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Insurance Plans Best Suited For You
Mumbai is the financial capital of the country. It is home to big conglomerates in India and has the highest number of millionaires and billionaires in India. Apart from being a corporate and an industrial hub, the city is also known for its rich culture and has many heritage sites. The city was originally known as Bombay but was renamed Mumbai in the year 1995 after Devi ‘Mumba’ the patron Goddess of the Koli Community.
The city is prominent as a financial, commercial and entertainment capital of the country attracting lakhs of migrants every year. Mumbai was originally a cluster of seven islands that have come together to form the city that is today that is often considered to be the backbone of the Indian economy.
The life insurance industry in Mumbai is one of the major industries in India. There are multiple customers of the Life insurance industry in the city. There are many private and public insurers in the city that provide many types of life insurance products catering to the specific needs of the insurers. There are many factors that make life insurance a very essential investment for every person.
Given below are the details relating to the life insurance in Mumbai and the need for the same.
Life insurance is the most popular type of insurance and is often considered to be the only form of insurance by the less informed people. This insurance provides a safety cover for the people in their old age or their family in the time of their untimely demise. Life insurance can be used as a tool to build a corpus fund to meet the financial goals of the family.
Some of the most common types of life insurance available in Mumbai are,
There are multiple benefits of getting a life insurance policy. Some of such benefits are highlighted below.
This is the greatest incentive to get a life cover for many individuals. Policyholders can claim the amount of premium paid for life insurance as a tax deduction from their gross total income. The available tax deduction for premium on life insurance is up to Rs.1,50,000 under section 80C of the Income Tax Act, 1961.
Coverage for self and family members
A life insurance policy can be used to provide coverage for self and family members. This coverage can be for a limited period of time or for their lifetime depending on the type of policy. Therefore, customers should check the number of people that can be insured in a single policy before opting for the same.
Option to avail loan
Many lenders allow the life insurance policy to be sued as collateral for loans. The amount of the loan depends on the lender’s policy. Usually, the amount to be sanctioned is from 70% to 90% of the policy value depending on the lender’s policies in this regard.
Frequency to pay the premium
Premium is the amount to be paid to keep the policy active. It can be paid either annually or monthly, quarterly, semi-annually as the case may be. The premium amount to be paid for every policy depends on various factors like the age of the applicant, location, medical condition, etc. The frequency to make premium payments is decided as per the agreement between the insurer and the policyholder.
Getting returns through ULIP plans
ULIPs are Unit Linked Insurance Plans that can offer the benefits of insurance and mutual fund investments. These plans have a minimum lock-in period of 3 to 5 years. Policyholders can earn market returns and get insurance cover too.
1. What are the factors affecting premium payment?
A. The factors affecting premium are,
2. What are the important factors to be considered before getting life insurance?
A. Some of the important factors to be considered before getting life insurance are,
3. What is the lock-in period for ULIPs?
A. The minimum lock-in period for ULIPs is 3 to 5 years depending on the insurer.
4. What are some popular types of insurance available to people of Mumbai?
A. The other types of insurances that can be bought by people of Mumbai are medical insurance, health insurance, fire insurance, theft insurance, home insurance, general insurance, etc.
5. Who can buy life insurance in India?
A. Life insurance in India can be bought by any resident Indian for themselves or their family members.