The Need to Have an Insurance Policy for Securing the Future

There has been a rapid rise in uncertainty prevailing all over the world. Such uncertainties cause a heavy burden on the minds of people financially as well as mentally. If the person is not having adequate funds to pay for such things then he/she has to take a loan and borrow money from people which leads to higher payment of interests.

This is the reason many people have indulged themselves in the attainment of the life insurance of India. Say there is an accident or a person has to get an expensive treatment to be cured. He could be free from a lot of burdens financially if the said person has taken health insurance. The insurance policy helps the person to be protected from any kind of financial loss.

Some basic terms are usually used in this process. The one who claims the policy is known as the insured or policyholder and the person giving him the insurance is known as an agent working for the insurance company. People working in these insurance companies are a dedicated team that helps to safeguard the finances.

They aim to provide innovative and reliable solutions that help in the achievement of the goals of every customer. Various Policies provided under insurance are as follows:

1. Health Insurance

2. Term Insurance

3. Life Insurance

4. Unit Linked Insurance Plan

5. Retirement Plan

6. Pension Plan

7. Child education Plan

Several other policies are being introduced by the Government and help the people to be financially secured. The primary focus of these companies is to ensure that the customer needs and obligations are fulfilled. Financially affordable solutions help the company to gain more and more clients and their quality service has helped them resolve a lot of issues faced by customers.

Now, these insurance policies are being provided by companies online as well as offline ways. Either way, there are several things that customers must know regarding basic details, premium payment, furnishing proposal, and provided with necessary documents.

Read:- How Much Does a Million Dollar Term Life Insurance Policy Cost?

Usually, many agents are hired by these companies which provide basic information on regard to whole life insurance plans. However, if the customer wishes to purchase a policy online then he/she can follow the following simple steps and get the policy registered to its name.

  • Firstly, the person has to visit the website and create a new account by providing basic details as well as the kind of policy he/she wishes to acquire.
  • Further, after the submission of proper documents in a prescribed manner, the customer has to pay for the aforesaid amount with the payment methods so described and a soft copy of policy would be sent to the customer after the approval of the insurance company.
  • Usually, the customer is required to provide ID proof, Age proof, Income proof as well as an Address proof as documents while claiming these policies. 

Now, the question does arise that what is the best time to attain the insurance policy.

  • This decision is dependent on many factors but usually, it is advisable to get this policy at a young age because the premium being offered to pay at such age is usually less.
  • Another advantage of claiming these insurance policies is that they help in saving a lot of tax and help in the creation of future investments.
  • Another factor is that at a young age the person is unmarried which leads to less burden of responsibilities on its mind.
  • Also, there is a rapid rise in the number of diseases as there is a rise in the age of a person which increases the premium on insurance as well. Low premiums at a young age often create the demand to buy these insurance policies.

People in middle age as well as senior citizens are also recommended to purchase the insurance policy because it will help them live a comfortable and relaxed life after retirement. At such age, these policies are always recognized as a major replacement to income which is usually not earned under such age. This policy helps the person to support the family and decreases the financial burden on them which would act as a major boost to their loved ones.

The customer support service of these companies is also easily manageable. They have their websites which have a separate column of customer support service. There is the option of getting a callback or putting up any query is also provided. Such a flexible customer support service is the reason that these companies have more than thousands of happy clients which has helped them to grow over the past few years.

Read:- What is Personal Financial Statement?

A wide variety of plans as well as flexible payment methods have helped the customer to easily claim these policies and reduce the financial burden onto them. Also if there is any loss of their loved ones then these insurance companies have provided separate funds to get their children the education and bear the expenditure so incurred on them.

Many other terms are also essential which are required to know the customers. The first and foremost is the advance payment which means that the policyholder is required to pay the premium on these insurance policies in advance. This advance payment depends upon the policy so taken by the customer and terms and conditions of the insurance companies.

The policyholder must also be familiar with the word grace period which means that the payment of premium is a specific schedule that is to be taken very seriously by the policyholders. The failure to pay the premium might happen due to unforeseen circumstances. Considering this fact, the insurance companies provide a grace period of a minimum of 30 days or might differ from company to company. 

The need to get an insurance policy is regarded as a must for a person. The insurance companies have got thousands of happy clients who have been looked after the loss of their loved ones and the sole earning member of the family. It is always cheaper when younger because of the less premium which is required to be paid and above all, the policy helps in saving tax as the deduction is provided under the Income-Tax Act.

Leave a Comment