There are several life insurance benefits that you can avail by purchasing the best suitable policy.

• Pure life insurance like Term insurance plans come at considerably low cost but significant benefits in terms of death benefits. It is always advised to get a term insurance policy if you are on the threshold of your career and life. Couple term insurance policies like Edelweiss Tokio Life – Total Protect Plus, are also good to have, especially for newly married youngsters.
• Death benefits are paid in case of the demise of the life insured within the policy tenure. If the person survives the tenure within a life insurance plan like a Guaranteed Returns Insurance Plan or a Market-linked Insurance Plan, maturity benefits along with accrued investment corpus or bonus are paid, if any depending upon a plan selected.
• Tax benefits³ of life insurance are also helpful as you save on spending your hard-earned money on taxes. Tax benefits³ are applicable under Section 80C and Section 10(10D) of the Income Tax Act.
• Basis your risk appetite, you can purchase an endowment plan or a ULIP to get benefited from steady savings and investment plans. Pension plans also help you achieve long-term financial goals as well as retirement goals.

The average life insurance cost per month is subject to the plan you choose to buy. The premium cost also differs basis the life insurance amount you choose, i.e., the sum assured. Since all the policies, except term plans, offer cash-value benefits; the factors influencing the premium amount can be enlisted as-

• Your age and gender
• The amount of cover you need
• Health conditions & medical history
• Smoking/drinking habits
• Hobbies, habits of life-threatening activities
• Tenure of the policy
• Riders you choose

Usually, premiums of the life insurance policy include all the processing fees and charges such as premium allocation charges, fund management fees, paperwork, etc.

There is no specific age to buy a life insurance policy as there is nothing precious than life. However, it is more important to secure your loved ones' financial future if they were to live without you. The early you buy the life insurance policy, the more corpuses you can accrue.

• Usually, term insurance is the best if you are looking for life insurance for youngsters, as it comes at affordable premiums and offers considerably high sum assured.
• Life insurance for parents can also be chosen as soon as possible, as old age premiums are higher
• If you are the sole breadwinner in the family, life insurance for working professionals is necessary to have. This not only secures your spouse’s financial future but also of your child and parents.
• It is also advised to have more than one policy, especially if you have any liabilities to pay off. Buying term insurance as pure life insurance and any other money-back insurance policy, will surely help you achieve your future financial goals along with adequate coverage.

The process of claim settlement consists of three necessary steps.

On the demise of the life insured, in this case, to be specific- you; the family needs to inform us or the insurance company from which the life insurance policy had been purchased.

The proofs of the demise need to be provided to the insurer in terms of the death certificate or any equivalent document if required.

The insurance company then analyses the proofs submitted by the family, checks whether the claim made fulfills the policy terms and then insurance claim settlement happens by paying as per policy terms & conditions.

Life insurance claim settlement is increasing nowadays, as awareness is being created to disclose all the facts related to health and habits.

There are usually a few cases that are not covered under the base life policy. Here, life insurance riders help you get additional coverage against certain events.

What are the riders? It is nothing but a provision that helps people meeting specific or additional insurance needs at some extra premium. Usually, critical illnesses, permanent or partial disability etc. are not covered under the base plan. In such cases, riders help you get total coverage including a list of critical illnesses and partial disability occurring due to multiple accidents. The accidental death benefit or waiver of the premium rider also helps a lot in case of the unfortunate demise of the insured person or if he/she meets any severe accident, resulting in disability. In such cases, regular income needs to be processed to sustain the lifestyle of the insured’s family.

Life insurance coverage may depend on your financial goals and needs. While deciding the cover, it is important to remember that the objective of insurance is to provide financial support to your family and/or dependents, in case you (as the primary breadwinner) are no more or are unable to earn because of a permanent disability or illness. The life cover you decide on should be adequate to help your family maintain the standard of living you would have provided for them always.

So be sure to do your research and calculate well to ensure you acquire the best life insurance possible as per your needs.