Life Insurance In India | Role and Importance of Life Insurance

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Life Insurance In India : The picture of loan and insurance market seems to be very puzzling for most of the people even in this competitive age. In spite of this fact, developments in both the domains are taking place at regular intervals. In the fast and steady lifestyle of today, it would not be a decision of a fool to hold a life insurance policy.

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Our life usually gets patched with various colors and it’s quite impossible for everybody to expect nothing and live frugally on surprises. Though, it is quite evident that surprises may be in the form of certain accidents or sudden financial crisis. Moreover, such surprises are not welcomed by us. In order to make yourself secure and want to live a healthy and wealthy life than getting insured would not be a bad decision.

Now, if you are thinking of getting yourself insured then first and foremost you should do a comparison of life insurance in India. This would positively help you to get the best policy and that too at very affordable rates. Viewing the popularity of the life insurance policies among the masses, one can find numerous life insurance types available on the market. Moreover, these policies are offered to you at very considerable rates. Depending on your requirement and income, you should select a suitable insurance policy.

Life Insurance In India | Types of Insurance Policy

For this, you should gather sufficient information regarding the various types of insurance policies available in the market in the present times. In this context, it needs to be mentioned that in these policies, not only your money or your life gets secured but also the life of your spouse and children get secured. Moreover, various top-notch companies such as LIC, Aviva Life Insurance Company, ICICI Prudential, MetLife India and TATA AIG offer various types of insurance policies to their valued customers. These companies also offer term life insurance policies as well.

As multiple options are open to you, it becomes even more important for you to do a life insurance comparison. While comparing, your mind should be very clear regarding which type of policy you actually want. At this point of time, you would come various types of insurance policies such as term life insurance, short/long term insurance, joint term, permanent life insurance, universal life insurance and whole life insurance etc. As such, first, make up your mind and then jump into any profitable conclusion. Going with or searching for the cheapest term life insurance is not always good as it might not be helpful for all your needs.

Life insurance types |Term life insurance

All these policies differ from one another in some aspects. For instance, the short/long term insurance basically insures you for a certain period of time. However, you can renew the short-term policies for several years and at the same time, also pay the same premium rates. The USP of these type of policies is that one can even convert his/her policy into a permanent insurance policy. The long-term insurance policies are popularly known as cash value life insurance in India. These policies offer death benefits and at the same time, they even accumulate cash value. Now in the case of the permanent life insurance in India, there is a twist in the tale. This policy actually comes with a cash value. In this type of policy, the premium rate remains fixed and offers the concerned person death protection as long as he/she lives.

 

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