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Overview Life Insurance in Coimbatore

Coimbatore is known as the "Manchester of South India" because of its massive textile industry, which is supported by the nearby cotton fields. It is one of India's fastest developing Tier-II cities. With a population of over 2.5 million people, it is home to over 25,000 small, medium, and large industries, providing employment to a vast number of people.

Being a popular city in South India, Coimbatore houses all the leading life insurance companies in India. Residents of Coimbatore have access to all the top life insurance products offered by these life insurance companies.

What is a life insurance policy?

A life insurance policy is a legal agreement between the insurer and the insured that promises to pay the sum assured to the insured's nominees in the event of his untimely death or the policy's maturity.

Life insurance serves as a backup plan for your family in the event of your absence, compensating for the financial aspect of running the family. A life insurance policy ensures that your family's financial needs are met while also ensuring that their hopes and aspirations are realised.

Types of Life Insurance Policies available in Coimbatore

Life insurance coverage is of different types. There are pure term policies that solely pay the money assured upon the insured's death and provide no further benefits. They have no maturity benefits yet have very inexpensive premiums. If you want to combine savings and investing aspects with your policy, you can choose from retirement plans, children plans, ULIP plans, and so on.

Additional Reading: What Are The Different Types Of Life Insurance Policies

Need for Life Insurance Policy in Coimbatore

A life insurance policy provides financial protection to your family in the event of your death. It ensures that you and your family do not have to worry about meeting basic needs while recovering from a natural disaster.

  • The risk is shifted to the insurer, who promises to pay you a predetermined sum of money if the risk occurs.
  • A variety of dangers can be insured against. 
  • A life insurance policy protects you against the danger of death, disease, or disability.
  • Life insurance can be tailored to act as a long-term wealth planning tool to help you accomplish your financial objectives.

Additional Read: How To Select Your Life Insurance Policy During Coronavirus

Leading Life Insurance Policy Companies in Coimbatore

LIC of India – LIC is India’s largest insurance provider. With more than 12 lakh agents across the country, LIC has one of the best service networks for its customers. They offer life insurance policy products like endowment plans, pension plans, child plans, money back plans, ULIPs and more.

Some of their popular life insurance products are: 

  • LIC's Saral Jeevan Bima
  • LIC's Bima Jyoti
  • LIC's New Endowment Plan
  • LIC's New Jeevan Anand
  • LICs Jeevan Umang
  • LIC's New Children's Money Back Plan
  • LIC's Jeevan Amar
  • LIC's New Jeevan Shanti

HDFC Life Insurance Co. Ltd -  It is one of the leading insurance companies in India, offering a wide range of insurance solutions to its customers. It has one of the largest product portfolios containing more than 30 individual products, around 11 group products along with 8 optional rider benefits. Their products are highly customizable to meet needs pertaining to protection, retirement planning, savings & investments, medical needs, etc;

Some of the popular Life Insurance products include 

  • HDFC Life Click 2 Protect 3D Plus 
  • HDFC Life Group Term Insurance Plans 
  • HDFC Life Click 2 Retire
  • HDFC Life Pension Guaranteed Plan
  • HDFC Life Click 2 Wealth
  • HDFC Life Classic One
  • Click 2 Protect Health
  • HDFC Life SL YoungStar Udaan
  • HDFC Life SL YoungStar Super Premium

ICICI Pru Life Insurance Co. - ICICI Prudential Life Insurance Company boasts of a simple claim settlement process and have one of the highest claim settlement ratio of 97.84% for FY 2020-21. They have more than 2000 branches across the country and a large network of 1100 network offices to provide an enhanced customer experience. They also have close to 2,00,000 financial advisors and consultants who are available for quick assistance and doubt clarification.

Some of their leading plans are: 

  • ICICI Pru iProtect Smart
  • ICICI Pru Heart/Cancer Protect
  • ICICI Pru Smart Health Cover
  • ICICI Prudential Smart Kid Solution
  • ICICI Pru Elite Life Super
  • ICICI Pru Elite Wealth Super
  • ICICI Pru Smart Life
  • ICICI Pru LifeTime Classic
  • ICICI Pru1Wealth
  • ICICI Pru Guaranteed Wealth Protector

Kotak Life Insurance Co. - Kotak Mahindra Life Insurance has a customer base of over 20 million nationwide. The company has around 232 branches in around 167 cities and towns in India with 99,275 agents providing service to its huge customer base.

