✅ Insurance policy ⭐️⭐️⭐️⭐️⭐

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5 Insurance Policies Everyone Should Have

Protecting your most important assets is an important step in creating a solid personal financial plan, and the right insurance policies will go a long way toward helping you safeguard your earning power and your possessions. In this article, we discuss five policies you shouldn’t do without.

KEY TAKEAWAYS

  • Choose a disability policy that provides enough coverage to enable you to enjoy your current lifestyle even if you can no longer continue working. 
  • To protect the people that are financially dependent on you, life insurance should be high on your list of required insurance policies. 
  • The soaring cost of medical care is reason enough to make health insurance a necessity.
  • Replacing your home is an expensive proposition. Having the right homeowner’s insurance can make the process less difficult. 
  • Renters insurance offers peace of mind for renters in the event their personal property is damaged due to a covered loss.

1. Long-Term Disability Insurance

The prospect of long-term disability (LTD) is so frightening that some people choose to ignore it. While we all hope that “nothing will happen to me,” relying on hope to protect your future earning power is not a good idea. Instead, choose a disability policy that provides enough coverage to enable you to enjoy your current lifestyle even if you can no longer continue working. 

Long-term disability provides a monetary benefit equal to a portion (e.g., 50% or 60%) of the insured’s salary for covered disabilities. Long-term disability typically begins when short-term disability ends. To receive benefits, the disability must have occurred after the policy’s issuance and then, typically after a waiting period. Medical information, often confirmed by a physician, must be provided to the insurer for consideration.

Most long-term disability insurance policies categorize disabilities as own occupation or any occupation. Own occupation means the insured, due to disability, is unable to perform their regular job or a similar job. Any occupation means the insured, due to disability, is unable to perform any job for which they are qualified.

Similar to short and long-term disability insurance, workers’ compensation, or workers’ comp, it pays a monetary benefit to workers who become injured or disabled at work or while performing their jobs. Most states require employers to carry workers’ compensation insurance for their employees. In exchange, employees may not sue their employer for negligence.

While long-term disability insurance and workers’ compensation insurance both pay for disabilities, long-term disability insurance is not limited to disabilities or injuries occurring at work or while working.

2. Life Insurance

Life insurance protects the people that are financially dependent on you. If your parents, spouse, children, or other loved ones would face financial hardship if you died, life insurance should be high on your list of required insurance policies. Think about how much you earn each year (and the number of years you plan to remain employed), and purchase a policy to replace that income in the event of your untimely demise. Factor in the cost of burial too, as the unexpected cost is a burden for many families.

Types of Life Insurance Policies

There are primarily seven different types of insurance policies when it comes to life insurance. These are:

  • Term Plan -The death benefit from a term plan is only available for a specified period, for instance, 40 years from the date of policy purchase.
  • Endowment Plan – Endowment plans are life insurance policies where a portion of your premiums go toward the death benefit, while the remaining is invested by the insurance provider. Maturity benefits, death benefit and periodic bonuses are some types of assistance from endowment policies.
  • Unit Linked Insurance Plans or ULIPs -Similar to endowment plans, a part of your insurance premiums go toward mutual fund investments, while the remaining goes toward the death benefit.
  • Whole Life Insurance -As the name suggests, such policies offer life cover for the whole life of an individual, instead of a specified term. Some insurers may restrict the whole life insurance tenure to 100 years.
  • Child’s Plan -Investment cum insurance policy, which provides financial aid for your children throughout their lives. The death benefit is available as a lump-sum payment after the death of parents.
  • Money-Back -Such policies pay a certain percentage of the plan’s sum assured after regular intervals. This is known as survival benefit.
  • Retirement Plan -Also known as pension plans,these policies are a fusion of investment and insurance. A portion of the premiums goes toward creating a retirement corpus for the policyholder. This is available as a lump-sum or monthly payment after the policyholder retires.

Benefits of Life Insurance

If you possess a life insurance plan, you can enjoy the following advantages from the policy.

  • Tax Benefits -If you pay life insurance premiums, you are eligible for tax benefits in India, under Section 80(C) and 10(10D) of the Income Tax Act. Thus, you can save a substantial sum of money as taxes by opting for a life insurance plan.
  • Encourages Saving Habit -Since you need to pay policy premiums, buying such an insurance policy promotes the habit of saving money.
  • Secures Family’s Financial Future -The policy ensures your family’s financial independence is maintained even after your demise.
  • Helps Plan Your Retirement -Certain life insurance policies also act as investment options. For instance, pension plans offer a lump-sum payout as soon as you retire, helping you to fund your retirement.

Now that you know all about life insurance policies read on to understand the various facets of other general insurance policies.

3. Health Insurance

The soaring cost of medical care is reason enough to make health insurance a necessity. Even a simple visit to the family doctor can result in a hefty bill. More serious injuries that result in a hospital stay can generate a bill that tops the price of a one-week stay at a luxury resort. Injuries that require surgery can quickly rack up five-figure costs. Although the cost of health insurance is a financial burden for just about everyone, the potential cost of not having coverage is much higher. 

Types of Health Insurance policies

There are eight main types of health insurance policies available in India. They are:

  • Individual Health Insurance -These are healthcare plans that offer medical cover to just one policyholder.
  • Family Floater Insurance -These policies allow you to avail health insurance for your entire family without needing to buy separate plans for each member. Generally, husband, wife and two of their children are allowed health cover under one such family floater policy.
  • Critical Illness Cover – These are specialised health plans that provide extensive financial assistance when the policyholder is diagnosed with specific, chronic illnesses. These plans provide a lump-sum payout after such a diagnosis, unlike typical health insurance policies.
  • Senior Citizen Health Insurance – As the name suggests, these policies specifically cater to individuals aged 60 years and beyond.
  • Group Health Insurance – Such policies are generally offered to employees of an organisation or company. They are designed in such a way that older beneficiaries can be removed, and fresh beneficiaries can be added, as per the company’s employee retention capability.
  • Maternity Health Insurance – These policies cover medical expenses during pre-natal, post-natal and delivery stages. It covers both the mother as well as her newborn.
  • Personal Accident Insurance -These medical insurance policies only cover financial liability from injuries, disability or death arising due to accidents.
  • Preventive Healthcare Plan – Such policies cover the cost of treatment concerned with preventing a severe disease or condition.

