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Thread: How to choose an insurance plan

  1. #1
    Join Date
    Apr 2013
    Location
    Mumbai, India
    Posts
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    Default How to choose an insurance plan



    How to choose an insurance plan


    A wide range of insurance products are available in the market. Each insurance product is different from the others having some unique attributes which are devised to meet specific needs of different individuals. However, with such a wide range of products available, it becomes very difficult for an individual to choose an insurance plan that is best suited to meet his requirements. Based on the financial plans and needs and one's affordability to pay premium, an individual can choose any of the plans available in the market. Some of those plans are listed in the table below -

    ULIP -
    Need / Purpose: Savings & capital appreciation, Protection (Risk cover).
    Best Suited for: Moderate to high income, Have dependents.
    Term policy -
    Need / Purpose: Security to dependents, Risk cover
    Best Suited for: Young individuals, Low income, Have dependents
    Children plans -
    Need / Purpose: Child's future studies, Child's marriage
    Best Suited for: Couples having small kids
    Pension plans -
    Need / Purpose: Retirement Benefits, Risk cover
    Best Suited for: Persons aged above 40 , Persons not having a pension provision from their employer.
    Money back policy -
    Need / Purpose: Risk cover, Periodic payments
    Best Suited for: Persons having recurring financial requirements, Low to moderate income
    Endowment Plans -
    Need / Purpose: Risk cover, Savings
    Best Suited for: Requirement of fixed sum after lapse of certain period

    Term Insurance Plans
    One of the best ways to do this is through Term Plans,the purest form of our insurance.
    Group Term Insurance Plans
    Life Insurance Group Term Life , a non linked non - participating yearly renewable group term product,allows you to plan ahead and secure the future of our loved ones

  2. #2
    Join Date
    Apr 2013
    Location
    Mumbai, India
    Posts
    408

    Default

    Also it gives choice of online insurance premium payment to suit the convenience.
    Single Pay - Pay premium once for coverage over the entire policy term chosen.
    Limited Pay - for a limited period of time like 5-10 years but be insured for a longer period.This facility is under the limited pay. There are more options like the single pay - and regular pay.
    Regular Pay - Pay Premium till the end of chosen policy term.
    There is special lower rates for female customers.
    Also discounts o rates for customers opting for higher level of protection.

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