Importance Of Term Insurance
Life insurance is a contract between the insurance company and the insured customer in which the insurance company agrees to pay the sum assured in the event of maturity of the policy or on the death of the policyholder in return for a considerable amount called as premium. Term insurance is a type of life insurance in which the coverage is provided for a particular period of term i.e. 5 years, 10 years etc. There are certain myths among the general public regarding the term insurance which are addressed in this article with clear explanation.
Car Insurance Myths And Facts
Insurance is looked down in most of the developed countries as a tool to loot the common people. Most of the uneducated people think of insurance as a product which benefits only the insurance company agents and not themselves, while the educated people are also having almost the same opinion on the insurance. This was due to the lack of awareness among the people on the insurance products. The insurance penetration in India was 3.7 % of the Gross Domestic Product (GDP) for the year 2020, while that of the World’s average was 6.31%. Higher the awareness, higher would the penetration of insurance in India.
Best Health Insurance Company In India
Health insurance is the most desired product in India due to the Corona virus pandemic which has created havoc among the Indian public. The rising health care costs have pushed many people to opt for an individual health insurance or family health insurance policy which suits their budget as well as other requirements. During the time of lockdown when the general and life insurance companies reported negative growth, health insurance companies have reported a huge increase in their sales. As per a report more than 30% growth in health insurance sales has been observed during and after the lockdown period. The main reason for this increase is due to the fear which was instilled among the public and the cost of treatment involved for Corona. There were few hospitals which were looting public in the name of Corona treatment and this has come to the view of Government which then capped the treatment costs for Corona and instructed the hospitals to accept insurance policy as well.
Compare Best Life Insurance Companies
Life insurance is contract between the Life insurance Company and the customer where by the life insurance company agrees to settle the claim in case of death of the policyholder or maturity of the policy in return for a considerable amount paid by the customer known as premium. Compare life insurance products from different life insurance companies on our portal https://www.policybachat.com/life-insurance and select the best life insurance plan as per your requirements. Life insurance premium can be paid periodically or at one time depending on the financial capacity of the insured customer.
Group Health Insurance vs Individual Health Insurance
Health insurance is the most preferred type of insurance after the Corona pandemic hit the World. The need for a proper health insurance has been on the rise for the past one year and most of the people prefer to have a health insurance policy which covers their medical costs. Keeping in mind the medical costs associated with the Corona treatment and the need for special health insurance product IRDA has at first asked the insurance companies to cover the medical costs incurred for corona under all the health insurance policies without any exception. Later IRDA has drafted a separate health insurance policy named Corona Kavach and Corona Rakshak policies which cover the medical costs incurred even if the treatment is taken at home.
Car Insurance in Different Indian cities
Car Insurance is one of the most sought after insurance product in India due to the government of India making at least a Third party insurance mandatory for every car to ply in the public places. Since the level of awareness has increased among the people to have a comprehensive coverage for their car which can cover the third party claims as well as the own damage claims, the Comprehensive insurance policy is the most preferred option by the general public.
Types of Term Insurance
Term insurance policy is a contract between the life insurance company and the customer where the life insurance company agrees to pay a defined sum assured to the nominee of the policyholder in case of sudden demise of the policyholder in return for an amount known as Premium to be paid by the policyholder to the insurance company at regular intervals of time. Term insurance is the cheapest life insurance policy compared to the other life insurance policies such as Endowment insurance, Money back insurance, ULIPS etc. The reason being the claim is payable only on the demise of the policyholder while the other policies even pay the survival benefit in case the policyholder survives the policy period.
Understanding Term Life Insurance
Term life insurance or Term insurance has become the most famous life insurance policy in the recent years due to the coverage offered under the term insurance and the premium associated with it. Originally there were only money back policies and savings products offered by the life insurance companies in India, but in 2009 the first term insurance product was introduced by Aegon Religare Life Insurance Company. After few years with the entry of other private players in the market the popularity of the term insurance has increased many folds due to the innovative methods adopted by the life insurance companies.
Best Life Insurance Company In India
Life insurance is a contract between the life insurance company and the insured customer where the insurance company agrees to pay a defined sum assured known as death benefit to the nominee of the policyholder in case of sudden demise of the insured or survival benefit to the policyholder in case he/she survives the entire policy period in return for a particular amount known as premium. The premium can be paid by the policyholder in instalments or one time depending on the financial possibilities of the policyholder.