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Oct 27

Why Life Insurance Is Necessary For Everyone

We get our house, vehicles, business goods and other things insured thinking them of their intrinsic value, then why not our lives? Getting our life insured is one of the best gifts we can give to ourselves and our family members. Life Insurance Companies in India are doing a good job in this regard, they offer different type life insurance plans to cater to different requirements of people from different walks of life.

A life insurance policy aims to secure the life of the relatives/ nominees of the policy holder. Whenever the policy holder dies during the insurance period, his/her family apart from suffering the mental trauma also goes through economic hardships, it is here that an insurance company comes into picture by providing them the required monetary support. Just like any other contract, life insurance is also a legal document enforceable in the courts of law. It is a contract between the insured and his chosen insurance company for an agreed sum which is to be paid either at the time of maturity or at the time of his death. The insured in lieu of the agreed sum agrees to pay a regular premium for a specified number of years. The rates for such premium can vary according to the chosen plan.

It can also be seen as an investment in the secured future of the family. But there is a wide misconception that only the head of the family is required to be insured. This misconception is based on half-known truth. The fact is that anyones life can be insured. The moment a person is born, he becomes the subject of life insurance. Securing his life means showing the care for him and for his family. The idea is, life is precious and should be ensured to affirm the fact.

Approaching a Company

After you have decided to get your or others life insured, you have to approach a company that offers these services. Different companies have different policies that attract different premium rates for different benefits. You can approach them to know their offerings.

You may also compare different policies with each other to determine their suitability to you. Apart from this, you must also look at their redemption procedure because some policies may really get cumbersome at the time of their redemption. And, last but not the least; go through their brochure to find their terms of agreement before signing on the dotted lines.

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