Often customers focus more on returns while buying an insurance policy. The returns received in an insurance policy are less as compared to other savings schemes as priority is always given to risk protection. That’s why it is necessary to choose the right policy carefully.
New Delhi. Life insurance policies are always important in terms of risk protection, although along with risk cover, they also provide returns in the form of savings over a long period of time. Still, often customers focus more on returns while buying an insurance policy. Since the returns available in an insurance policy are less as compared to other savings schemes, risk protection is always given priority in an insurance policy.
There are many things that should be kept in mind before buying a life insurance policy. So that the customer can get a better insurance protection according to his needs.
The returns
you get in life insurance policy If you buy life insurance policy at a young age, then the returns you get in it are better and higher. Suppose you buy life insurance at the age of 25 for a term of 25 years, then the returns under this traditional product can be higher. If you take a whole life insurance policy, the chances of higher returns increase further.
At the same time, the premium is also less on buying the policy at a young age. When you buy a life insurance policy at the age of 35, 40 or 45, higher premiums have to be paid and this reduces the returns on the policy.
Make this strategy for return and risk cover
If you want to get better returns along with risk cover, then you can adopt an easy method. Keeping in mind that risk cover is more important than return in insurance, many customers take term insurance instead of traditional insurance plan for risk protection, where more protection is available in low premium and the remaining amount can be invested in a savings scheme. Give, due to which the money increases continuously. At the same time, adequate risk cover is provided by the protection of term insurance.
In plan insurance products that offer guaranteed-non-guaranteed returns, the
policy holder gets returns in two ways. In some plans, the return is fixed every year, while in some plans, guaranteed returns are promised. Some non-participating products also offer guaranteed additions to the sum assured. But it may be that the premium charged from the customers for this is high.
