India Insured

Insurance: Calculate Sum Assured At every stage of life, there is an element of risk for the individual. For instance, if you are married and have children, an untimely death or accident is going to cause serious financial loss to your family. Adequate insurance cover is, therefore, advocated by all financial planners to make sure that your family does not go through any financial hardships. However, while it is important that you have enough insurance, too much of it is also bad. This is because insurance, as a product, does not give you great returns. So, you need to have a proper mix of insurance and investment to meet all your financial goals. Let us look at different life stages and what are the elements that you need cover for:   From birth till end of education There is actually no need to have any life cover as the individual's ability to earn any income is nil. In case of an untimely death, the parents are more bereaved because of the loss of a ch...

Term life insurance is the original form of life insurance and is considered pure insurance protection because it builds no cash value. Term life insurance provides coverage for a limited period, the relevant term. After that period, the insured can drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis. This is purely risk protection. Below the comparative chart of premium (without return of premium Option) for a 25-Year-old person for a sum assured of 1000000 for a term of 20 years. Insurer (Insurance Provider) Premium Comments (Riders- Accidental death & Disability, Weaver of Premium, Critical Illness) Bharti AXA Life Insurance 2620 No Riders SBI Life Insurance...

Term policy - It is the purest form of life insurance at the lowest cost. The policy keeps the insured person in the protection net for a specific term as decided by you (normally 5, 10, 15, 20 25, 30 Years). If the insured person passes away, his nominee would receive the insured amount ( Sum Assured, decided for the premium paid when the policy was taken). You can decide the amount (sum assured) which you want your family to receive if some unfortunate incident happens to you. In case you survive the term; you may or may not receive any maturity amount depending on the option chosen by you in the beginning. It has two options- Cover with return of Premium- If the insured person survived the term then premiums paid throughout the term for the life insurance cover are paid back as a maturity benefit. The maturity may or may not include the bonus (depending upon the plan chosen by the Insured). For example- Rs 9000 for a 10 Lac cover for 10 year Term. Cover wi...