Life Insurance is the most potent tool to prepare for adversaries. Life Insurance provides financial stability and assistance to the family of the Insured in the event of death. A right Life Insurance plan will help achieve financial goals and secure one’s future.
However, the low penetration of Life Insurance in the Indian market highlights people not understanding the product and concept of this.
The major reason people avoiding this is because they think it is a waste of money.
Some Myths and Facts mentioned below highlights basic understanding among people.
1. Term Plan is for Individuals with Debt Liabilities.
Life Insurance is not only for people with Debt Liabilities but also for people looking for financial stability by providing for family regular expenses and maintain their lifestyles.
2. The term Plan is for the old.
This is the biggest misconception that Life Insurance is only for the Old. It is advisable to start and take life insurance at a younger age, at that time premiums are low.
3. There is no benefit for the Policy Holder.
Another misconception is that there is no benefit for the policyholder, all the benefit is for the family. However, Life Insurance also provides for Critical Illnesses along with riders which the policyholder can avail benefit while being alive.
4. The Claim Process is tiringly slow.
The claim settlement is very much convenient, Quick, and Easy.
Also, All Life Insurance Policies today are much cheaper than expected. For Example, if a 30-year-old non-smoker buys a term plan for Rs 1 crore for 40 years, the annual premium would only cost around Rs 8508 and Rs 709 monthly.
Kya aapne apna Term Insurance Karaya kya ?
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