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Therefore, a thorough analysis of insurance plans, premium and cover is a must before buying a plan.
Life Insurance is an important investment in everyone’s life. It is just not about fetching the returns on the investment but is also a significant tool to meet the financial needs of your family and dependents in the event of unforeseen circumstances. Therefore, a thorough analysis of insurance plans, premium and cover is a must before buying a plan.
The buyer doesn’t need to invest a large sum of money to get an adequate insurance cover. An average buyer should select a pure protection term plan which comes at a lower cost and provides adequate insurance cover. The premium for pure protection term plan varies in between Rs 10,600-12,600 a year. Make sure that the cover should settle all outstanding dues. Also, it should meet all other financial needs of the family of the insured person. There are various types of insurance plans starting from traditional plans to ULIPS and pure protection term plan.
First of all, everyone should take a pure protection term plan and afterwards should consider of buying a traditional or ULIP plan. Insurance cover is also related with the term of the policy. Choose a policy that provides insurance cover when you most need it. If the cover of the insurance policy is limited till 50s, then it is of no use. Therefore, buy an insurance plan that can be extended till the end of your working life. With the widespread usage of internet, it has now become easy to buy insurance policies. Most of the insurance firms offer online term plans.
There is no need of an intermediary while buying an online term plan. Even the premiums are comparatively low of online term plans. Follow four simple steps to know your life insurance needs. First of all total your family income and expenses. Secondly, know what the one-time needs of your family are. Then calculate the value of your fixed assets and after all calculations select an insurance plan that meet your financial needs.
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