Benefits of Health Insurance

After assessing the various kinds of health insurance available, you must be wondering why availing such a plan is essential for you and your loved ones. Look at the reasons listed below to understand why.

  • Medical Cover -The primary benefit of such insurance is that it offers financial coverage against medical expenditure.
  • Cashless Claim – If you seek treatment at one of the hospitals that have tie-ups with your insurance provider, you can avail cashless claim benefit. This feature ensures that all medical bills are directly settled between your insurer and hospital.
  • Tax Benefits – Those who pay health insurance premiums can enjoy income tax benefits. Under Section 80D of the Income Tax Act one can avail a tax benefit of up to Rs.1 Lakh on the premium payment of their health insurance policies.

There may be additional advantages, depending on the insurance provider in question.

4. Homeowner’s Insurance

Replacing your home is an expensive proposition. Having the right homeowner’s insurance can make the process less difficult. When shopping for a policy, look for one that covers the replacement of the structure and the contents, in addition to the cost of living somewhere else while your home is repaired. 

Keep in mind the cost of rebuilding doesn’t need to include the cost of the land since you already own it. Depending on the age of your home and the amenities it contains, the cost to replace it could be more or less than the price you paid for it. To get an accurate estimate, find out how much local builders charge per square foot and multiply that number by the amount of space you will need to replace. Don’t forget to factor in the cost of upgrades and special features. Also, be sure the policy covers the cost of any liability for injuries that might occur on your property.

Renters Insurance

Renters also need peace of mind that they will be made whole in the event of a loss. Fortunately, renters insurance is a type of property insurance available to people who rent or lease properties. This insurance provides coverage for personal belongings, liability, and additional living expenses for covered losses.

For one property, there may be two types of property coverage: homeowner’s insurance and renters insurance. However, homeowners insurance does not cover the personal property of the tenant. Therefore, it is important for lessees to obtain renters insurance to protect their assets.

Although renters insurance differs from homeowners insurance, they have the same components: coverage A for the dwelling, B for other structures, C for personal property, D for additional living expenses (also known as loss of use), E for liability, and F for medical payments. Because renters are not responsible for insuring the dwelling or other structures, coverages A and B are often set to $0.

Coverage C covers the personal property of the renter. Coverage D provides additional benefits for living expenses in the event of a loss. For example, if the renter is displaced from the home due to a fire, Coverage D provides covers the cost of living elsewhere, such as a hotel and food expenses. Coverage E provides coverage for injuries and property damage caused by the insured, and Coverage F covers medical expenses for guests of the renter on the property with permission.

Dogs are man’s best friend, but some breeds, like Pit Bulls and Rottweilers, can prevent you from obtaining coverage.

5. Automobile Insurance

Some level of automobile insurance is required by law in most places. Even if you are not required to have it, and you are driving an old clunker that has been paid off for years, automobile insurance is something you shouldn’t skip. If you are involved in an accident and someone is injured or their property is damaged, you may be subject to a lawsuit that could cost you everything you own. Accidents happen quickly and the results are often tragic. Having no automobile insurance or purchasing only the minimum required coverage saves you only a tiny amount of money and puts everything else you own at risk.

In addition to the policies listed above, business owners need business insurance. Liability coverage in a litigation-happy society could be the difference between a long, prosperous endeavor and a trip to the bankruptcy court.

Benefits of Mobile Insurance

Mobile insurance policies are extremely beneficial, especially for those who own a premium smartphone.

  • Comprehensive protection for new devices – The value of phones tend to decline with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
  • Coverage against Damage to Screen – If you accidentally damage the smartphone screen, which is one of the most important parts of such devices, your insurance plan will pay for the repair expenses.
  • Theft or Robbery of Smartphone – Nothing is worse than buying your dream smartphone and losing it due to theft or burglary. Well, phone insurance will help you afford a replacement handset if such an unfortunate thing happens.

Some insurers may not allow you to buy insurance for the smartphone after a month or two passes from the purchase of the handset.

Travel Insurance

When talking about the different types of insurance policies, one must not forget to learn more about travel insurance plans. Such policies ensure the financial safety of a traveller during a trip. Therefore, when compared to other insurance policies, travel insurance is a short-term cover.

Depending on the provider you choose, travel insurance may offer financial aid at various times, such as during loss of baggage, trip cancellation and much more. Here is a look at some of the different types of travel insurance plans available in the country:

  • Domestic Travel Insurance – This is the kind of travel insurance policy that safeguards your finances during travels within India. However, if you plan to step outside the country for a vacation, such a policy would not offer any aid.
  • International Travel Insurance – If you are stepping out of the country, ensure you pick an international travel insurance plan. It allows you to cover the unforeseen expenses that can arise during your trip like medical emergencies, baggage loss, loss of passport, etc.
  • Home Holiday Insurance – When you are travelling with family, your home remains unguarded and unprotected. Chances of burglary are always significant, which may lead to significant losses. Thankfully, with home holiday insurance plans, which are often included within travel policies, you are financially protected from such events as well. 

Benefits of Travel Insurance

The following aspects are covered under travel insurance plans:

  • Cover Flight Delay -Flight delays or cancellations can lead to significant losses for the passenger. If you buy travel insurance, you can claim such financial losses from the insurer.
  • Baggage Loss/Delay -Travel insurance lets you claim monetary assistance if there is a delay or you happen to lose your luggage during the trip. With this amount, you can purchase some of the necessary items.
  • Reclaim Lost Travel Documents -Visa and passport are essential documents during an international trip. Opting for international travel insurance ensures that you have the necessary financial backing to reapply for interim or replacement documents as and when necessary.
  • Trip Cancellation Cover – A sudden death in the family or a medical emergency may play spoilsport with your travel arrangements. Thankfully, international travel insurance plans support trip cancellations in such events. You can claim financial assistance to pay penalties and cancellation charges for flights, hotels, etc.

Make sure that you choose an insurer carefully, especially a company that is reliable and available 24×7 to assist you.

Property Insurance

Any building or immovable structure can be insured through property insurance plans. This can be either your residence or commercial space. If any damage befalls such a property, you can claim financial assistance from the insurance provider. Keep in mind that such a plan also financially safeguards the content inside the property.

