How To Choose Life Insurance Policy In India

Life insurance policy in India means a number of products to choose from. It can be quite confusing since each product has its pros and cons.

However, the fragile financial scenario and tumultuous state of the economy, life insurance cover for family and self has become vital.

Hence, the following steps:

  • Whenever one goes for purchasing the best life insurance policy in India, the first and the foremost thing to be sure of is that one needs a policy. If the answer for that is in the affirmative, then the next thing which is to be considered is the extent of cover sought and the acceptable value of the same or the budget.


 Once a few options have been selected the idea is to analyse which plan best satisfies all the desired requisites.


  • The very best term life insurance policy in India is being provided by a number of insurers. It is basically a protection plan which acts as a failsafe financial support in case of an untimely death of the policy holder. It is essentially aimed at providing a lump sum in place of the income lost as a result of the expiry.


  • The term insurance policy should ideally be purchased early in life for taking advantage of low premiums which tends to increase in proportion with age and often more so.


  • There are a number of insurers providing the best whole life insurance policies in India. Whole life insurance policy will in effect stay on even after payment of all premiums, till death. While the cash reserve created is not under the control of the holder, the premiums here stay the same over the span.


  • When it comes to choosing the type of the policy, one may also opt for variable life cover, wherein one can select the investment sources for the cash reserve.


  • Universal life policies have their own set of advantages with accumulated earnings being available for future premium cost set off. The death benefit amount can also be varied by bearing some extra administrative charges.


  • The cheapest term life insurance policy in India would probably be the group term policies provided by employers. These policies give cover only for the duration of the employment.


  • The things to watch out for when getting these policies is hidden charges in the form of commission and other incidental fees which usually surface after purchase.
  • It is often better to hire a professional advisor for making the right decision at the outset for a set fee.

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