Saral Jeevan Bima will play a major role in expanding the term insurance market in India and increase insurance penetration rate in a relatively new and larger customer segment.
With a rise in the sale of term life insurance plans, Indians are believed to be moving towards “panic buying” amid growing concerns about the COVID-19 pandemic.
A self-employed individual faces a plethora of more challenges than a salaried individual and this is why it is all the more important for a self-employed person to invest in term plan.
When a pandemic like COVID-19 becomes world news, you may start to wonder how news of an outbreak might shape the life insurance policy you already have.
If the new regulations come in place, customers will get more choices as the number of options will increase with the introduction of health insurance plans by life insurance companies.
To mitigate the possibility of being left without an income, you can avail special riders as part of your term insurance plan in the event of disability.
IRDAI has made it mandatory for all insurance companies to get these guidelines with effect from February 2020 superseding the earlier circulars on the subject.
Individuals who have a history of critical illnesses in the family—illnesses that require expensive and prolonged hospitalisations—may also opt for a big cover.
With Rs 1-crore life insurance cover being a popular term, most people seem to be mentally comfortable with the amount even without doing the basic math.
The details of the report reveal that the smokers across all occupations pay an average of 50% more for their life insurance in comparison with the premium paid by non-smokers.
Joint life cover is best for young couples, especially those who have dependent children. It is relatively cheaper than buying two individual insurance plans.
While purchasing a life insurance policy, most people focus only on the quantum of premium they would have to pay, terms of payment and the amount of sum assured irrespective of the extent of protection that their dependents
If you are the only breadwinner in your family, then you shouldn’t think twice before investing in a good insurance plan that covers you against life-threatening diseases such as cancer.