{"id":7463,"date":"2016-12-03T10:30:33","date_gmt":"2016-12-03T05:00:33","guid":{"rendered":"http:\/\/www.financialhospital.in\/blog\/?p=2684"},"modified":"2021-10-20T11:17:28","modified_gmt":"2021-10-20T05:47:28","slug":"everything-know-life-insurance","status":"publish","type":"post","link":"https:\/\/blog.fintoo.in\/blog\/everything-know-life-insurance\/","title":{"rendered":"Everything You Ought To Know About Life Insurance"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u201c28<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> Nov was a wonderful day and Naira started working as usual. She was indulged into her work until she heard her colleagues talking about various options given by life insurance. Ahh\u2026.the word life insurance knocked her mind. What is life insurance she uttered, and her colleagues proceeded as further&#8230;\u201d <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u201cNaira you know the fact that we are here for finite amount of time only. Death is an inescapable fact of life. One thing is common in each religion and that is \u2018people die\u2019, but what happens to their souls varies from religion to religion. Though one thing is certain and that\u2019s dealing with all kinds of uncertainty when your loved one is no more. So now here comes the new window of \u2018life insurance.\u2019<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">So again the clock stops to one question, what is life insurance? Where you would have heard about it earlier and wonder what exactly it does for you? It does wonders for the family. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">How? <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">People often think of life insurance policies as savings and investment option instead of considering quintessential element of life insurance which is nothing but a financial cover to manage the life risks. Well, term insurance is the pure life insurance meant to cover the life risks. Let us have a detailed look at various aspects of term life insurance. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><b>What is a term life insurance?<\/b><\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\"  src=\"https:\/\/fintoo.in\/blog\/wp-content\/uploads\/2020\/06\/term-insurance.jpg\" alt=\"term-insurance\" width=\"500\" height=\"319\" class=\"aligncenter wp-image-2072 no-lazyload\" \/><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"font-weight: 400;\">Term life insurance is a type of life cover offering coverage for a specific term or time frame in the life of the insured person&#8217;s life. As per this policy in case of the death of the insured within the specified policy term the entire coverage amount or death benefit will be paid to the nominee. These plans are basically designed to offer financial support to the family in case of the death of the earning member. <\/span><\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 <strong>Naira was again pondering, what does this mean?<\/strong><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"font-weight: 400;\">The colleagues uttered, \u201cThe time when you pass away all your valuable debts will be transferred to your beneficiaries, depending on what credits you left to whom. In case if you have left your home for your wife, then she will be in charge of all the monthly repayments, again depending on the bond. While the same thing applies for your car and other things you are in charged to. Maybe you even need to pay few taxes on the possessions you have. All this financial weight which you were incharged for will fall on your beneficiaries. So now be assured for your loved ones, as the life insurance policy you select for your family will handle all kinds of financial burden. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><b>The Logic Behind The Premium <\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"font-weight: 400;\"><img decoding=\"async\"  src=\"https:\/\/fintoo.in\/blog\/wp-content\/uploads\/2020\/06\/deduction-under-section-80c-1.jpg\" alt=\"Tax calculator pen and glasses\" width=\"500\" height=\"300\" class=\"aligncenter wp-image-2706 no-lazyload\" \/><br \/>\n<\/span><span style=\"font-weight: 400;\">The premiums of term life insurance plans generally become lower than the other plans. The premiums of these plans remain low just because there is no investment component with these plans. In case the policyholder survives the full term, no maturity of survival benefit is paid. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><b>How To Select A Suitable Term Plan?<\/b><\/li>\n<\/ul>\n<p><img decoding=\"async\"  src=\"https:\/\/fintoo.in\/blog\/wp-content\/uploads\/2020\/06\/2010_11_bremen-1024x681.jpg\" alt=\"This Way That Way Which way to turn\" width=\"500\" height=\"332\" class=\"aligncenter wp-image-2707 no-lazyload\" \/><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"font-weight: 400;\">There are several important factors that can play a great role in choosing the most suitable term plan. Let us list here a few considerations concerning this. <\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">The reputation and brand image of the insurance company<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">The extent of life cover you need<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">The claim settlement percentage<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">The inflation adjustment in the premium and coverage amount<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">A detailed study into the terms and conditions of several insurance companies offering popular term plans <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><b>What about the difference in premium among term plans?