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Life insurance plans, regardless of the type of policy you purchase, provide financial security to your dependents. In case the life assured passes away during the policy tenure, a death benefit will be paid to the nominee. For a life insurance policy to benefit your nominee, it is vital that you choose an adequate sum assured amount.
Essentially, a life insurance policy is a contract between an insurance provider and a policy buyer. The policy buyer pays a premium to the insurance company, and the insurer, in return, provides a risk cover against death on the life of the policyholder. Thus, a payout will be provided to the beneficiary if the policyholder succumbs to an untimely death.
There are various types of life insurance products available in the market, such as term insurance plans, whole life insurance plans, ULIPs, endowment plans, child insurance plans, annuity plans, group plans, etc. You can opt for a particular type of life insurance product based on your stage of life, premium payment ability, financial goals, and coverage needs at time of purchasing the policy.
While purchasing a life insurance policy is important, it is all the more important that you choose a sufficient life cover. Listed below are certain factors that you should consider while choosing the sum assured.
Other things to consider
A few other things that you should consider when purchasing a life insurance policy are:
Purchasing a life insurance policy is a significant financial decision. Make sure that you and your nominee are able to make the most of the policy by opting for the right policy type, choosing an adequate risk cover, and selecting a sufficient policy term.
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