They offer insurance solutions for protection, child plans, retirement, rural plans, savings and investments and various group plans. They currently offer 32 products including 9 group products, 10 ULIPs & 18 rider options.

Some of their leading life insurance products are: 

  • Kotak Saral Suraksha
  • Kotak Income Protection plan
  • Kotak Term Plan
  • Kotak Gramin Bima Yojana
  • Kotak Sampoorn Bima Micro-Insurance Plan
  • Kotak Classic Endowment Plan
  • Kotak Premier Endowment Plan
  • Kotak Headstart Child Assure
  • Kotak Premier Pension Plan
  • Kotak Lifetime Income Plan

SBI Life Insurance – SBI is a household name in India. It is the country’s largest bank with the highest customer count. Their life insurance plans are customized to give maximum benefit to the customer with the lowest premiums.

With its 947 offices, 17,333 employees, a large and productive individual agent network of approximately 157,792 agents, 58 corporate agents, a widespread bancassurance network of 14 partners, more than 29,000 partner branches, 107 brokers, and other insurance marketing firms, SBI Life strives to make insurance accessible to all.

Some of their most sought after products in life insurance are: 

  • SBI Life – eShield
  • SBI Life - Saral Jeevan Bima
  • Corona Rakshak Policy, SBI Life Insurance Co. Ltd.
  • SBI Life - eWealth Insurance
  • SBI Life Smart Platina Assure
  • SBI Life – New Smart Samriddhi
  • SBI Life - Saral InsureWealth Plus
  • SBI Life – Retire Smart
  • SBI Life – Annuity Plus

Also Read: Term Life Vs Whole Life Insurance

When is the right time to buy life insurance?

In today's environment, purchasing life insurance is a vital investment. In this scenario, the earlier you start, the better. There are numerous advantages to purchasing life insurance when you are younger.

It is ideal to purchase life insurance when you are in your 20s and 30s. The policy will be less expensive, the premiums will be reduced, the corpus will be built more efficiently, and investment benefits will be available. During this stage, family insurance is more or less decided.

The 40s are a critical age because it is when one's earning potential is at its greatest. In terms of dependent parents, family, medical difficulties, and liabilities, more duties are assumed. As a result, now is an excellent time to start planning for your retirement with appropriate insurance coverage.

In their 50s and 60s, people must plan for a source of income after retirement. There could be outstanding debts or loans that need to be paid off. As a result, retirement insurance and related plans might be considered as investment options.

Additional Reading: What is the right age to buy insurance?

Who is eligible to get a life insurance policy in Coimbatore?

Generally, anyone with a family to support and an income can get a life insurance policy.

  • Life Insurance policies are available for both Indian citizens and NRIs
  • There is no age limit to get life insurance; though you have to choose the plan that is designed for your age. For example, child plans are available for children of age 1 to 18. Senior citizen plans can be taken by individuals over the age of 60, and so on.
  • A life insurance policy can be purchased by an individual for himself, spouse, children or parents.
  • Some life insurance policies may require you to undergo a medical test.

Life Insurance in Coimbatore FAQs

1. What is the maximum age limit for a term insurance plan?

There are many term insurance plans in the market that offer lifelong cover, that is up to 100 years. However, the maximum entry age to buy a term insurance plan is set at 65 years.

2. Do you get your money back at the end of a term life insurance?

Term insurance policies do not pay you anything if you live till your maturity date. There are some ‘money back’ term policies that will just return the premiums you paid.

3. What is the best age to get life insurance?

Sooner the better. Life insurance is an inevitable investment. When you get it earlier, you are benefitted from lower premiums.

4. How to find the nearest branch of the ICICI Pru Life office in Coimbatore?

You can log in to the website of ICICI Pru Life and go to the ‘Contact Us’ tab. There you can find all the branches under the ‘Our Network’ page.

5. How is the premium on my life insurance policy calculated?

Your life insurance policy premium is mainly determined based on the sum assured on the policy. It also takes into account your age, health history, premium payment term and gender.

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