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Life Insurance Premium Calculator - Life Insurance in India

An Overview of Important Determinants While Choosing a Money Back Policy

Life insurance is an important part of any investment portfolio. Of the different types of insurances that cover the life of a person, one is the money-back policy. This is a popular vehicle of investment and it provides coverage of life for the period mentioned in the contract. The maturity benefits are offered to the insured in regular intervals and often with the gap of five years. Duration of these plans ranges between twenty to twenty-five years. However, this duration depends on the insurance regulations. Paying regular instalment makes this policy different from the endowment plans, as in the later the policyholder waits for completion of the term to get the money.

Know the policy term
if the policyholder faces untimely death then, the total amount that is assured through the policy can be claimed by the family members. If you are planning to choose a Money Back Policy then, there are few points that you need to consider. First, determine the term of the policy and the premium that you need to pay for the same. Policy term indicates the period for which the total amount is insured, and the premium is the amount that you need to pay the insurance company in regular intervals.

Premium for the policy
the premium that you pay for the Money Back Policy determines the sum assured for the same. Different policies are different based on the premium that you pay for the same. For instance, if you pay a high premium you can opt for a short term plan that gives high regular bonus. If you pay medium amount of premium for a long policy term, you can get an equal amount of dividend in regular interval. There are also policies where you can pay a lump sum premium, and the money back is based on that amount that you pay.

Loyalties and riders
while choosing the policy look for bonuses and loyalties, you will receive. Each policy has its individual requirement and the bonus that you will get in regular interval is different. The Money Back Policy provides riders that enable the policyholders to get a part of the sum assured if there is any emergency. There are accident riders that a policyholder can opt for in case of a sudden accident. Policyholders get the amount in regular instalments. For these policies, you need to pay an extra premium.

Benefits of the policy
The Money Back Policy has various benefits in store for the policyholders. This gives the applicants the liberty to plan for their long-term saving. Since, you will get money in regular intervals, you can utilize the same in different activities such as the education of children, and you can execute few events without facing any financial hiccups. This policy provides financial flexibility to the holders of the policy and lets then stay stress free. Since, it covers your life; your family members can get benefits out of the same, even when you are not there to support them financially. Thus, it gives the financial aid to the family in the event of untimely death of the policyholder.

[Source: http://onlinelifeinsurance1.weebly.com/blog/an-overview-of-important-determinants-while-choosing-a-money-back-policy]

Investment Insurance Policy

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Term Insurance - Is the cheapest Term Insurance

It pays to hire a financial planner!

We often try to dabble in fields that don’t concern us, and eventually accept that we’re terrible at it! Same is the case with financial management. We often think that it is our money, and therefore we should manage it. Rather, we think that since it is our money, no one apart from us will know how to manage it. There’s some sort of skepticism as well when you go to hire a financial planner. After all, what if he slips, and all our hard earned money goes down the drain?

Well, such concerns are pretty natural. Since there’s a lot of money involved and possibly at risk, one is bound to feel nervous. However, you will soon come to terms with the fact that only a financial consultant, also known as a financial planner, is the best person to trust your money with. They are highly qualified, well experienced, and possess educational degrees in the field of finance. In fact, while hiring them, you should look at these qualities. If they don’t possess a degree, you shouldn’t hire them. Try to ensure that you are getting hold of a CFP or a CFA! 

You can contact financial planning companies in your city and ask them to send over a financial planner or a consultant. While a financial planner noida will plan out your financial roadmap properly and look after your investments, a financial consultant might just offer you some advice. Term plan is also important tool for financial planners; it is totally up to you which one would you like to hire. Typically, they will come and give a short presentation mentioning about the key benefits they can offer you, whilst also throwing some light on their significant achievements, major past and present clientele. 

A lot of people wonder how much does it cost to hire a financial advisor. Different financial advisors have different modes of compensation. While some work on a flat monthly fee, others charge commission. There might be a combination of both the compensation modes too. For detailed information, you could check online. They will mention some sort of estimated pricing for all those interested in hiring financial advisors.

[Source: http://best-investment-options.blogspot.com/2013/10/it-pays-to-hire-financial-planner.html]

Is the Cheapest Term Insurance the best?

Many life insurance companies have hopped onto the online term insurance bandwagon. Since this is the simplest form of insurance on offer and a direct comparison of premium is possible. Couple of insurers has even entered a slug fest on who offers the cheapest term insurance policy.

These insurance covers that offer a pre-set death benefit are cheaper than the regular term insurance plans purchased through insurance agents and brokers. The benefit of online term plans is that one does away with the insurance middlemen and thus saves up on the commission paid to the agent out of your premium paid. Online term plans help you save 1/3 to ½ the premium paid for offline plans.

But then is premium the only consideration to opt for a term insurance plan, where the heir of the insured would get the sum assured upon the death of the policyholder. It has been observed that the chances of claims being rejected are higher when the cost of life insurance isn't commensurate with the actual risk involved. Policyholder declaration of health and existing conditions too are responsible for claim rejection.

Few other essential factors need to be considered. Here are five parameters that you should assess apart from premium to zero down on an online term insurance plan.

Maturity age offered: Insurance companies offer a maximum maturity age between 65-80 years of age. Higher the maturity age the better for you as higher the age more the chances of death and better the utilization of a term plan. LIC and SBI Life, which are public sector insurance companies, offer a 70 year maturity age, while HDFC Life offers a 65 year maturity age.

Higher policy term: Term insurance policy term used to be 25 years earlier. The scene is now changing. Insurers offer a term of 35-52 years as well. The higher the term, the better for you as you need not purchase a second term cover at higher age if you exhaust the term of the first one purchased early in life. HDFC Life, Bajaj Allianz, SBI Life have a term of 30 years.

Actual premium: The premium quoted online or through charts is just an indicative premium and your actual cost may escalate once your medical tests reveal your health condition. A smoker would have to cough up 25-30% more. So, find your actual premium before selecting options. 

Claims rejection ratio: This is an important factor to be examined before taking the online term plan. An insurer may be offering the cheapest term insurance plan, but if it rejects 40% of the claims then your money paid over the years may be down the drain.

Ease of claim handling: Your heir should not be left running from pillar to post to make the insurance claim. Also, several insurers have a long list of pending claims. So, study the past record of the insurer before taking up the term plan. For instance, DLF Pramerica has a shocking 53.96% of its claims pending, while HDFC Life has only a mere 1.29% claims pending.

[Source: http://economictimes.indiatimes.com/is-the-cheapest-term-insurance-the-best/articleshow/47232489.cms]