Types of Property Insurance in India

Here are some types of property insurance policies available in India:

  • Home Insurance – With such a policy, you remain free from all financial liabilities that may arise from damage to your home or contents inside due to fires, burglaries, storms, earthquakes, explosions and other events.
  • Shop Insurance – If you own a shop, which acts as a source of income for you, it is integral to protect yourself from financial liability arising from the same. Whether the liability occurs due to natural calamities or due to accidents, with these plans, you can immediately undertake repairs to the shop.
  • Office Insurance – Another type of property insurance policy, office insurance ensures that the office building and all the equipment inside are significantly protected in the event of unforeseen events. Generally, office spaces include expensive equipment, such as computers, servers and much more. Thus, availing these plans is essential.
  • Building Insurance – If you own a complete building, opting for home insurance may not be sufficient. Instead, you can purchase building insurance to cover the entire premises.

Benefits of Property Insurance

If you still think that property cover is not one of the types of insurance plans you need to avail, take a look at some of the advantages from the same.

  • Protection against Fires -While the insurance policy cannot prevent fires, it can prevent financial liabilities from such an event.
  • Burglaries – If your property exists in an area prone to theft and burglaries, such a policy is vital to ensure financial security.
  • Floods – In certain parts of India, floods are common. These floods can ravage your property leading to substantial losses. Property insurance also protects against such events.
  • Natural Calamities – The plan also offers financial aid against damage arising from earthquakes, storms and more.

Rebuilding or renovation of a property is immensely expensive. Thus, property insurance policies are the best option to ensure long-term financial health.

Cycle Insurance

Bicycles are valuable properties in India as some people rely on these vehicles for their daily commute. A cycle insurance policy ensures that you have access to necessary funds should your bicycle undergo accidental damage or theft. It saves your out of pocket expenses, while also ensuring immediate repairs to the vehicle.

Benefits of Cycle Insurance

The advantages of availing such an insurance policy are:

  • Worldwide Coverage – Depending on the insurance provider, cycle insurance policies provide financial assistance regardless of where your bicycle undergoes damage. Even if you meet with a cycling accident in a different country, such a plan will offer aid.
  • Protection against Fires and Riots -If your bicycle sustains damage due to accidental fires and/or rioting, insurance policies will provide the necessary financial assistance to repair or undo the damage.
  • Accidental Death Benefit -If you pass away due to bicycle accidents, the insurance policy for the cycle would offer a lump-sum payout to your surviving family members.

Regardless of your cycle’s price, opting for insurance can reduce your financial liabilities significantly.

Bite-Size Insurance

Bite-sized insurance policies refer to sachet insurance plans that minimise your financial liability for a very limited tenure, generally up to a year.

These insurance plans allow you to protect your finances against specific damage or threats. 

For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. You can choose this policy when you think you might be particularly susceptible to accidental injuries.

Another example is insurance cover for specific diseases. For instance, if your area is prone to water-borne diseases, such as cholera, you can pick a policy that covers cholera treatment and all associated costs for a 1-year period. 

Benefits of Bite-sized Insurance

The primary benefit of bite-size insurance policies is that it allows you to avail financial protection at very limited prices.

The premiums are so low that it hardly makes any impact on your overall monthly expenditures. In comparison, the sum insured is significant. 

Shop for Insurance Carefully

Insurance policies come in a variety of shapes and sizes and boast many different features, benefits, and prices. Shop carefully, read the policies, and talk to a licensed insurance professional to be certain you understand the coverage and the cost. Make sure the policies you purchase are adequate for your needs and don’t sign on the dotted line until you are happy with the purchase.

Consider enlisting the service of an insurance broker as they can search for policies across several insurance companies to find coverage that best suits your needs. Ask the broker to provide you with several options so you can compare features, provisions, and rates. Be in control of your protection by being well-informed to make a decision.

Insurance Policy FAQs

What Is a Whole Life Insurance Policy?

A whole life insurance policy is a permanent life insurance policy in which death benefits are paid upon the death of an insured. The whole life policy remains in force for the life of the insured as long as premiums are up-to-date. In addition to death benefits, whole life policies build cash value, which can be accessed during the insured’s lifetime.

What Is a Universal Life Insurance Policy?

A universal life (UL) insurance policy is permanent life insurance that allows the policyholder to invest their cash value in a separate account, which features funds tied to the stock market. It is a flexible policy, whereby premiums and death benefits can be adjusted.

How Do You Cancel an Insurance Policy?

A policyholder must cancel an insurance policy according to the cancellation provisions of their contract. Often, insurers allow policyholders to cancel by phone; however, some require the request in writing.

What Is an Umbrella Insurance Policy?

An umbrella policy is liability insurance that provides additional coverage in excess of the policyholder’s current policy limits. For example, if damages exceed the limits of a policyholder’s property insurance (e.g., home or auto), the umbrella policy will provide the additional liability coverage, up to policy limits. This type of insurance most benefits those with sizeable assets, which could be subject to seizure.

How Much Does a $1 Million Life Insurance Policy Cost?

The cost of a $1 million life insurance policy varies according to the type of life insurance issued—whole or term—the insured’s age, the insured’s health, and other underwriting factors. It could range from a few hundred dollars to thousands of dollars. The best way to find out how much a $1 million policy costs you is to get quotes from a life insurance agent or broker.

What Is the Cash Value of a Life Insurance Policy?

The cash value of a life insurance policy is the amount in excess of the premiums that has accumulated in the policy. Cash value is the savings component of a permanent life insurance policy that accumulates interest and can be accessed by the policy’s owner in the form of a cash withdrawal or a loan.

What Is the Declarations Page of an Insurance Policy?

An insurance policy declarations page is the part of the insurance contract that includes the general policy information. This page lists the policy owner, insured, the face amount of coverage, and terms and conditions.

The Bottom Line

In life, losses are inevitable, and the degree to which these losses impact our lives varies. Insurance lessens the impact by providing financial benefits for covered losses. There are many types of insurance available, but there are some which top the charts in terms of importance. Home or property insurance, life insurance, disability insurance, health insurance, and automobile insurance are five types that everyone should have.

Insurance Policy Components

When choosing a policy, it is important to understand how insurance works.

A firm understanding of these concepts goes a long way in helping you choose the policy that best suits your needs. For instance, whole life insurance may or may not be the right type of life insurance for you. There are three components of any type of insurance (premium, policy limit, and deductible) that are crucial.

