It is also important to know how both these industries – health insurance and life insurance – are likely to shape up to the unfolding crisis and what long-term trends might the outbreak serve to usher in for the future. (Representational image, source: Getty Images) The COVID-19 or coronavirus outbreak that began in China towards the end of last year has now become a global pandemic. Although it now appears to be slowing down in China, the spread of the disease is accelerating elsewhere. Coronavirus has caused over 375 deaths in India so far, with active cases touching the 11,000-mark. Governments all over the globe are reacting in ever more dramatic ways, closing borders, imposing...
Continue reading...
What is term life insurance? Do I need term life insurance? Do you have an uncle in your family who comes to your home like once in a year, takes money in the name of insurance promising you something like ‘Invest just INR 50,000 per year in this policy for 10 years, then after 20 years you will get INR 10,000 per month for your life time’. The uncle pitches this idea like this is the best thing in the world that can happen to you. I mean can you imagine INR 10,000 per month after 20 years?!!! How good would that be? I am sure you have got carried away by such policies. Also, most people think that this is what insurance is. Some of you are like “Wait no, if this is not insurance, then what...
Continue reading...
Those who have already completed their KYC authentication are eligible for this in-app purchase. ICICI Prudential Life Insurance offers term cover on Paytm 1 min read . Updated: 21 Dec 2019, 04:37 PM IST Anulekha Ray Now Paytm users can easily buy the ICICI Pru iProtect Smart plan within few minutes from the app ICICI Pru iProtect Smart can get you get you covered till age of 85 ICICI Pru iProtect Smart can get you get you covered till age of 85 and you also have option to get whole life cover till age 99, said the life insurer in a statement. Moreover, customers do not need to provide any hospital bill to claim the cover. Photo copy of your diagnosis report are needed, said ICICI...
Continue reading...
Do I need term life insurance or whole life insurance? I have both and I have cash value in my whole life policy that I am considering cashing in to pay off my credit card debt. Is it a good idea to cancel my whole life policy to pay off my credit card debt so I can quit my full time job to help out out my husband’s business and possible start my own bookkeeping business? Excellent question. I am not an insurance agent but I can share my point of view on the subject. A whole life policy provides a death benefit if the insured person dies and has an investment component attached to it. That’s how it built up cash value for you. A term life policy only provides a benefit if the...
Continue reading...
There exists a common misconception that term life insurance is something everyone should buy. Let me tell you a little secret: that is not always true. There are many reasons why a term plan is a good idea: it is cheaper than other forms of insurance, offers a tax-free death benefit, and usually can be converted into a permanent life policy. Our job as insurance advisors is to remind people constantly that in insurance, the “one size fits all” mantra does not work. If you are looking at insurance, particularly life insurance, you will have to find a policy that fits your unique needs. In this article, I will highlight the reasons why a term plan does not work for everyone as well as...
Continue reading...
49% of women are now in the workforce. Yet, 43% of these working women have no life insurance. This means that a very large percentage of families are dependent on the female income, yet that income isn’t insured. A good portion of married couples are dual-income providers and both incomes should be properly insured for worst-case scenarios. It is even more essential for single moms to have solid coverage to protect their family. Stay-at-home moms are not left out of this, as they provide high value in the service and care they perform for their family. Women need to be insured plain and simple. 1. Dual Income Dependence. According to the Population Reference Bureau, in 2002 only 7% of...
Continue reading...
Life insurance is just one of those things that become more important as you age. When you marry, start a family, or buy a house, you begin to realize that your grown-up life comes with a variety of financial responsibilities and obligations. Nobody wants to imagine a worst-case scenario. But at the same time, you need to help financially secure your spouse and kids if that worst-case scenario occurs, and you're not around anymore to help them. They certainly should not have to tap into their retirement fund or college savings. If you're looking into your options or perhaps already comparing term life insurance quotes, you'll definitely need to know just how term life insurance works. What...
Continue reading...
If others rely on you for some or all of their financial security, term life insurance can help protect their future. Your spouse — Even if both of you work, if one dies, paying joint loans or credit card bills could impact your spouse’s financial future. Your children— Whether you’re married or a single parent, if you have children you want to be sure that there are funds to pay living expenses for a time or even to help pay living expenses for a time or even to help pay for their college education. Their Home and Lifestyle – You want your family to enjoy their neighborhood and the comfort of their own home for a long time, so you may want to take care of mortgage payments....
Continue reading...
Life insurance is most often purchased to provide death benefits to your loved ones after your passing. After your death, your loved ones will continue to require financial support, but you will no longer be able to generate income for them. Death benefits can be used to supplement lost wages, and they can also be used to pay off debts, to pay for the kids’ college education, to find retirement for your spouse and more. If you have decided to purchase life insurance, you may be immediately faced with the important decision to determine if you want term or whole life insurance. These are two very different types of policies, so it is critical that you make an educated decision before you...
Continue reading...
UPDATE: As announced by the Finance Ministry on 16 May 2018, Term Life Insurance will be zero-rated from 1st June onwards. This implementation applies to riders which are not related to life insurance, such as critical illness, medical cards and personal accident as well. It’s never too early nor too late when it comes to insurance-planning, especially when it concerns your future. Of course, when talking about term life insurance , there’s a lot of things you need to consider before committing to a policy. How much coverage should you get? How long should the tenure be? Which add-on coverage should you consider to supplement your term life insurance policy? If you’re still not sure on...
Continue reading...
