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Insurance Plans Best Suited For You
The city of Faridabad comes under the Delhi NCR region group. It is relatively less popular as compared to other cities such as Delhi, Gurgaon, Noida which are located in the NCR. However, despite being a small city, it boasts of a metro facility and fast infrastructural development. Today, it makes for a good place to live in among the various urban residential areas of India.
With urbanization comes various risks, one among which is the risk to life. Therefore, buying a life insurance policy is an important financial decision. However, only 10% of Indians today are known to be insured.
So, why is life insurance important in cities like Faridabad? The answer is that no matter how much you earn, the future is often unpredictable. People tend to meet untimely death due to some illnesses or accidents and for sole breadwinners of families, it could have devastating consequences. From meeting household expenses to repaying debts and even maintaining a certain standard of living becomes difficult.
Therefore, the least one can do is to secure one’s family financially by buying a life insurance policy. There are many benefits of life insurance during one’s lifetime, especially if an individual is relatively young. Here, we will try to understand the concept of life insurance along with factors like its importance, life insurance providers in Faridabad, etc.
Life insurance provides financial protection to the family of the life insured in case he/she meets an untimely death or a permanent disability. With a life insurance cover, one can have an assurance that the insurance provider will look after the financial well-being of the family members in case the breadwinner of the family is not around. The financial support mainly comes from the sum assured paid to the nominee or the beneficiary.
Life insurance can also provide for other contingencies such as critical illness and permanent or partial disability. A life insurance policy provides for three main life goals:
Apart from the standard coverage that could vary from plan to plan, residents of Faridabad can choose to enhance their protection by using riders. These can include accidental death benefit rider, total or permanent disability rider, etc. Additional benefits can be availed by paying an extra premium. Here are some of the common rider options available:
Some of the common eligibility criteria for life insurance plans are:
Premium Payment Option
Regular, limited and single premium
Rs. 3 Lakhs – Rs. 100 Crores
While purchasing a life insurance policy, one should thoroughly understand individual needs while analysing the personal financial situation and also appropriately select a beneficiary. Here are some of the other critical points on how a life insurance plan works:
If the insurance claim gets approved, the beneficiary receives the sum assured. The claim may be rejected in case of non-payment of premium, reason of death not covered in the policy, etc.
Some of the benefits to be availed from life insurance covers in Faridabad are:
There are many insurance companies available in Faridabad. Some of the top insurance providers are listed here:
1. What are the documents required to buy a life insurance policy in Faridabad?
Some of the commonly required documents for buying a life insurance policy in Faridabad include income proof, address proof, and identity proof.
2. How can one increase the benefits offered by an insurance policy?
One can increase the benefits offered by a life insurance policy by availing riders such as accidental death benefit rider, accidental disability benefit rider, critical illness rider, income benefit rider, etc.
3. Do life insurance policies return the premium paid in case the policyholder survives the plan?
Pure life insurance plans do not pay back premiums paid in case of a policyholder’s death. For such benefits, one should avail of term plans with return of premium, whole life plans, etc.
4. Does the family of the deceased get any claim amount in case the policyholder commits suicide?
Depending on specific terms and conditions of a policy, death by suicide may or may not be covered under the plan. An individual should carefully check the terms of the plan before enrolling for one.
5. If I cancel my life insurance policy now, will I get the premium amount back?
Only if an individual cancels the life insurance policy within the policy grace period, he/she can get the premium back depending on the policy terms and conditions.
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