This is How Life Insurance Can Safeguard Your Family During Covid19
5:00 Min Read Time | Aug 05, 2021
Colours of life with Bharti AXA
Did you know
Life insurance is a good way to save tax
The primary objective of life insurance is to give a safety net to your family, tax saving is only the cherry on the cake. A life insurance plan is a good idea, no matter what age you may be.
Other investments are better than life insurance
Other investment options may involve risks. Life insurance provides crucial financial protection to your loved ones.
Life insurance is beneficial only after the death of the insurer
It’s true that life insurance provides precious financial aid in case of death. There are also insurance plans that are tailored for different financial needs and aspirational goals.
People with existing illnesses are not eligible to buy a life insurance plan
It’s critical for you to share complete and accurate medical details at the point of buying insurance to avoid unpleasant surprises at the time of claims, and possible rejection of a claim.
A term insurance plan is of little use when the insurer survives the policy term
Term insurance plans with an option for return of premium (TROP) offer the unique advantage of return of all your premiums upon the end of your policy term.
25 years is too young to buy life insurance
For life insurance, the sooner the better. Buying a term insurance when young ensures you pay a lower premium for a substantially larger financial safety net, not to mention the ease of mind.
Useful insurance guides
Life Insurance Policy
Insurance jargon explained
Date Of Commencement Of Risk
It is the date which represents the beginning of Life Cover.
Nominee is the person who is nominated to receive the amount under a policy and to give a valid discharge to the insurer on settlement of claim under a life insurance policy.
-- The person who is nominated to receive the benefits of the policy, in the event of Life Insured’s unfortunate death before maturity date is called the Nominee.
It represents the ending (end of term) for an Insurance Plan. On maturity date, the Policyholder will receive the benefits on maturity depending on the plan chosen, and the life cover terminates.