Everything You Need To Know About Easy Life Insurance Plans
Life insurance can be confusing for many people
, especially for first timers. Here is a guide if you are one of them. Life insurance, by definition is a pact between the insured person and the insurance company enabling the formers loved ones to receive money from the latter should the policy holder pass away.
There are two principle types of life insurance. One is term life insurance and the other is whole life insurance offered by life insurance companies. In the case of term life insurance, the policy holder can opt to buy the insurance for a limited period of time. This insurance is the cheapest type of insurance that one can buy. The only clause is that the money paid as premiums cannot be withdrawn. Once they are gone, they are gone. It is only after your death that the money paid is passed onto your loved ones or family members.
On the other hand, whole life insurance is a more expensive long term alternative to term life insurance. In this form of insurance, the policy holder can withdraw all the money that he or she has put before the term ends. The premium can be issued to the life insurance company either as a lump sum or on a monthly or yearly basis. The advantage here is that, the policy holder can decide what to do with the collected money. Some insurance policies come packaged with an investment option. These help you make investments and can hence increase your returns when you cash out.
It is always better to insure yourself when you are young. Otherwise, if you start late, the amount of premiums that you have to pay increases. If you opt for term life insurance, then it is better to be generous with the amount you apply for. This is because if you experience sudden death, then you would want your family to be left with as much money as possible. There are many life insurance companies in India that offer a variety of options for customers these days. However, you need to do your research before you buy one. Researching before you buy,is crucial. This is because, you will be paying off a part of your salary for a decade or more. Hence, you need to know what exactly you are paying for.
A good way to this, is to go online and check things out for yourself. This way, you will not have to experience the pushy agents who are not in the least bothered about you. There are many good websites to do so, Policy Bazaar life insurance being one of them. Policy Bazaar offers lowest cost on term life insurance. policy bazaar life insurance offers are ideal for a person who wants the maximum out of the money invested. This site allows you to compare different policies with each other, giving you a birds eye view of all types of schemes. The price quoted for every policy bazaar life insurance is the cheapest. The reason for this is no middlemen. The quotes you see are the prices demanded by respective life insurance companies. This efficient method will also reduce processing times apart from eliminating confusion. Hence, these are some things that you should keep in mind when buying life insurance.
by: raj sharma
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