Life insurance has become the need of every person in today’s time. It is a contract between the insurance company and the policyholder, in which the person buying the policy on behalf of the insurance company is promised that if something happens to him, his family will be given a certain amount by the company.
There are many types of life insurance, which include term life insurance, permanent life insurance, ULIP, endowment insurance plan, money back insurance, whole life insurance plan, child insurance plan and retirement insurance plan. After knowing so much about insurance, you must be feeling that why should one take it?
Benefits of taking insurance
- Insurance provides financial protection to your family in case of any untoward incident.
- One can save tax on payment of insurance premium as income tax exemption is given on payment of insurance premium by the government.
- ULIPs, Endowment Insurance Plans and Money Back Insurance are plans through which you can also invest.
Things to keep in mind while buying insurance
Choosing the right insurance is a difficult task these days, but you can choose the right insurance plan for yourself by keeping a few things in mind.
- First of all, you should make a list of the requirements that you need to cover the duration of your insurance plan and how much.
- You should compare life and term insurance plans etc. to see which plan is giving you more cover with less premium.
- You should not choose the cheapest policy in the greed of low premium, you should also compare the features.
These companies are giving insurance
- HDFC Life Insurance
- LIC
- Kotak Mahindra Life Insurance
- PNB Met Life
- Bajaj Life Insurance
