Overview Life Insurance in Agra
Agra, located on the banks of Yamuna is best known for the world-famous heritage – Taj Mahal and the mouthwatering delicacy - Petha. Apart from these two, the city is also known for its rich cultural history and numerous monuments like Agra Fort, Akbar’s tomb, Jama Masjid and many more.
With tourist activity and industries being galore in the city, there is a lot of activity going on. The residents are subject to a lot of health issues owing to the growing air pollution and stress-induced lifestyle. Life insurance is therefore considered as one of the critical factors by the people of Agra to maintain a stress-free life. Many insurance providers in the city like ICICI Pru Term Insurance, Aviva Life Insurance, Oriental Insurance, SBI Life, Max Life Insurance and many more, offer people various insurance policies to suit their financial requirements.
Additional Reading: Key Features of Life Insurance
Agra sees an influx of tourists from India and abroad throughout the year, owing to the many historic monuments in the city. This coupled with the industry sector has also seen many migrants from various parts of India making Agra their home. The increasing population, vehicular traffic and industrial pollution has led to the residents of the city experiencing many health-related issues.
The ongoing Covid-19 pandemic has also resulted in bringing on an air of uncertainty on life and public health. These key issues have made the people of Agra conscious about maintaining their health and that of their family members in such uncertainty. Having a good life insurance policy is one such important criteria, considered by the residents of the city to safeguard themselves at times of financial constraints; and their family members in the event of their untimely demise.
A life insurance plan helps the policy by providing financial help and also supports their family in the event of their death during the tenure of the life insurance policy, by providing the sum assured to the nominated beneficiary. The said benefit is availed by the insured on payment of life insurance premium on the chosen policy either on a regular basis or as a single premium, according to the terms and conditions of the policy.
Additional Reading: How to apply for a Life Insurance Policy?
What are the different types of Life Insurance Schemes available in Agra?
There are various types of life insurance schemes available in India, depending on the insurance company selected. However, they are all normally classified into the following types. All the life insurance schemes are seen to combine two plans, which are, term plans and endowment plans.
Term Plans
Term plans are simple, easy to understand and easily affordable life insurance policies. They are for a stipulated time period under which they cover the risk of death. In case the policyholder dies within the tenure of the term insurance policy, then the nominated beneficiary gets the sum insured on such death.
A term plan is a pure risk plan that gives high coverage at low premiums. In case, the policyholder survives the term of the policy, then the nominee is not eligible for any benefits. Nowadays, insurance providers have worked out innovative policies to keep the policyholder interested like Term Plans with Return of Premiums (TROPS). Under TROPS, insurance providers give back all the premium amount if the policyholder survives the term plan. However, such plans are expensive compared to normal term plans.
Additional Reading: What Is Term Insurance
Endowment Plans
An endowment plan is a combination of insurance and savings, wherein, the insurance provider keeps a specific amount towards life insurance while investing the rest. If the insured survives the term period, then the insurance provider will give him/her the maturity benefit.
The endowment plan may also provide bonuses at regular intervals, which get paid only either on the policy maturity or on the demise of the policyholder to their nominee. Endowment policy provides cover against the risk of living a long life and is a good long-term saving option with lower risk on investment.
Unit Linked Insurance Plan (ULIP)
ULIP combines insurance and investment, for providing wealth creation and life insurance policy cover. A part of your investment is towards life insurance while the rest gets invested in a fund (equity or debt or both), helping a policyholder with fulfilling their long-term goals. ULIP is a flexible fund that offers investors to shift their portfolios between debt and equity based on their risk handling capacity and market knowledge.
Whole Life Insurance Plans
Whole life insurance is an exclusive life insurance plan, that provides life coverage till the death of the insured. This indicates that the policy is in force for the whole life of the insured as long as the premium gets paid. The sum assured is fixed on policy purchase and gets paid to the nominee at the time of death claim – when the insured dies. The maturity age is 100 years, so if the insured expires before this period then the beneficiary gets the sum assured. If the insured outlives 100 years then insurance providers pay the matured endowment coverage to the insured.
Additional Reading: What Are The Benefits Of A Whole Life Insurance Policy
Child Plans
Child plans are provided to policy holder’s children to provide financial support for the children’s future, in the case parents meet with an unfortunate situation. Under child plans, life is insured for a parent who has dependent children, so underwriting is done on the life of the parent and child details provided.
Money-Back Plans
A money-back plan is a type of savings plan, which pays a percentage of the Sum Assured regularly over the policy tenure. Survival benefits coupled with maturity benefits and bonuses are also available under such plans. They also come with a life insurance cover.
Retirement Plans
Under Retirement Plans or Pension plans, a specified sum from an insured’s income is transferred into a pool of funds to benefit you in future. This accumulated fund is then invested with the returns on investment generating income on your retirement. So, after your retirement, a regular income through an annuity plan is provided.
Additional Reading: What are the different types of Life Insurance?
Conclusion
Agra has seen tremendous development which has also increased the stress and hectic lifestyle for its people. With increased health issues, people are looking out for good life insurance policies to benefit their families in case of their untimely death. As such, now various life insurance companies in Agra have come up with different life insurance schemes to suit the individual needs of the policyholder.
Life Insurance in Agra FAQs
1. How can contact details be changed in my life insurance policy?
The insured should forward a request to the insurance company, including a policy service request form.
2. How much time is needed for a claim settlement?
The claim settlement depends on the insurance company from where you have taken the life insurance policy. Normally, it takes anywhere from 8 – 15 days depending on the existing conditions of your medical claim and the life insurance plan purchased.
3. Will my premium amount change during the tenure of my life insurance policy?
Once you have purchased the life insurance policy, the premium amount stays the same throughout the entire tenure of the policy. This aspect is also dependent on the tax regulations of the Government of India.
4. Can I take more than one life insurance policy?
Yes, you can take more than one life insurance policy at a time.
5. Will my life insurance plan be valid across India?
Most of the life insurance policies are valid across India as they are based on the sum assured and coverage granted for the life of the insured. It has nothing to do with the place of residence. However, it is prudent to check the details with your insurance provider before purchasing the life insurance plan to avoid any type of confusion.