Life insurance is one of the most trusted tools when it comes to securing the future financial needs of one’s family. Life insurance policies ensure that the dependents of the policyholder get the coverage amount following the unexpected death of the policyholder. There are different types of life insurance policies available in the market, and they can be chosen as per one’s specific requirements. Some of the common forms of life insurance include term covers, whole life policies, ULIPs, endowment plans, etc.
In India, the state-owned Life Insurance Corporation of India (LIC) is the largest insurer in the market. This is followed by private players like ICICI Prudential, HDFC Life, etc. Today, people have a lot of choices when it comes to choosing life insurance coverage. Before you opt for a life cover, you need to select the right type of policy and the right brand suitable for you. Apart from that, there are several other factors that must be considered before choosing a life insurance policy.
Here are the 10 things to be considered while buying a life insurance policy:
Life insurance coverage is necessary for everyone irrespective of their income or profession. Future planning is extremely important especially if you have dependents to look after. Your life cover must be adequate to cover the day-to-day living expenses of your family. Most importantly, it should also cover education expenses and marriage expenses of your children. In addition, it is essential to keep these 10 factors in mind when you purchase a new life insurance policy.
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