Premium

A policy’s premium is its price, typically expressed as a monthly cost. The premium is determined by the insurer based on your or your business’s risk profile, which may include creditworthiness.

For example, if you own several expensive automobiles and have a history of reckless driving, you will likely pay more for an auto policy than someone with a single mid-range sedan and a perfect driving record. However, different insurers may charge different premiums for similar policies. So finding the price that is right for you requires some legwork.

Policy Limit

The policy limit is the maximum amount an insurer will pay under a policy for a covered loss. Maximums may be set per period (e.g., annual or policy term), per loss or injury, or over the life of the policy, also known as the lifetime maximum.

Typically, higher limits carry higher premiums. For a general life insurance policy, the maximum amount the insurer will pay is referred to as the face value, which is the amount paid to a beneficiary upon the death of the insured.

Deductible

The deductible is a specific amount the policy-holder must pay out-of-pocket before the insurer pays a claim. Deductibles serve as deterrents to large volumes of small and insignificant claims.

Deductibles can apply per-policy or per-claim depending on the insurer and the type of policy. Policies with very high deductibles are typically less expensive because the high out-of-pocket expense generally results in fewer small claims.

Special Considerations

With regard to health insurance, people who have chronic health issues or need regular medical attention should look for policies with lower deductibles.

Though the annual premium is higher than a comparable policy with a higher deductible, less expensive access to medical care throughout the year may be worth the trade-off.

Insurance policy

In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.

Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies.

The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer.: 10  In some cases, however, supplementary writings such as letters sent after the final agreement can make the insurance policy a non-integrated contract.: 11  One insurance textbook states that generally “courts consider all prior negotiations or agreements … every contractual term in the policy at the time of delivery, as well as those written afterward as policy riders and endorsements … with both parties’ consent, are part of the written policy”. The textbook also states that the policy must refer to all papers which are part of the policy. Oral agreements are subject to the parol evidence rule, and may not be considered part of the policy if the contract appears to be whole. Advertising materials and circulars are typically not part of a policy. Oral contracts pending the issuance of a written policy can occur.

General features

The insurance contract or agreement is a contract whereby the insurer promises to pay benefits to the insured or on their behalf to a third party if certain defined events occur. Subject to the “fortuity principle”, the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured’s death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all).

Insurance contracts are generally considered contracts of adhesion because the insurer draws up the contract and the insured has little or no ability to make material changes to it. This is interpreted to mean that the insurer bears the burden if there is any ambiguity in any terms of the contract. Insurance policies are sold without the policyholder even seeing a copy of the contract.: 27  In 1970 Robert Keeton suggested that many courts were actually applying ‘reasonable expectations’ rather than interpreting ambiguities, which he called the ‘reasonable expectations doctrine’. This doctrine has been controversial, with some courts adopting it and others explicitly rejecting it. In several jurisdictions, including California, Wyoming, and Pennsylvania, the insured is bound by clear and conspicuous terms in the contract even if the evidence suggests that the insured did not read or understand them.
Insurance contracts are aleatory in that the amounts exchanged by the insured and insurer are unequal and depend upon uncertain future events. In contrast, ordinary non-insurance contracts are commutative in that the amounts (or values) exchanged are usually intended by the parties to be roughly equal. This distinction is particularly important in the context of exotic products such as finite risk insurance that contain “commutation” provisions.
Insurance contracts are unilateral, meaning that only the insurer makes legally enforceable promises in the contract. The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions.
Insurance contracts are governed by the principle of utmost good faith (uberrima fides), which requires both parties of the insurance contract to deal in good faith and in particular, imparts on the insured a duty to disclose all material facts that relate to the risk to be covered. This contrasts with the legal doctrine that covers most other types of contracts, caveat emptor (let the buyer beware). In the United States, the insured can sue an insurer in tort for acting in bad faith.

Structure

Insurance contracts were traditionally written on the basis of every single type of risk (where risks were defined extremely narrowly), and a separate premium was calculated and charged for each. Only those individual risks expressly described or “scheduled” in the policy were covered; hence, those policies are now described as “individual” or “schedule” policies. This system of “named perils” or “specific perils” coverage proved to be unsustainable in the context of the Second Industrial Revolution, in that a typical large conglomerate might have dozens of types of risks to insure against. For example, in 1926, an insurance industry spokesman noted that a bakery would have to buy a separate policy for each of the following risks: manufacturing operations, elevators, teamsters, product liability, contractual liability (for a spur track connecting the bakery to a nearby railroad), premises liability (for a retail store), and owners’ protective liability (for negligence of contractors hired to make any building modifications).

In 1941, the insurance industry began to shift to the current system where covered risks are initially defined broadly in an “all risk” or “all sums” insuring agreement on a general policy form (e.g., “We will pay all sums that the insured becomes legally obligated to pay as damages…”), then narrowed down by subsequent exclusion clauses (e.g., “This insurance does not apply to…”). If the insured desires coverage for a risk taken out by an exclusion on the standard form, the insured can sometimes pay an additional premium for an endorsement to the policy that overrides the exclusion.

Insurers have been criticized in some quarters for the development of complex policies with layers of interactions between coverage clauses, conditions, exclusions, and exceptions to exclusions. In a case interpreting one ancestor of the modern “products-completed operations hazard” clause, the Supreme Court of California complained:

The instant case presents yet another illustration of the dangers of the present complex structuring of insurance policies. Unfortunately the insurance industry has become addicted to the practice of building into policies one condition or exception upon another in the shape of a linguistic Tower of Babel. We join other courts in decrying a trend which both plunges the insured into a state of uncertainty and burdens the judiciary with the task of resolving it. We reiterate our plea for clarity and simplicity in policies that fulfill so important a public service.

