Nowadays, your financial portfolio is incomplete without a life insurance policy, especially if you have dependents. Taking care of the financial security of your loved ones by getting your life covered is one of the first things that you should do. To start with, a basic term life insurance plan is a must-have in your portfolio. It offers you life cover for a high sum assured in return for a premium. This sum assured is paid as a death benefit to your nominee(s) in case you meet an untimely demise during the policy term. Term Insurance is one of the most affordable life insurance options, making it a popular choice among policy buyers! But there is a wide variety of term insurance products...
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It is always recommended that when you buy Term Insurance, you must cover yourself up to the age of retirement. It is always recommended that when you buy Term Insurance, you must cover yourself up to the age of retirement. Retirement is the age when you have done away with large financial responsibilities and have a sizeable financial corpus to bank on for the living expenses of your and your partner’s retirement life. The number that usually comes to your mind when you think of retirement is 65 years and even experts recommend buying term insurance up to the age of 65. However, in the fast-changing world, this may no longer hold true. Here are a few reasons; You may have dependents...
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Things To Know About Term Insurance Policies In this article, we will see how term life insurance works, its benefits, and its importance in keeping your loved ones' life financially secure A term insurance plan is a legal agreement between the insured and the insurance provider. Term insurance is a great financial tool to secure your family’s financial future in case of untimely events. In this article, we will see how term life insurance works, its benefits, and its importance in keeping your loved ones' life financially secure. A term insurance plan is a legal agreement between the insured and the insurance provider. According to this agreement, the insurance provider provides the sum...
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When we first start earning money, our family, particularly our parents, encourage us to put money aside for a rainy day. Friends and co-workers gradually provide suggestions on how to approach financial planning. If you have ever been a part of one of these discussions, you know how important financial security can be. Those advising you would expressly recommend you to seek term insurance plan, especially if you have financial dependents. The need to provide a secure future for your family has become even more urgent, especially during the pandemic. If you are looking for the right financial product to help you with this, you should definitely consider a term insurance plan. A term...
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Term Insurance Plan under MWP Act: How to buy and why it is important – Experts explain Buying a term plan for wife and children under the Married Women’s Property Act (MWPA), 1874 is important for a person as the claim amount will go directly to the beneficiaries and no creditor can stake claim to the proceeds on his demise. “Buying term plan under MWP is important as the proceeds of the policy will only go to the beneficiaries and no one else. This will ensure that after the death of an individual, the proceeds of the policy will only go to wife or children or both (as per the option and % selected at the time of issuance of policy),” says Jitin Parekh, Company Secretary and Chief...
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When faced with the prospect of figuring out how much insurance to buy, most people pluck a figure out of the air - something that just seems adequate. Or another common practice is to rely on insurance agents to decide a policy and sum assured. This is obviously not the way to make this important decision. The only reasonable way of deciding what and how much insurance you need is to unemotionally create a financial plan that your family should follow if you die suddenly. Families also have to consider the impact of both parents passing away in an accident. The impact of such a tragedy could be greater than just the sum of two deaths occurring separately. Here are five things to consider....
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A pure term life insurance policy provides lump-sum payments or payouts in the form of monthly installments to the nominee in the event of the policyholder's death during the policy term. If the policyholder lives longer than the policy period, there are no maturity benefits. The advantages of a pure term life insurance coverage are as follows: · Offers the sum assured if the policyholder dies · Low annual, half-yearly, quarterly, and monthly premiums Generally, there is always hope for a single insurance plan to offer additional benefits in addition to its primary services (in this case, death benefit). Still, even if we learn of a term plan with added advantages, we decline it because...
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5 common mistakes to avoid while buying term insurance Term insurance is for your family’s long-term financial security. Make sure you avoid these mistakes while buying the cover Term insurance is one of the best ways to secure your family’s financial future. It is a long-term commitment that offers an income replacement to your family in your absence and funds their dreams and life goals. Since it will impact the quality of life your family will enjoy when you’re not around anymore, it is an important decision to make. It is crucial that you get everything right from the start and steer clear of mistakes while buying the plan. Let’s look at some common mistakes people make while buying...
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The Lesser-Known Facts About Term Insurance That You Should Be Aware Of Term insurance is a type of financial protection plan. It is essentially an agreement between the policyholder and the insurer that guarantees to pay back a specific amount to the beneficiaries or nominees mentioned in the policy in the unfortunate event of the policyholder's demise. Are We Witnessing Virat Kohli's End In Cricket? Physically, Virat Kohli doesn’t appear to be struggling, but as it often happens when you are out of form, the first mistake you make tends to be your last. One Good Innings Is All It Takes For Virat Kohli To Come Back To Form: Mohammad Azharuddin Former Team India captain Mohammad Azharuddin...
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Bulletin 2018-05 clarifies that even non-renewable short-term health insurance in Ohio must comply with certain state requirements, including (but not limited to): Internal and external reviews Provider network details must be disclosed to the consumer Certain care must be covered, including mammograms, autism spectrum disorder treatment, and newborn care. While Ohio statute does not technically define short-term health insurance plans, the policies essentially have to be non-renewable, as they would otherwise have to conform to all of the state’s rules that apply to regular individual major medical plans. But as Anthem has clarified regarding their Enhanced Choice short-term plans, Ohio...
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