Tag: life insurance policy plans
Life insurance provides financial protection to your families after your death. If your family has no other means of income except your income, then it is very helpful in making your loved ones capable of financially. On the other hand, companies also offer accident insurance services, but this does not include the natural causes of death, it can only be considered appropriate for the safety of your family. Today we will try to tell the fundamental difference between these two in our news. Learn….
Personal Accidental Insurance is considered a better option only when
If a person likes to live an active lifestyle and wants extra protection to avoid death or disability due to accidental reasons.
If there is a lot of active members in a person’s house and they want protection from death, spouse or dependent disability.
A person who can not qualify for life insurance due to medical reasons, but despite this, he seeks protection from death and disability.
What is Life Insurance
Life insurance is such a contract, which promises to pay a certain amount on the occurrence of the event for which the insured person is insured. Overall, life insurance is a partial solution to the problems arising due to death.
Life Insurance is of two ways
1. Pure Life Insurance
2. Insurance less investment
Pure Life Insurance is also of four types, but term insurance is considered to be the most prominent.
Term Insurance Policy
It is the cheapest and easy form of insurance, in which financial security is provided for a particular period. This period can be between 15 to 20 years. Term Insurance ensures that your family will get a lump sum if you do not stay. At the same time, if the insured does not have anything during the policy, then no payment will be made to anyone. Its premium is cheaper than other policies.
Personal Accidental Insurance: Personal Accidental Insurance provides protection against permanent disability due to accident or death due to accident. However, Personal Accidental Insurance has not yet received popularity because very few insurance agents try to sell it. However, if you are young and are looking to secure your insurance portfolio, then you should consider investing in a Personal Accidental Insurance Policy.
Differences in Term Insurance and Personal Accidental Insurance
Term insurance is widely separated from personal accident insurance. Because term insurance provides you protection from death, whether it is due to any illness or due to accident. On the other hand, Personal Accidental Insurance benefits you only when you have died in a road accident or you have been victim of permanent disability, partial permanent disability and temporary total disability (limb removal) due to accident. In this natural death, you get no benefit.
During term insurance, the insured’s age matters a great deal, while personal occupational insurance is a key factor that determines your premium. There are three types of risk categories in this ……
Risk 1: Involves those people who are associated with the work of managerial work, lawyer, teacher, banker etc.
Risk 2: Includes those people who are the drivers of contractual construction, garage mechanics, light motor vehicles etc.
Risk 3: Includes people who are involved in dangerous occupations, such as people working in mines, high tensioned wire etc.
People resort to insurance to keep themselves safe from all insecurities of life. This insurance takes care of every small thing related to your life. You pay your premium monthly or yearly to keep yourself and your loved ones financially safe. But due to some inaccuracy, your insurance premium may increase. Therefore, you should also take some caution. We will try to tell you through this news that by taking care of important things, you can stop the premiums of your insurance.
Cigarette and alcohol intake:
Sigert and alcohol consumption are dangerous for your health. Because of this, the possibility of illness or death becomes intensified. Let us know that before the insurance companies decide on the premium, the applicants always ask about these habits. If you do not smoke cigarettes then you have to pay less premium in this situation. On the contrary, if you are smoking etc. then the amount of premium can increase. So avoid such habits.
What kind of business do you do
If you are involved in a profession, it is risky and if you are more likely to know about it then it can also increase your insurance premium. This profession can be Sea Diving, Bomb Diffusion Unit, Fire Fighting etc. From such people, insurance companies charge more premium than the common man.
Your health, or your health, can also play an important role in deciding insurance premiums. Understand with example. If you have a heart related illness or you have diabetes etc. then you may be able to recover more premiums than your normal life insurance company. Insurance companies ask their health status before giving such a policy to such people.
Policy Period and Sum Assured
The more the period of the policy, the lower the premium. Therefore, if you take an insurance policy at an early age, then the premium paid for it is also reduced. That’s because insurance coverage is for a long time.
More healthier, more premium
If you are a bit more healthier, that is, if your weight is more in proportion to your length and age then the premium for insurance will be high. This is because people with heart disease, heart disease, diabetes, blood pressure etc. are more likely to be more common than people.
How do premium payments
How you pay for insurance premium, it can also decide on your premium. Payment of premium is done annually, twice a year, once in a full payment, quarter or monthly basis. If the total amount of insurance is calculated then the annual premium is lesser than the other options.
Insurance policy with riders
To get more benefits on their current policy, people choose riders according to their needs. The premium of the policy taken with the more riders is more than the ordinary policy. In such a sensible sense, it is in this case that with the policy, only select the rider as per your need.
Online or offline policy
Online policy is cheap compared to offline policy. This is because all the expenses are saved when buying online. Such as the commission’s commission, distribution channels, administrative costs, etc. Also, while purchasing an online policy, you can also customize the policy accordingly.
Low premium for women
Insurance companies offer special facilities to women. That is, the premium of your policy depends on whether you are a woman or a man. It is believed that women are more in age than men. In such cases, insurance companies set lower premiums for women.