Term Life Insurance provides financial protection to your family and replaces your income in case you are not around. you pay a small fee every month/ year to protect your family, and in case something happens to you the insurance company pays a large sum of money (life cover) to your family.
life insurance plans which take care of expense of your family in your absence in the form of huge life cover for a very small premium
Suppose a family has 3 breadwinner , the husband earns 30,000 per month of which 8 thousand spent on child fee and 9 thousand on rent and remaining thirteen thousand spent on monthly expenses like groceries , bills etc.
if the husband death wife will be no source of income and still required at least 30000 to maintain their current lifestyle. in such case if the husband already had a 1 crore sum assured to help take care of monthly expenses.
Comprehensive insurance is considered the best as it provide complete protection for your car. in case you want insurance for an old car , buying a third party policy is best as it provide mandatory coverage and is pocket friendly.
Commonly used riders and reasons to add them.
Waiver of Premium on critical illness/disability- In case of permanent disability due to an accident or any critical illness, no future premium have to be paid. and the life cover stay intact. this is available as a free add on in most of the plans and is otherwise available at a minimum amount. highly recommend to add this to you term insurance plan.
Accidental Death Benefit- In case the death happens due to accident an additional payout (amount to be valued of the base sum assured) will be given over and above the base sum assured at a very nominal price. this is highly recommend to a person who travel a lot or ride a two wheeler frequently.
Critical illness rider - On dignosis of critical illness you will get a lumpsum amount immediately.
endorsement is a document that incorporate any agreed change made to exisiting car insurance policy terms or personal details of the policyholder.
Determine your goal, lifestyle and estimate expenses based on factors like age and financial obligation.
calculate the number of years you expect to live after retirement. it 's wise to plan for a longer retirement to ensure you have sufficient funds.
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