Life Insurance Agent
Life insurance is a type of insurance policy that pays the policyholder or their beneficiary a sum of money on death. The amount paid out can be used to replace income lost when the breadwinner dies.
The life insurance industry in India is governed by the Insurance Regulatory and Development Authority (IRDA) Act, 1999. The IRDA regulates the life insurance market in India through various measures and guidelines.
The life insurance industry in India is growing at a fast pace and is expected to grow at a compounded rate of 15% over the next five years. The life insurance market in India is worth around $5 billion and has been growing at a compounded rate of 12% over the last few years.
In recent times, the life insurance industry has seen an influx of new players, both from within and outside of India. The number of new players entering this market has risen by 50% over the last three years.
How Does a Life Insurance Policy Work:
Life insurance policy is nothing but a legal contract paper declaring the substance and details of the insurance you’ve purchased. Under any type of life insurance, the policyholder has to pay some amount of money, called a premium, regularly over a period of time, called policy tenure. This money can be used in the time of emergency both for the policyholder or his family members depending upon the terms and conditions.
Some life insurance can cover the crisis period during your lifetime and some help your family with monetary help after the demise of the policyholder. Overall life insurance is available for a limited period. After the policy tenure is completed, the life insurance company is bound to provide maturity benefits depending on the clause of the insurance.
If the policyholder’s death may occur during the policy tenure of the insurance or he may not be able to provide the premium completely, still the company is bound to give a money-back return policy depending on the type of life insurance.
So life insurance has two benefits- it covers your crisis period and also provides a lump-sum amount for your future.
How to Choose The Right Insurance Plan For You:
Choosing a life insurance plan is certainly a matter of research. It is based on your current financial condition and financial need. To choose a right insurance plan, there are three stages involved in it:
- Take Advice From A Life Insurance Agent:
A life insurance advisor is the best professional who has the right knowledge of different plans and schemes. At Grow-well, we provide the right agent for you who would engage and understand your financial condition. Based on that you’ll be provided with a competent and reliable to meet your needs. Otherwise doing the research all by yourself can sometimes be critical or faulty.
- Know About The Life Cover:
Before investing in any plan of life insurance know in detail about the coverage area under the plan. Our best professionals at Grow-well will assess your income, no of family members, your expenses, and debt & liabilities. Based on that we will suggest you plans by making it clear about the endowment plan, term plan, combination of plans or a unit-link plan. These will help you to get an all pervasive life-cover plan.
You can also provide your premium online and check your amount in a very easy way.
- Make Comparisons With Other Insurance Plans:
Compare the life insurance plan you have favored with the similar plans of different companies available in the market. By doing that you can be sure about the efficiency of the plan and if it is hyper rated or not. You can also ask your advisor to do the same for you. He can give you an overall comparative view by comparing relevant parameters of different plans, so that you can find out the best option among them.
Life insurance has several far-reaching benefits. Some of them are: -
Death Benefit
Financial Security
Future Planning
Tax Benefit:
Life insurance plans have additional benefits of saving taxes. The premiums that are paid in life insurance come under section 80C. Also the maturity benefits, however the amount could be are also tax-free as it comes under Section 10(10D) of The Income Tax Act, 1961.
As a result, if you want to save a lump sum money for your future, investing in life insurance is the best option without losing money in the name of tax. A life insurance agent in Kolkata can tell you more details about saving money based on your financial situation.
Wealth Creation:
If someone wants to grow money in a hassle free way, life insurance provides him the opportunity. Life insurance provides coverage by multiple sites. First of all the policyholder lays by a large amount of money over a period of time. Before he understands without any hassle he will be able to accumulate a lump sum amount for his future.
On the other hand the policyholder is able to create wealth that makes them financially free for their future needs. Life insurance can offer good return, as well as a steady way of income after retirement.
Savings For Future:
The reason why you should contact with a life insurance advisor is to plan for future savings. You can get a good money return after your policy tenure is over. With this money you can plan for a hassle free future as no money will be deducted due to tax.
Life insurance professionals can give you better options by which you can be benefitted with a large amount of money based on your financial need and situation. The money can be used for education, wedding, or buying a property.
Accumulating Wealth:
Life insurance plans are one of the most conventional and safest way for a long-term investment. If a policyholder wants to save his money against tax and inflation, buying life insurance policy can be consider very effective. With this lump sum amount of money you can distribute the wealth for your various needs.
Life insurance can also be a great instrument to the retired investors to invest money, even after their steady source of income has been ceased. So for a prosperous future, life insurance is a great shield for you in your old-age.
