• 1 JAN 2017

    Applying for an insurance policy?

    Although there is no hard and fast rule which governs the purchase of life insurance, there are some aspects of the buying process which can lead to a sound purchase, when followed.

    The objective of buying insurance

    It is important to identify the objective which leads you to buy an insurance plan. Most of us are swayed by the advice of friends and acquaintances. Although we know them personally , but they may not be an expert. It will be prudent to go online and do a little research to try and identify at what stage you are currently in and what are your requirements, going forward. If you are planning for a retirement income objective, buying a Term Plan will not help.

    The amount of cover to be purchased

    There are various theories floating which describe the manner in which you can arrive at the amount of cover that you should purchase. As a thumb rule, twelve times of your current annual income, after deducting your current investment, is the life cover that you should aim for.

    Ideal tenure of the policy

    The ideal tenure would depend on what kind of policy are you buying. If it is a pure risk coverage plan, you'd want the tenure to be close to 80 years of age, whereas if it is a retirement plan, then the term of the plan could be 60 minus present age.

    The right product

    The right product will depend on the objective of insurance. If the objective is coverage of risk, then a pure Term Plan would suffice whereas if the objective is retirement, it would be prudent to buy an income replacement plan.

    Disclose all facts

    Disclose everything whether or not you feel it necessary. Insurance is based on the principle of utmost good faith & hence it is imperative that you disclose all facts at the time of buying the insurance.

    Revisit your needs regularly

    Over time after you've bought insurance, your needs may change and hence it is important that you revisit them regularly. Review your needs and re-plan your insurance cover, if needed.

    Not an exhaustive list

    The above, by no means, is an exhaustive list and there could be more tips that could help you in making a sound decision when purchasing life insurance.


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  • 18 JAN. 2018

    Benefits of Early Financial Planning For Parents

    As a parent, you must know the significance of savings in daily life, but what about the future? As unfortunate events like death can occur anytime, you have to ...

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