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How to choose the best life insurance policy? - PowerPoint PPT Presentation

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Looking to buy a life insurance policy? Know about various factors that help you make a better choice.

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Presentation Transcript
having a life insurance policy provides you with

Having a life insurance policy provides you with the much needed financial security in times of unfortunate death of the policyholder.

benefits of life insurance p olicy
Benefits Of Life Insurance Policy
  • Protects your family’s financial future
  • Provides financial help during medical emergency
  • Is an investment tool that helps you save money for your child’s marriage, education and your retirement.
  • Helps in paying off loans and liabilities
  • Helps build retirement corpus
  • Helps you leave an inheritance
types of life insurance policies
Types of Life Insurance Policies
  • Provides life insurance coverage to an individual till the age of 100 or as long as he survives.
  • Policyholder is required to pay premiums until death or till a specific period of time.
  • The nominee is paid the sum assured along with bonus on death of the insured.

Whole Life Insurance Policy

this type of insurance plan provides death

This type of insurance plan provides death benefit to the beneficiary only if the insured dies during the term of the policy.

  • It offers high coverage at low premium rates.
  • A pure protection plan does not provide any maturity benefit.

Term Insurance

  • It is a mix of savings and insurance that helps you build financial corpus while providing protection.
  • In case of death of the policyholder, the benefit is paid to the nominee.
  • In case of survival, maturity benefits along with bonus (if any) is given.

Endowment Plan

this is a savings cum protection plan that

This is a savings cum protection plan that provides a certain percentage of sum assured to the policyholder at regular intervals.

  • Pay-outs are generally at regular interval i.e. every 4 or 5 years.
  • Survival benefit is paid if the policyholder is alive.
  • On death of the policyholder, the nominee receives the full sum assured along with bonuses (if any).

Money-back policy

  • Helps you build wealth for your child’s education or marriage.
  • Protects your child’s future in case of your unfortunate death

Child Plan

this type of plan provides you with a steady

This type of plan provides you with a steady income flow post retirement.

  • Helps you build a healthy financially secure future

Pension Plan

  • This is an investment cum insurance plan.
  • A part of the premium is invested while another part is used towards life insurance.
  • These plans provide market linked returns along with flexibilities on managing investments and withdrawals.

Unit Linked Plan

how to calculate h ow much life insurance you n eed
How to Calculate How Much Life Insurance You Need?
  • Decide whether or not you need life insurance:
  • Firstly, determine whether or not you need life insurance
  • If you’re single and don’t have any dependents, then you may not find the need to buy life insurance
  • If you’re married and have kids, then it’s advisable to buy life insurance
  • Estimate your family’s living expenses:
how much coverage do you need depending on your

How much coverage do you need?

  • Depending on your income, your liabilities, assets, your income, your life goals like child’s marriage and education, lifestyle, you can calculate the coverage you need.
  • It’s a thumb rule to opt for a life insurance cover 15-20 times more than your income.
how is life insurance premium determined
How is Life Insurance Premium Determined?
  • Your life insurance premium is determined by the following factors:
  • Age
  • Gender
  • Health
  • Smoking & Drinking Habits
  • Lifestyle
  • Family medical history
  • You can choose the best life insurance policy by keeping the above things in mind and also by choosing the best type of life insurance.
  • Recommended Read: How to choose and buy the best life insurance policy in India?