Compare Life Insurance Rates To Get The Maximum Advantage
In the present times, most people know about life insurance and the advantages associated with buying one of them
. Nowadays, life insurance is not just a form of financial security that a person provides to his or her family, but it has grown beyond that. Today, it is a form of saving and investment to an extent. Easy monthly payments for some years will turn either into wealth or will assist the family of the policy holder to lead a comfortable life in the event of a mishap on the policy holder.
Life insurance India has been around for more than 100 years. After independence and up to the year 2000, Life Insurance Corporation of India was the only insurance company in India which was providing life insurance India policies. LIC had monopoly over life insurance in India for more than 50 years. After the year 2000, private companies were also permitted to sell life insurance India policies. At present, there are many life insurance companies in India, providing insurance for securing life.
Most prominent types of life insurance that life insurance companies sell include Term Insurance and Whole Insurance. The main differences between these two types of insurance are that Term Insurance is a limited time period insurance which can be valid in multiples of 5 years. It only provides death benefit to the family of the policy holder in the event of death of the policy holder during the period in which the insurance is valid. Due to these reasons the premium cost of term insurance is very low.
On the other hand, whole insurance is not a limited period insurance and it is valid for a long time. For about 30 years or more, in which case the policy holder will be paid annuity whether he is dead or alive. If he is alive then, it is called maturity annuity. If he is no more, then, it is called death annuity which is paid to the nominees. As there is a saving part attached to it, the premium cost of this type of insurance is very high when compared to term insurance.
But today, as we can see, there are so many companies providing insurance for life, it is hard to know which company is good and which is not. Which company provides the best insurance with the best features and which does not. Whose price is lower and whose is not. Doing this physically would take weeks and it is not viable. On other hand, thanks to the internet, we can do this in a matter of few minutes and get the best comparison for life insurance India. Nowadays, most of the life insurance companies have their own websites which provide all the details and information about each and every policy that they provide. There are also online third party insurance retailers who provide tools for comparison. With the help of these comparison tools, it would be very easy to compare insurance quotes within matter of minutes.
Online comparison is required because of one reason that these days, most life insurance companies are providing similar policies with same or very similar properties or features. When the features are same, the prices aren"t and here is the need to compare insurance before going ahead and buying a policy. For example, a policy for life of Rs.20,00,000 from company A might cost Rs. 5000 per month. On the other hand, company B might offer the same annuity at Rs. 4000. If the features and time period are all the same, then most people would opt for company B"s policy whose cost is less than company A. This is the simple reason why comparison tools are necessary and comparison is thought to give the best cost of the policy.
by: deepesh
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