Some factors to consider
- Determine the coverage you need
- Life-stage and family members
- Understanding the policy
- Claims Settlement Ratio
- Service Standards
- How much life cover should I buy in a plan?
Your life cover should be enough to pay off all your debts including loans and replace your income, especially if you are the sole earning member of your family. Adding your annual income to your policy might serve as an effective guard against inflation. Keep in mind your future obligations – such as the education of your child and the health of your spouse.
- How much does life insurance cost?
The cost of life insurance depends on the type of policy you take, the sum insured, your age and the benefits you expect to receive when your policy matures.
- What are the advantages of investing in a life insurance policy?
- Investing in a life insurance policy helps you build a corpus and provides financial stability to you and your family.
- Through a Life Insurance policy you can avail tax benefits under section 80C & section 10(10D) as per prevailing Income Tax Laws.