Types of life Insurance:
Term insurance
Term insurance covers a fixed period — or a term — and is usually considered temporary insurance. The reason that you may be able to find lower premiums on term life insurance policies is because the coverage is only valid for a certain amount of time. Once a specified term has expired, a policyholder may choose to renew it for another term, convert the policy to permanent coverage, or let the term life insurance policy end. Annual Renewable term life insurance has no specified term, but it can be renewed annually without providing proof of insurability. If the policy is renewable, this means it continues to last an additional term, or number of terms, until the stated age, even though the health of the insured (or some other factor) would result in his or her being rejected if they applied for a new life insurance policy. Annual Renewable Life Insurance may be more expensive, but generally has lower payments since there is less coverage term.
ULIP
A ULIP, or unit-linked insurance plan, is a type of life insurance product which offers customers a unique advantage of having a complete life insurance coverage as well as an opportunity to invest in their choice of mutual funds. While unit linked insurance plans are investments with a dual objective of providing an insurance cover and also earning returns through investing, Balanced Funds are investment vehicles which primarily hoard the investors’ money, then invest it into various assets for earning returns. A Unit-Linked Insurance Plan (ULIP) is a product offered by insurance companies which, unlike a pure insurance policy, provides investors both insurance and investments in one consolidated plan. Unit-linked insurance plans are the kind of plans that offer the benefits of protection from risks through life insurance, while allowing flexibility in managing investments.
Endowment plan:
Any life insurance plan that has both a savings component and an accelerated cash-out benefit at the time of expiration may be called an endowment plan. An endowment policy is a type of life insurance contract that is designed to pay out a lump sum at the end of a specified period of time (at the time of maturity) or at death. An endowment policy is basically a life insurance policy which, in addition to covering the insureds life, helps the policyholder save periodically for a certain amount of time, such that they can receive the lump sum amount at the maturity of the policy, if they live through the term of the policy. As a policyholder, you choose how much you wish to save every month and when you wish your life insurance Endowment to expire.
Savings plan:
The savings plan is a high-deductible plan with an individual deductible and family deductible. The Savings Plan is one of the states two health plans options, with lower premiums and higher deductibles. If you set up a good savings plan and stick to it, you will know that you are looking out for your future self.
If that is the case, then no time is better than now to get started with creating a savings plan that helps you get there. One way to establish a savings plan is by creating a budget and allocating part of your income on a regular basis toward your designated accounts. If your budget is tight and you do not see a lot of savings opportunities, you may be able to look for ways to boost income.
Whole life insurance plan:
Whole life insurance pays out a death benefit, but it also has a savings component where you build up money. As long as you pay premiums, your beneficiaries may be able to collect your policies death benefit upon your passing. Whole life policies promise minimum rate growth for part of the premiums. The insurer you choose may be a factor, too, since rates differ from company to company.
Retirement and pension plan:
A pension plan is a type of retirement plan in which employers commit to paying defined benefits to employees throughout their lives once they retire. With a retirement plan, employers finance and guarantee a defined retirement benefit to every employee, and assume the risk for doing so. A retirement plan is generally known as a defined benefit plan, in which the sponsor of the pension plan, or your employer, supervises the management of investments and guarantees a specific income amount at retirement.
Money Back Policy:
Money back policy is the type of life insurance policy that returns back your money you’ve invested over a period of time with interest. In some policies, a portion of money is paid back at intervals during the tenure period too. These policies may come under survival benefits where the policyholder gets it back during the tenure and at maturity.
If in any case the policy holder couldn’t submit the return, and complete the full premium, then also the money is guaranteed to be paid back as per the terms and conditions.
Child Insurance Plan:
A Child Insurance Plan is another type of insurance policy that is designed to protect the future of your child. Such types of plansay come under life cover which, after being matured can be invested in the education and to fulfill the dreams of your child.
Child insurance plan is good as it covers the critical period of your child’s life and also fulfills their future needs. As a policyholder you can invest in it when your child is born or in his infancy to build a strong financial cover for them.
Conclusion:
In a nutshell life insurance is a supportive cover between the insurance company and the policyholder. This contract promises to provide monetary help to your family and the loved ones both during your presence and absence. In case of any unfortunate event life insurance allows you to continue tension-free with its coverage.
Life insurance also helps to meet financial goals and wealth creation. Savings is also another benefit of life insurance. Considering all these factors, contact a life insurance agent in Kolkata from Grow-well to get all the benefits of life insurance within your fingertips right now.
Be it any kind of insurance, we are there for you. To put things in perspective, we are attached with trustworthy organisations like: –
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