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Thursday 12 April 2012

Choosing Insurance Policy (India)

Getting Insurance Policy is an important aspect and choosing right insurance policy is equally important. Here are the important factors to be considered for choosing the right Insurance Policy:-
  • Your current & projected income.
  • If married, earning capacity of your spouse.
  • No. of individuals financially dependent on you in your family.
  • Your ability to pay premium at any point of time in future, even when you will not have constant fund inflow.
  • Your age, medical state & future financial plans.
  • Thoroughly analyse the cost for the insurance policy and its benefits.
  • Decide whether you need pure insurance or insurance covered with investment opportunity for income tax exemption.
  • Duration of the Policy & Premium you will be have to pay (Monthly/Quarterly/Half yearly/Yearly).
  • Select the type of Policy (Term Insurance-Limited Period, Endowment-Lump sum return after specified period, Unit Linked (or) Money Back-Periodic Returns).
  • Most Important. Do not buy Life Insurance Policy if you are not sure that you will be able to continue the policy. Instead, invest in Banks & Post Office Schemes.