual plan taken from a particular brand for a specific cover is critical. Customization is no more a luxury rather a necessity as it helps one keep the cost in check without taking the fancy frills that are practically useless.
  4. Fair Deductibles- The extent and number of deductibles by the company must be factored in well before buying the insurance so as to make sure that no additional costs are to be born in the future that may make the cover a more expensive option in comparison.

Alankit Advantage

  1. Informed Assessments, considering the practical quotes from all the well-known insurance companies in the market to give a fair holistic review to the customer with enough options to explore, evaluate and finalize. Alankit banks upon its range of quality connections with some of the recognized names in the segment.
  2. Thorough Examination of the plan and all components by the team experts, having high degres of market exposure over years, all information about the core functioning and changing market patterns. This helps to provide an impartial, sound picture of the insurance world in front of the common man so as to make wiser decisions.
  3. Charting a Precise Route, when it comes to buying the ideal cover. Alankit experts record all details for a systematic evaluation including the client’s lifestyle details, age, health conditions, premium paying potential and the level of coverage actually required that’s likely to be utilized etc.
  4. Prompt After-sales service to not keep the customers waiting, rather being proactive in resolving their queries in a professional manner so as to retain the client trust and develop a rapport that goes a long way for the brand.

Best Life Insurance Plans

*Give Life insurance Plans/ Policies Framework from Different Brands in a tabular, comparative form.