Overview Life Insurance in Ahmedabad
Ahmedabad, the largest city in the state of Gujarat is a major economic and industrial hub of India. Ahmedabad situated on the banks of Sabarmati river is a famous tourist attraction. The city is famous worldwide for its cotton textiles, variety of mouth-watering snacks, diamond cutting business and the like. It is also the home of the globally acclaimed Indian Institute of Management (IIM).
The hustle bustle of the city has led its people to lead a very hectic lifestyle. The ongoing Covid-19 pandemic has also put stress on its huge healthcare system. People of Ahmedabad are realizing the importance of having a good life insurance coverage as part of their life insurance plan.
Being an urban city, various insurance providers like are Reliance Life Insurance, Aviva Life Insurance, Bajaj Allianz Life Insurance, LIC of India, HDFC Standard Life, ICICI Prudential Life Insurance are some of the prominent insurance companies operating in the city. Such providers offer attractive insurance terms and premium, based on various factors relating to the insured. Now, it is easy for the insured to calculate their premium based on online life insurance premium calculators available.
Additional Reading: How is Life Insurance Premium Calculated?
Ahmedabad is an industrial hub, so the city is always bustling with activity. The people of Ahmedabad are from all walks of life, be it the migrant workers or the urban rich, as the city has various opportunities to offer for all. This has led to people flocking to Ahmedabad for the purpose of study or employment. With the increasing population, comes the hassles of maintaining life and health.
Additional Reading: What type of life insurance should I buy?
The ongoing Covid-19 crisis has also put a stress on the healthcare system in the city. This has made the people of Ahmedabad to reconsider their existing life insurance plans to plan for the uncertain conditions. They now want to go for a comprehensive life insurance policy which will provide them and their family members various financial support in the event of their untimely demise.
At such uncertain times, if the policy holder does not have a proper life insurance plan then their family tends to suffer major emotional and financial hurdles. Going in for a good life insurance plan thus ensures adequate financial coverage which helps the family of the insured in the event of their untimely demise. Now, it is easier to purchase a life insurance policy with even online modes available.
Additional Reading: How to apply for a life insurance policy?
What are Key Features of Life Insurance provided in Ahmedabad?
Key Features of Life Insurance Plans available in Ahmedabad are
Flexible death benefit
Under flexible death benefit, cash advances against the death benefit of a life insurance policy are received if the insured has been diagnosed with a terminal illness. Such a benefit helps people to pay for the expensive treatments and avail the best medical treatment.
Guaranteed Insurability Rider
This rider enables the purchase of added insurance during the specified period without the necessity of again undergoing medical examination. This helps the insured to avail the extra benefit to tide over expenses like marriage, extra medical costs and so on. Such a rider could also give the benefit of renewal of base policy after tenure ends without medical check-ups. Such a rider might also get ended after attaining a certain age.
Long-term care riders
Some life insurance policies offer this rider. Under such a rider, the insured can pay for long-term care in exchange for a reduced life benefit.
Family income riders
In case an insured dies, an additional benefit may be provided to the beneficiary with an amount of money equal to the policyholder’s monthly income. This option is beneficial for getting additional coverage if cannot purchase separate life insurance policies.
Premium Waiver
Waiver of premium helps in case a person is seriously ill or disabled.
Aids Savings
Insurance policies aid savings, which protect against risks and uncertainty and help investment opportunities.
Act as Collateral
In case of uncertain events like illness or death, your life insurance policy will act as collateral if you or your family members want to avail of any loan. This will give your family freedom from mortgage payment pressure.
Cash withdrawals and loans
A life insurance policyholder can withdraw a certain amount of cash from a life insurance policy at a low rate of interest. If you do not want to pay the premium, then the same can be paid by using the cash value of your insurance policy. One should always pay back the loan, otherwise reduced benefit available.
Survivor support services
Survivor support policies are provided by some life insurance plans for providing financial and legal assistance to the beneficiaries in the case of the death of the policyholder.
Employee assistance programs
Some plans offer employee assistance programs by making resources available for issues impacting their personal and professional life.
Single or Multiple Beneficiaries
An individual or more people can be covered under a single life insurance policy at one time.
Mode of Application
Policies can be purchased through both offline and online modes, making the whole application process seamless.
Mode of Payment
The mode of payment can be in a lump sum or as regular instalments. Premiums on the life insurance policies can be done via cheque, NEFT or ECS.
Consider Additional Reading: What are the features of Life Insurance?
Conclusion
Ahmedabad is host to various life insurance providers who offer attractive insurance policies to the residents of the city. Understanding the various benefits of a life insurance policy would help the potential customer to evaluate how a specific life insurance plan will help their family in case of their untimely death or to meet their financial needs.
Life Insurance in Ahmedabad FAQs
1. What is a Life Insurance Rider?
Life insurance rider indicates an additional benefit that is provided to the insured over the original life insurance policy purchased. Such riders provide more options for the insured and are done by upgrading their current insurance policy.
2. What are the different types of life insurance policies available in Ahmedabad?
Term Insurance, endowment plans, child plans, ULIP, retirement plans, savings, money-back and whole life insurance are key insurance types available for the people of Ahmedabad.
3. Can I purchase insurance for senior citizens above 80 years?
Yes, it is possible to get insurance policies even for senior citizens above 80 years. However, the amount of life insurance that can be availed at this age will depend on their health condition.
4. What maturity amount can I get on my Term insurance plan?
A term insurance plan does not give an amount on the maturity of such a term plan. The only benefit derived under such a plan is available only to family members.
5. Does my premium amount change during the tenure of my life insurance policy?
The premium amount does not change over the tenure of the life insurance policy, once purchased.