Parts of an insurance contract

Declarations – Identifies who is an insured, the insured’s address, the insuring company, what risks or property are covered, the policy limits (amount of insurance), any applicable deductibles, the policy number, the policy period, and the premium amount. These are usually provided on a form that is filled out by the insurer based on the insured’s application and attached on top of or inserted within the first few pages of the policy.
Definitions – Defines important terms used in the rest of the policy.
Insuring agreement – Describes the covered perils, or risks assumed, or nature of coverage. This is where the insurance company makes one or more express promises to indemnify the insured.
Exclusions – Takes coverage away from the insuring agreement by describing property, perils, hazards or losses arising from specific causes which are not covered by the policy.
Conditions – These are specific provisions, rules of conduct, duties, and obligations that the insured must comply with in order for coverage to incept or must remain in compliance with in order to keep coverage in effect. If policy conditions are not met, the insurer can deny the claim.
Policy form – The definitions, insuring agreement, exclusions, and conditions are typically combined into a single integrated document called a policy form. Some insurers call it a coverage form or coverage part. When multiple coverage forms are packaged into a single policy, the declarations will state as much, and then there may be additional declarations specific to each coverage form. Traditionally, policy forms have been so rigidly standardized that they have no blank spaces to be filled in. Instead, they always expressly refer to terms or amounts stated in the declarations. If the policy needs to be customized beyond what is possible with the declarations, then the underwriter attaches endorsements or riders.
Endorsements – Additional forms attached to the policy that modify it in some way, either unconditionally or upon the existence of some condition. Endorsements can make policies difficult to read for nonlawyers; they may revise, expand, or delete clauses located many pages earlier in one or more coverage forms, or even modify each other. Because it is very risky to allow nonlawyer underwriters to directly rewrite policy forms with word processors, insurers usually direct underwriters to modify them by attaching endorsements preapproved by counsel for various common modifications.
Riders – A rider is used to convey the terms of a policy amendment and the amendment thereby becomes part of the policy. Riders are dated and numbered so that both insurer and policyholder can determine provisions and the benefit level. Common riders to group medical plans involve name changes, change to eligible classes of employees, change in level of benefits, or the addition of a managed care arrangement such as a Health Maintenance Organization or Preferred Provider Organization (PPO).
Jackets – The term has several distinct and confusing meanings. In general, it refers to some set of standard boilerplate provisions which accompanies all policies at the time of delivery. Some insurers refer to a package of standard documents shared across an entire family of policies as a “jacket.” Some insurers extend this to include policy forms, so that the only parts of the policy not part of the jacket are the declarations, endorsements, and riders. Other insurers use the term “jacket” in a manner closer to its ordinary meaning: a binder, envelope, or presentation folder with pockets in which the policy may be delivered, or a cover sheet to which the policy forms are stapled or which is stapled on top of the policy. The standard boilerplate provisions are then printed on the jacket itself.

Industry standard forms

In the United States, property and casualty insurers typically use similar or even identical language in their standard insurance policies, which are drafted by advisory organizations such as the Insurance Services Office and the American Association of Insurance Services. This reduces the regulatory burden for insurers as policy forms must be approved by states; it also allows consumers to more readily compare policies, albeit at the expense of consumer choice. In addition, as policy forms are reviewed by courts, the interpretations become more predictable as courts elaborate upon the interpretation of the same clauses in the same policy forms, rather than different policies from different insurers.

In recent years, however, insurers have increasingly modified the standard forms in company-specific ways or declined to adopt changes to standard forms. For example, a review of home insurance policies found substantial differences in various provisions. In some areas such as directors and officers liability insurance and personal umbrella insurance there is little industry-wide standardization.

Manuscript policies and endorsements

For the vast majority of insurance policies, the only page that is heavily custom-written to the insured’s needs is the declarations page. All other pages are standard forms that refer back to terms defined in the declarations as needed. However, certain types of insurance, such as media insurance, are written as manuscript policies, which are either custom-drafted from scratch or written from a mix of standard and nonstandard forms. By analogy, policy endorsements that are not written on standard forms or whose language is custom-written to fit the insured’s particular circumstances are known as manuscript endorsements.

What’s an insurance policy?

An insurance policy – also called a contract of adhesion (yeah, like glue) because you agree to stick to the contract terms and conditions – is an agreement between you and your insurer outlining the coverage they’ll provide you, others in the policy, your stuff, and your place.

After you sign up and pay for your policy (yay!), you’ll receive your personalized insurance policy in your mailbox, or, in some cases, your inbox. Open it up, and you’ll see all of the ins and outs of your insurance agreement.

A breakdown of what’s in your typical policy

  • Your insurance policy number
  • How long you’re covered for
  • The price of your coverage
  • How much stuff you’re covering
  • Your deductible
  • Definitions of insurance terms
  • What’s covered under your policy
  • What isn’t covered under your policy

Examining coverage and your policy

It’s probably a good idea to check out exactly what is covered under your renters or homeowners insurance policy so you’ll understand when you can and cannot use it.

For example: say bad weather causes flooding and you want to file a claim… unfortunately you’ll be out of luck as no policy – homeowners, renters, or condo/coop – covers flooding. Alternatively, say there was a short circuit and your place catches fire destroying your stuff – you can file away as damage due to fire is covered on both policy types.

All coverage deets can be found under the ‘property coverages’ section. And if you’re looking to see the total worth of the stuff you’re covering, you can find that information on your Declarations Page (honest… that’s what it’s called), which is typically found on the first page of your policy. You can also learn more about the breakdown of your premium, as well as your deductible, and the total duration of your coverage.

Motor Insurance

Motor insurance refers to policies that offer financial assistance in the event of accidents involving your car or bike. Motor insurance can be availed for three categories of motorised vehicles, including:

  • Car Insurance -Personally owned four-wheeler vehicles are covered under such a policy.
  • Two-wheeler Insurance -Personally owned two-wheeler vehicles, including bikes and scooters, are covered under these plans.
  • Commercial Vehicle Insurance -If you own a vehicle that is used commercially, you need to avail insurance for the same. These policies ensure that your business automobiles stay in the best of shapes, reducing losses significantly.

