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इंडियन आवाज़     17 Nov 2018 06:43:20      انڈین آواز
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Importance of Life Insurance Schemes

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Life insurance is an agreement or contract made with an insurance company where in exchange for premium payments, the insurance company provides a lump-sum payment known as a death benefit to beneficiaries upon the insured individual’s death. Usually, life insurance is selected based on the goals and needs of the owner. The death benefits from all types of life insurance are usually income tax-free.

Do not get contented about your financial security even if life is proceeding smoothly with no bumps along the road. Progress in terms of investments and acquisitions is extremely important, but we also need to make sure that we are securing ourselves and our assets from unforeseen disasters, accidents, health problems, property damage, or even loss of a loved one. The process of insurance has been developed to secure the interests of people from uncertainty by providing assurance of payment at the time of a given contingency.

Here are a few reasons why insurance is extremely important and every individual should invest in a life insurance scheme if they are not yet insured:

-Life insurance schemes provide security in the absence or early death of an earning member in the family when things are very rough. Having a life insurance would at least ensure that your family is supported financially in case of some unforeseen incident.

-Life insurance schemes also encourage savings. Insurance offers protection not only against uncertainties and risks, but it also provides a safe medium of investment as well. The payment of premiums on a regular basis enables systematic savings. At the time of the maturity of the contract the individual who is insured gets a certain amount.

-Medical support: Medical insurance policies take care of the expenses that incur due to hospitalization or for the treatment of various health conditions. Due to unexpected illnesses and the ever increasing cost of healthcare like never before, a health insurance policy is considered to be essential for every individual. There are many health insurance companies in India that provide health insurance. .  Religare health insurance is amongst the best and most trusted health insurance companies in India. It provides travel and health insurance to corporate, families, and individuals.

-Risk Transfer: Insurance scheme operates on the concept of shift of financial risk from the insured individual to the insurer. An insured individual’s expenses are recompensed by the insurer. This decreases the financial trouble of paying for health expenses, vehicle repairs, etc.

Postal Life Insurance (PLI) is a life insurance scheme of Govt of India in which the Indian Government pays a given sum of money on the death of an individual to his nominee or himself if he survives that period. Postal life insurance is available not only to Government, but Semi-Government employees as well. Moreover, PLI is the only insurer that offers low premium and high bonus. PLI is guaranteed by the government of India.

PLI offers 7 types of plans:
-Whole Life Assurance (SURAKSHA)
-Convertible Whole Life Assurance (SUVIDHA)
-Endowment Assurance (SANTOSH)
-Anticipated Endowment Assurance (SUMANGAL)
-Joint Life Assurance (YUGAL SURAKSHA)
-Scheme for Physically handicapped persons
-Children Policy.

The issue with insurance, however, is that customers are spoiled for choice. There are so many options to choose from, so many different policies to explore, that it can get confusing to choose the right one. You may take the help of financial advisor to help you choose the best policy.

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