Worried about health? Find out which type of life insurance is right for you!
coved-19 has shown the importance of life insurance. At one time many considered it an ‘unnecessary expenditure’. But in the New Normal, people’s perspective has changed. Life insurance has become a dangerous friend. There has also been a radical change in the idea of seeing insurance as a savings or a way to avoid income tax. However, life insurance in India is still not widely spread. Statistics show that only 2.74 percent of people in the country have insurance. Which is negligible compare to the require.
In no other country in the world is the situation of life insurance like this. Life insurance is viewed with considerable importance in first world countries. But not so in India. Those who are covered by insurance in this country, if they have an insurance requirement of 100 rupees, then they have arranged only 7 rupees and 80 paise. Therefore, when the man leaves, so many families sit on the road! With life insurance, if something good or bad happens, at least the family will not be in the way.
How many types of life insurance are there? There are thousands of types of life insurance in the market as per the budget of the customer. But before the insurance is given the physical examination of the applicant is done. After that the installment of premium is fixed. However, there are several insurances that do not require an exam. read more: Car Insurance: What You Need to Know!.
Term Life Insurance:
The most popular life insurance policy is term life insurance. Usually has a tenor of 10 to 30 years. The premium has to be paid accordingly. If the policy holder dies, the family will get the sum assured.
Whole Life Insurance:
The term of this policy is the entire lifetime of the customer. Its premium is the most expensive. But the lifetime benefit gives peace of mind to the customer. In this case, after the death of the customer, the insurance money is given to his family.
Universal Life Insurance:
Like whole life insurance, it also offers permanent coverage. Its premium is also expensive. But there are some benefits. The amount of monthly installments can be fixed by the customer in proportion to the amount of coverage available.
Variable Life Insurance:
This also provides coverage for life. Savings are also available.
Group Life Insurance:
As the name suggests, this type of insurance is usually offered to a group. It can be at workplace or employees of a business organization. Its coverage is matched without separate medical examination. read more : Insurance Guide: Know How To Calculate Your Car Insurance Premium
Supplemental Life Insurance:
Group life insurance, such as employer-provided supplemental life insurance, can be purchased to supplement insurance coverage. Usually employees buy this type of insurance to supplement the insurance coverage they receive from a company. click here
Family Life Insurance:
Family Life Insurance is the insurance for all the members of the family. In Ekshatra, the head of the family usually gets coverage for life and the spouse and children for a fixed term.
Guaranteed Life Insurance:
Guaranteed life insurance for those who have poor health but cannot afford other types of life insurance. But anyone can come under this insurance. Naturally, premiums are paid at higher rates.
No Exam Life Insurance:
Medical checkup is mandatory for most life insurances. But young and healthy people who want to avoid the hassle of medical examination can take this type of insurance.
Final Expense Life Insurance:
This is adult life insurance. Usually this insurance is given without medical examination.
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