Types of Motor Insurance Policies

Based on the extent of cover or protection offered, motor insurance policies are of three types, namely:

  • Third-Party Liability – This is the most basic type of motor insurance cover in India. It is the minimum mandatory requirement for all motorised vehicle owners, as per the Motor Vehicles Act of 1988. Due to the limited financial assistance, premiums for such policies also tend to be low. These insurance plans only pay the financial liability to the third-party affected in the said mishap, ensuring that you do not face legal hassle due to the accident. They, however, do not offer any financial assistance to repair the policyholder’s vehicle after accidents.   
  • Comprehensive Cover – Compared to the third-party liability option, comprehensive insurance plans offer better protection and security. Apart from covering third party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s own vehicle due to an accident. Additionally, comprehensive plans also offer a payout in case your vehicle sustains damage due to fire, man-made and natural calamities, riots and others such instances. Lastly, you can recover your bike’s cost if it gets stolen, when you have a comprehensive cover in place. One can also opt for several add-ons with their comprehensive motor insurance policy that can make it better-rounded. Some of these add-ons include zero depreciation cover, engine and gear-box protection cover, consumable cover, breakdown assistance, etc.
  • Own Damage Cover – This is a specialised form of motor insurance, which insurance companies offer to consumers. Further, you are eligible to avail such a plan only if you purchased the two-wheeler or car after September 2018. The vehicle must be brand new and not a second-hand one. You should also remember that you can avail this standalone own damage cover only if you already have a third party liability motor insurance policy in place. With own damage cover, you basically receive the same benefits as a comprehensive policy without the third-party liability portion of the policy.

Benefits of Motor Insurance Policies

Cars and bikes are increasingly more expensive with each passing day. At such a time, staying without proper insurance can lead to severe monetary losses for the owner. Listed below are some advantages of purchasing such a plan.

  • Prevents Legal Hassle -Helps you avoid any traffic fines and other legalities that you would otherwise need to bear.
  • Meets All Third-Party Liability – If you injure a person or damage someone’s property during a vehicular accident, the insurance policy helps you meet the monetary losses, effectively.
  • Financial Assistance to Repair Your own Vehicle -After accidents, you need to spend considerable sums on repairing your own vehicle. Insurance plans limit such out of pocket expenses, allowing you to undertake repairs immediately.
  • Theft/loss cover – If your vehicle is stolen, your insurance policy will help you reclaim a portion of the car/bike’s on-road price. You can expect similar assistance if your vehicle is damaged beyond repair due to accidents.

Additionally, individuals who own a commercial car/two-wheeler can also avail tax benefits if they pay premiums for that vehicle.  

Key Features of Life Insurance Policy

Key FeaturesBenefits Offered
Death BenefitsAvailable under whole life insurance, term insurance, endowment plans, and ULIPs.
Investment ComponentAvailable under Term, ULIPs, and endowment plans.
Maturity BenefitsAvailable under whole life insurance, ULIPs, and endowment plans.
Tax BenefitsAvailable under all types of life insurance plans.
Riders/ Add-on CoversA number of rider benefits or add-on covers are available for all the life insurance plans.
Coverage Against Various LiabilitiesMost of the policies provides coverage against various liabilities of the policyholders like mortgage, loans, and other types of debts. 
Buying ProcessOnline and Offline
Claim AssistanceAvailable
Claim ProcessEasy online and offline claim process
Physical PaperworkOnly in case of offline policy purchase
Premium Payment TermSingle, Regular, or Limited
Payout OptionsOne Time Payout, One Time Lump-Sum Plus Fixed Monthly Payouts, and One Time Lump Sum Payment Plus Increasing Monthly Payouts

Benefits of Life Insurance Plans

The perks of buying a life insurance policy are beyond protecting the policyholder’s family in tough times. Undoubtedly, it is a necessity for a breadwinner to safeguard their dependents in case of their unfortunate and untimely demise, accident or physical disabilities that lead to a loss of income. Having said that, there is a long list of other benefits that make it a must-have.

Sadly, most people are not aware of the many benefits offered by a life plan. All they care about are the death and disability benefits. However, there are plenty of other benefits offered by life policies such as maturity benefits, tax benefits etc.

Let’s take a look at the benefits:

  • Acts as a Loan CollateralTill date, many people don’t know that life policies can also be used as loan collateral. Based on the type of the life insurance policy and the surrender value, the policyholder can opt for a loan from a bank or NBFC (Non-Banking Financial Company) as per applicable terms and conditions.
    Loan Amount: Generally, the loan amount is a percentage of the surrender value of the life policy and it can go up to 90%. There are few companies that only allow for a loan up to 50 percent of the total premium amount paid by the policyholder.
  • Online Payment DiscountMost individuals are unaware of the online payment benefit (the payment mode chosen by an individual drastically affects the premium of the policy). As a matter of fact, an company’s administrative costs considerably go down when an individual opts to pay his premiums online.
    This is because there is no paperwork-related cost involved. Also, the life insurer is able to save a significant amount on the commission, which they pay to the agents for offline life insurance buying and renewing.
    Please Note- This discount varies from company to company.
  • Discount as per the Opted Payment PeriodicityAlmost every life insurer offers various payment periodicities to its policyholders- annual, half-yearly, quarterly or monthly mode.
    If a policyholder chooses to pay the policy premium on an annual basis, the company can use it for investment purposes that automatically means more profits and benefits for the company.
    Once a policyholder chooses the payment periodicity, this discount is often already included in the premium rate charged by the life insurer.
  • Taking Care of BusinessThere are some life insurers that provide an option for policyholders who own a business. In the case of a policyholder’s demise, their business partners can purchase the policyholder’s share without any hassles. In this scenario, the business partner will simply have to sign an agreement with the life insurer and the pay-out received after selling the policyholder’s share will be given to their dependents.
    However, it’s important to understand that the nominee or the dependents of the policyholder won’t get a stake in the company.
  • Tax BenefitsFor paying a life policy premium, a policyholder is eligible for a tax rebate under Section 80C of the Income Tax Act 1961. Irrespective for oneself, their spouse or their children, the premium paid for parents and in-laws is exempted.
    This benefit is offered by all the life insurers – be it private sector life insurers or public sector life insurers.
    Additionally, the maturity benefit of life policies also qualifies for tax deductions under Section 10 (10D) of the Income Tax Act, 1961.

Types of Life Insurance Policies in India

Life Insurance PlansCoverage
Term PlansPure risk cover
ULIPsInsurance + Investment benefits
Endowment PlansInsurance cover + Savings
Money Back PlansInsurance cover with periodic returns
Whole Life Insurance PlansCoverage for a lifetime
Child PlansTo create a corpus for child’s education, wedding etc.
Retirement PlansFinancial cushion aiding financial independence post retirement.