<\/b><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\"  src=\"https:\/\/fintoo.in\/blog\/wp-content\/uploads\/2020\/06\/Premium-1024x658.jpg\" alt=\"premium\" width=\"500\" height=\"321\" class=\"aligncenter wp-image-2711 no-lazyload\" \/><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"font-weight: 400;\">The term plan premium may vary from one life insurance company to another. The common rule of thumb is with the increase of policy term the premium will also increase since bigger period brings bigger risks as well. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><b>What are eligibility criterion for getting a term insurance?<\/b><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\"  src=\"https:\/\/fintoo.in\/blog\/wp-content\/uploads\/2020\/06\/The-changes-in-the-trend-is-seen-hugely-in-the-working-group-of-people-with-respect-to-the-health-coverage-provided-by-the-employer-1024x759.jpg\" alt=\"Teamwork builds a new business with bricks\" width=\"500\" height=\"370\" class=\"wp-image-2194 no-lazyload\" \/><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"font-weight: 400;\">It also varies from one insurer to another. As for the age limit the minimum age is 18 years and while same for \u00a0maximum age is 65 years. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><b>Can term insurance policies be converted to other policies? <\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 30px;\"><img loading=\"lazy\" decoding=\"async\"  src=\"https:\/\/fintoo.in\/blog\/wp-content\/uploads\/2020\/06\/life-insurance-while-you-are-young.jpg\" alt=\"life-insurance-while-you-are-young\" width=\"500\" height=\"281\" class=\"aligncenter wp-image-2414 no-lazyload\" \/><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Yes, it can be done provided the plan comes with a convertible option. When the convertible option is not provided you can easily convert it to the whole life plan or the endowment plan within the tenure of the policy. Such conversion requires no additional charges. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><b>Will a policy get lapsed if a single premium is missed? <\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"font-weight: 400;\">Just by missing a premium once within the due date a policy does not get lapsed. After missing a due date a 30 days grace period is allowed.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"><strong>Before the tenure completed can I surrender a term insurance plan?<\/strong><\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\"  src=\"https:\/\/fintoo.in\/blog\/wp-content\/uploads\/2020\/06\/Record-your-Expenses.jpg\" alt=\"Investments _proofs\" width=\"500\" height=\"337\" class=\"aligncenter wp-image-2643 no-lazyload\" \/><\/p>\n<p style=\"padding-left: 30px;\">Yes, anybody can surrender the plan before the completion of the tenure. There will be surrender charges and it varies from time to time. In case the surrender of the policy is done after 5 years, there is no surrender charge.<\/p>\n<p style=\"padding-left: 30px;\">So with a life insurance policy you can easily protect your family from any kind of serious financial difficulty with the financial baggage you select and work for. Moreover, the life insurance is supposed to cover your monthly income, your family won\u2019t have the need to manage without your income. A good rule of thumb is a year&#8217;s income as this will give them time to invest the money and security.<\/p>\n<p style=\"padding-left: 30px;\">\n","protected":false},"excerpt":{"rendered":"<p>\u201c28th Nov was a wonderful day and Naira started working as usual. She was indulged into her work until she heard her colleagues talking about various options given by life insurance. Ahh\u2026.the word life insurance knocked her mind. What is life insurance she uttered, and her colleagues proceeded as further&#8230;\u201d \u201cNaira you know the fact [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12721,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[100],"tags":[110,64],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Everything You Ought To Know About Life Insurance - Fintoo Blog<\/title>\n<meta name=\"description\" content=\"Term life insurance is a type of life cover offering coverage for a specific term or time frame in the life of the insured person&#039;s life\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.fintoo.in\/blog\/everything-know-life-insurance\/\" \/>\n<meta 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Nov was a wonderful day and Naira started working as usual. She was indulged into her work until she heard her colleagues talking about various options given by life insurance. Ahh\u2026.the word life insurance knocked her mind. What is life insurance she uttered, and her colleagues proceeded as further&#8230;\u201d \u201cNaira you know the fact&hellip;","_links":{"self":[{"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/posts\/7463"}],"collection":[{"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/comments?post=7463"}],"version-history":[{"count":4,"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/posts\/7463\/revisions"}],"predecessor-version":[{"id":13573,"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/posts\/7463\/revisions\/13573"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/media\/12721"}],"wp:attachment":[{"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/media?parent=7463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/categories?post=7463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.fintoo.in\/blog\/wp-json\/wp\/v2\/tags?post=7463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}