Life Insurance -:
In this article, I will give you all the information about life insurance which will help you whether to take life insurance or not, then how much should be taken and which should be taken, these three topics we are going to cover in this article.
For whom should life insurance be taken, should not everyone take life insurance only for those who earn money in the house on which the whole family is dependent, two factors are necessary in this.
1. Are you an earning member if yes on the first factor
2. Are there any dependents on you, suppose you are earning member and you are not married, your parents are well educated, they do earning themselves and they do not want any money from you, then you do not need life insurance because you are on your pay. there is no dependent
Till what age do you take cover
How much age cover to take, if you take cover up to 60 years, suppose your age is 25 years and you take a policy that is 60 years old,
if something happens to you in the meantime then you will get this money if after 60 years If something happens to you, then your family will not get anything,
so it is an important factor that at what age should one take life insurance, suppose 2 people, one has taken 60 years and the other has taken life insurance for 70 years, then the cover premium of 70 years is more.
Because there is life risk in it, due to this the premium remains high in the long term, although there are also whole life insurance in which your entire life is covered and your family gets money but it has more premium than the normal premium. Age cover should be taken till your family is not dependent on you.
How much amount to get life insurance
How much insurance should you take, ideally you should take 20 times of your annual salary i.e. if you earn Rs 2 lakh in a year then you must take insurance of Rs 40 lakh, it should be taken on the basis of your annual income
When to take life insurance
You should take life insurance as early as possible when you are of young age because the premium in life insurance is fixed when you take it like
if you take 65 years of life insurance at the age of 25 then you take it at the age of 25 If you are, then the risk of death is less in the 15-20 years of starting, because of this, the premium you will pay for the next 40 years will be less for the next 40 years,
the same if someone takes insurance at the age of 40, then he will be in the already risky age. Therefore, the insurance company will charge more premium than these, so when you start earning something from yourself, then you should take life insurance so that you have to pay less premium, so you should take life insurance as soon as possible.
Which life insurance should be taken
There are many types of life insurance, so which life insurance to take
1. Term Plan: – In these, insurance is available for a fixed time
2. Whole life: – In this you get the insurance of the whole life but the premium is high.
3. Ulip :- In this you also get returns because in this some of your money is invested in the stock market Indoman plan is there if you do not die for 60 years.
According to me you should take term plan because in this you have to pay less premium and it is also good.
It is not right to take life insurance alone, two more things should be taken with it
1. As I told, after death in life insurance, your family gets money but if you have an accident and you cannot walk, you come on a wheel chair, then what will happen in this case because you did not die If you do not get money then you get disability addon with life insurance i.e. you will get this money even if you become handicapped or in working condition then you must take this rider with life insurance
2. The second rider is critical illness, this is completely different from health insurance, in this your hospital expenses do not mean anything, in this, as soon as you have any illness, then you will get the money for the critical illness you have taken, critical illness must also be taken.
How to choose Best life insurance
For this, let me tell you an important parameter, that is the claim settlement ratio, that is, it tells how the insurance claim should be at least 95% of any company and the amount settlement ratio should also be seen.