Here are the details of the aforementioned plans:

Term Insurance Plans

Term insurance is the most basic form of life coverage. It is affordable life insurance that one can buy easily, without any hassles.
Simply put, a term insurance plan offers death cover for a stipulated time period. God forbid, in the event of the sudden demise of the insured during the policy tenure, the insurance provider offers a pre-decided death benefit as a lump sum, as a monthly/ annual pay-out, or as combined benefits to the nominee. The best term plan offers comprehensive coverage at a competitive premium.

Unit Linked Insurance Plans

A unit-linked insurance plan or ULIP is a type of life coverage plan that offers a perfect blend of insurance & investment. It comes with a long-term investment opportunity along with valuable investment flexibility.
The premium paid towards a ULIP is partly used as a risk-cover for life coverage plan and the remainder is invested in market funds such as debts, equities, bonds, market funds, hybrid funds etc. The selection of the market funds depends purely on the risk appetite of the insurance buyer. Based on that, the insurer invests the amount in the capital market as per the insured’s preference.

Endowment Plans

Endowment plans are also known as traditional life insurance plans. These plans come with an element of saving. As compared to the risk factor of other investment products, the risk involved is lower (so are the returns).
An endowment policy is a combination of a life coverage plan and savings plan. It invests a particular amount in life coverage and the remaining amount is invested by the provider. In case the policyholder outlives the policy term, the insurance provider offers a maturity benefit to him/her. Furthermore, some insurance endowment policies may offer bonuses on pre-specified periods. If applicable, the bonuses are paid either to the policyholder at the time of policy maturity or to the nominee in case of a death claim.

Money Back Plans

True to its name, this type of life coverage plan offers a stipulated percentage of the assured sum. It is paid back to the policyholder at pre-decided intervals. This payback benefit is known as a survival benefit.
Money back Policy is the best insurance policy for individuals who want their investments to be accompanied by an element of liquidity. Furthermore, these plans are eligible for bonuses as declared by the provider (if any).

Whole Life Insurance Plans

A whole life insurance plan offers life coverage as long as the insured lives. There are a few providers that offer life coverage up to 100 years of age. Contrary to the coverage offered by term plans, this plan offers extensive coverage.
The sum assured is computed when the life coverage plan is purchased and is payable to the nominee after the demise of the insured. Along with the sum assured, bonuses (if any) are also paid to the nominee. It is one of the best policies that offer coverage up to whole life at low premiums.

Whole Life ULIP

A variant of whole life is available in the market that clubs the benefits of life insurance plans with ULIPs. A whole life ULIP offers extensive coverage along with high returns.
Please Note- In case the policyholder outlives the 100 years of age, the insurer pays the benefit of matured endowment coverage to the policyholder.

Child Plans

A child plan acts as a tool to generate funds for the policyholder’s child. A child plan helps one build a corpus for their child that can be used for the child’s education and wedding. Generally, child plans either provide benefits as installments on an annual basis or a 1-time payout once the insured child is 18 years of age.
In an unfortunate event of the untimely demise of the policyholder during the policy term, immediate premium payment is payable by the insurer. In such cases, some insurer waive off future premiums but the plan continues till the opted policy term.

Retirement Plans

A retirement plan, also known as an annuity or pension plan, helps the insured accumulate a corpus for their retirement. Typically, retirement plans provide benefits in the form of installments on an annual basis or a 1-time pay-out once insured is 60 years of age. In case the insured outlives the policy term, the plan offers vesting benefit. In case of the insured’s demise, it offers the death benefit to the policy nominee.
Note- In case of the insured’s demise while the policy is active, the life insurer pays a pre-decided amount to insured’s nominee.

Comparison of Different Types of Life Insurance Plans in India

BasisTerm PoliciesWhole Life Insurance PoliciesEndowment PlansUnit Linked Insurance PlansMoney Back PlansPension/Annuity Plan
OverviewTerm life insurance plans are the simplest form of life coverage.These plans offer protection till the whole of life and may or may not have an investment component.These plans offer protection along with investment components. The returns have some amount of guaranteed component that could be as high as 100% guaranteed returns..These plans offer market linked returns along with protection components. The investment returns completely depend on the performance of the fund and are not guaranteed by the insurer.These plans offer protection along with investment components. The returns could be in the form of an income for a fixed period of years.These plans offer income till a person survives. Some plans also have a return of purchase price on death.
Policy Term*Usually range from 5 years to 50 yearsThis policy covers the whole life of life insured.Generally, ranges between 10 years to 35 years.Term ranges from 10 years to 20 years.Generally, it can be up to 25 years.No fixed term.
Maturity BenefitsYou are not paid any maturity benefit on the survival.You are paid the maturity benefits while you reach a certain age (maybe between 80 to 100 years).You will be paid the maturity benefits if you survive the policy term.You can avail the maturity benefits on your survival at the end of the policy term.You are offered the survival benefits on the maturity of your policy.No maturity benefit is offered. You are entitled to a regular income till you survive.
Death BenefitsIn case of your demise, while the life insurance policy is active, the sum assured is paid to the beneficiary.In case of your demise, while the life insurance policy is active, the sum assured is paid to the beneficiary.The death benefit is paid to the beneficiary upon demise of the life insured.The death benefit is paid to the beneficiary in case of life insured’s demise while the policy is active.The death benefit is paid to the beneficiary in case of the life insured’s demise while the policy is still active.A few plans provide a provision to return the amount invested in case of life insured’s demise.
Ideal forThese plans are ideal for individuals who are seeking to safeguard the financial interest of their loved ones without paying excessive premiums.The whole life insurance plans are ideal for individuals who wish to safeguard the financial interest of their loved ones and want to leave a legacy amountThese plans are perfect for individuals who want financial protection along with guaranteed returns from investment.This is a best-suited plan for individuals with a medium-term investment goal to expand their portfolio. Moreover, it is an ideal plan for people with high income and good investment sense.The individuals are looking for securing their life and wanting to earn money at a regular interval of time. Best-suited for individuals seeking protection plus investment benefit.This scheme is an ideal option for individuals who want to secure their retirement by getting a source of regular income after retirement.

Best Life Insurance Plans in India

Listed below are the best life insurance plans:

Insurance PlanEntry Age (Minimum/Maximum)Policy Term (Minimum/Maximum)Sum Assured (Minimum/Maximum)
Aditya Birla Sun Life Shield Plan18/65 years10, 20/30 yearsRs.25 lakh/no upper limit
Aegon Life i-Term Plan18/75 years5/40 years10 Lakh/ no upper limit
Aviva Life Shield Advantage Plan18/55 years10/30 yearsOption A – 35 Lakh/ no upper limit Option B- Rs.50 lakh/ no upper limit
Bajaj Allianz i-Secure18/70 years10/30 years20 Lakh/ no upper limit
Bharti AXA Life Premium Protect Plan18/65 years10, 15/35 years 25 Lakh/no upper limit
Canara HSBC iSelect + Term Plan18/65 years10/30 yearsRs.25 lakh/no upper limit
Edelweiss Tokio Life Simply Protect Plan18/65 years10/40 yearsRs.25 lakh/no upper limit
Exide Life Elite Term21/60 years10 to 40 yearsMin SA: Rs. 50L ; Max SA: Rs. 10 Cr
Future Generali Flexi Online Term Insurance18/55 years10/75 yearsRs.50 lakh/no upper limit
HDFC Click2Protect Plus18 /65 years10/30 years10 Lakh/10 Crores
HDFC Life Sanchay30/45 years15/25 years1,05,673/ no upper limit
ICICI Pru iProtect20/75 years10/30 years3 Lakh/ no upper limit
IDBI Federal Income Protect Plan25/60 years10/30 yearsN/A
India First Life Plan18/60 years5/40 years1 lakh/ Rs.5 crore
Kotak Life Preferred e-Term18/75 years10/40 years25 Lakh/ no upper limit
LIC Jeevan Amar18/65 years10/40 years25 Lakh/ no upper limit
LIC Tech Term18/65 years10/50 years50 Lakh / no upper limit
Max Life Smart Term Plan18/60 years10/50 years25 Lakh/100 Crores
PNB Metlife Mera Term Plan18/65 years10/40 yearsRs.10 lakh/no upper limit
Pramerica Life U-Protect18/55 years10/30 yearsRs.25 lakh/no upper limit
Reliance Nippon Life Protection Plus18/60 years10/40 yearsRs.25 lakh/no upper limit
SBI eShield Plan18/70 years5/30 years20 Lakh/ no upper limit
SBI Shubh Nivesh Plan18/60 years5/30 years75000/ no upper limit
Sahara Shrestha Nivesh Jeevan Bima9/605/10 yearsRs.30,000/ Rs.1 crore
Shriram Life Cashback Term Plan12/50 years10,15,20 &25 yearsRs.2 lakh/Rs.20 lakh
SUD Life Abhay Plan18/65 years15, 20/40 yearsRs.50 lakh/—
TATA AIA life Insurance Sampoorna Raksha +18/70, 65 years10, 15/40Rs.50 lakh/no upper limit

Document Required for Buying Life Insurance Policy

At the time of applying for a policy, the life insurer will ask for the below-mentioned KYC documents:

  • Income CertificateThis is necessary to estimate the sum assured or cover that would be offered to the insured. In most of the cases, the life insurers offer a cover up to 20 times the proposer’s annual income. The standard income proofs include:
    • Salary slips of last 3 to 6 months (depending on the insurer)
    • Income Tax Returns (ITR) of the last 2 to 3 years
    • Last 6 months bank statements with continuous entries of 3 months credited salary
    • If the person is self-employed then a certificate issued by CA.
    • Latest Form 16
  • Address ProofInsurance companies would ask for address details of the applicant. The following documents can be used as address proof:
    • Voter ID card
    • Aadhaar Card
    • Saving account bank statement
    • Passbook with latest 6 months entries
    • Latest 3 months Credit Card Statement
    • Driving License
    • 3 months Utility Bills
    • Passport
    • Ration Card
  • Identity ProofOne can provide the following documents as ID proof:
    • Passport
    • PAN Card
    • Aadhaar Card
    • Voter Id card
  • Age ProofSome of the aforementioned documents would be considered as age proof as well. However, below is a comprehensive list of documents that can be used as age proof:
    • PAN Card
    • Aadhaar Card
    • Voter Id card
    • Driving License
    • Passport
    • Ration card
    • Marriage certificate
    • School/College leaving certificate
    • Birth certificate
  • Other DocumentsApart from the KYC documents, here are some other documents that an applicant would have to submit at the time of buying the policy:
    • Insurance application or proposal form.
    • Policy declaration, which is necessary if someone other than the insured has filled the policy proposal form.
    • A final declaration stating that all the provided information is true and that if anything is found untrue, the insurer has the right to reject the application. Subsequently, the contract would be rendered as null and void and the premium paid would be surrendered. Thus, once declared by the proposer, the entire process is completed with utmost faith.
    • In case the policy is required to be registered under the Married Women’s Property Act, a separate form needs to be filled and submitted to the insurer, mentioning the nominee.
    • Policy proposal also includes a personal statement, which is attached to the declaration form. Any incorrect statement may lead to rejection of the application.

How to Choose the Best Life Insurance Policy?

There are different plans offered by the life insurance companies in India. It sometimes becomes a task to select the best plan from various options and avail the same at best coverage and a pocket-friendly premium.

Listed below are some key pointers that will help you choose the best life insurance policy:

  • The Reputation of the Provider: Today the market is flooded with insurance companies providing different life insurance plans. This means that the insurance sector somewhat also has providers that are not up to the mark or are new in the business. Therefore, go with the insurer, which is renowned and has earned goodwill in the market and most importantly fulfil your insurance requirements
  • Claim Settlement Ratio: The intent to buy the life insurance policy is to obtain a claim at the time of need. But what if the filed claim goes nowhere? So before you select the insurance company make sure that you check the claims settlement ratio of the company. This essentially gives you a better idea of the number of claims received and settled by the company in a year. The company with the highest number claim ratio is the safest bet.
  • Evaluation of Sum Assured: Before you initiate knocking on the doors of the insurance companies it is advisable to calculate the expected assured sum. Besides, it will also get you an insight into the premium calculation that is done by the insurance companies. To know which company is suitable for you, combine both the factors and you will have your answer and make the informed decision.
  • Customer Reviews: Last and not least. Make it a habit of reading the customer reviews online. Today you can easily buy a life insurance policy online. Reading those reviews will help you to make a wise decision. Moreover, in case of any question, dilemma or clarification required simply get in touch with the customer support of the insurance company. This will also help you to understand the efficiency of a certain company in dealing with the customer.

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