|Life insurance Kaise Karwaye; Insurance Kese Karwaye; How to Life Insurance|
Life insurance Kaise Karwaye
Most people qualify for life insurance. In general, it is easier for a young person in good health to obtain life insurance at an affordable rate. But since there are so many types of life insurance policies, you can probably qualify for life insurance no matter what stage of life you’re in.
To get life insurance you can afford, you must understand how life insurance companies process your application. Life insurance companies use a process called underwriting to determine your risk of dying. Each company has different ways of assessing your risk; Some are more involved than others. Most companies ask you to complete certain steps to determine if you qualify for their life insurance policies.
Step 1: Fill out an application form
What life insurance companies ask on the application:
- health history
- family health history
- lifestyle habits
- Annual Income
It is very important to answer these questions honestly because the company can cancel your policy and keep any premiums you paid if they find out that you lied on your life insurance application.
Step 2: Undergo a physical test (for some policies)
Some life insurance companies only ask health-related questions on their applications. But others may require you to undergo a medical test to evaluate your overall health. What a medical test may include:
- Review your medical history and family medical history.
- Review your habits (e.g. smoking, drinking, exercise, diet).
- Check your height, weight and blood pressure.
- Take a blood sample.
- Take a urine sample.
- Perform additional testing (such as EKG, treadmill test, chest X-ray).
Step 3: Pay the premium for your desired policy
To obtain life insurance, you must select a death benefit that is equal to your potential lost income. You also need to choose a life insurance policy that you can afford, meaning the premium is one you can afford to pay on time for the term of the policy. If you try to get a death benefit that is too large compared to your risk level, you probably won’t qualify for a life insurance policy. If you select a premium that you cannot afford and then stop paying premiums for the policy, your policy will be cancelled.
What if you don’t qualify?
Things that may make it more difficult for you to get life insurance include:
- Pre-existing diseases (such as cancer or heart disease)
- heart attack
- high-risk occupation (such as military service)
- Dangerous habits (such as frequent sky diving or bungee jumping)
- Lying on your life insurance application
If you fall into one of the above categories, you may still be able to get life insurance, but you will have to pay a higher premium. And there may be a limit to how much coverage you can get. If you are a cancer survivor or have experienced other health problems in the past, you may qualify for life insurance, as long as a certain amount of time has passed and you are currently in good health.
And remember, being denied life insurance by one company doesn’t mean you won’t be eligible for life insurance from another company. Shopping is important.
Important points and tips for getting life insurance
Buying life insurance can seem complicated if you’ve never done it before. Unlike home or auto insurance, there are many types of life insurance policies. Each comes with pros and cons and different price tags.
Although some life insurance policies can be purchased online, it is more common for life insurance policies to be purchased through an agent. Even if you can initiate a quote online, you often need to speak to an agent to complete the transaction. Additionally, there are some aspects of the life insurance purchasing process, such as medical tests, that must be completed in person.
If you’re in the market for life insurance, the steps here may be helpful in purchasing the right policy for you.
1. Decide how much coverage you need
The first step in getting life insurance is to figure out how much coverage is right for you. In general, you should consider purchasing enough coverage to support your financial dependents for several years after your death, based on your current lifestyle and financial situation.
Although there are several ways to calculate a potential coverage limit, a popular method is the DIME formula, which takes into account your debts and final expenses, total income based on what you need after your death, the remaining balance on your mortgage, and Any outstanding or expected expenses for school education. You can also use an online coverage calculator to help you.
2. Choose the type of life insurance policy
There are two types of life insurance coverage: term and whole. While there are many types of permanent insurance, the ones we’ll focus on here include whole and universal. Term life insurance is generally less expensive with lower benefits, while term life insurance is generally more expensive as it offers more benefits. Here’s what these policies cover and how they work:
Term Life Insurance: Term life insurance is generally the cheapest life insurance available when you are young. It provides coverage over a specific term period, usually between 10 and 30 years. Term life insurance is used to provide financial support to your nominated beneficiaries. For example, if you die during the term, your children or spouse will receive a payout from the insurance company. Once the term expires, benefits cease, unless the policy is renewable or convertible.
Whole Life Insurance: Whole life is a type of permanent life insurance that provides lifetime protection with a fixed premium and cash value in most circumstances. If you obtain insurance from a mutual company, the policy may also be eligible for dividends depending on the company’s financial performance. With some whole life policies, policyholders are required to pay premiums until their death, and other policies require premiums only for a certain number of years.
Universal life insurance: Universal life is another type of permanent insurance. It accumulates cash value, where the money grows at the current market rate or a fixed interest rate. There are several forms of universal life insurance, including variable universal life insurance and indexed universal life insurance.
You may want to do more research to find out which option will best meet your needs.
3. Research different life insurance companies
Next, you’ll want to find some life insurance companies that appeal to you. Remember that no two companies are alike. When choosing a life insurance company, search the website and look at the policy options. The best life insurance company for you can offer a combination of competitive rates, coverage options that fit your insurance needs, and a positive customer service experience.
4. Request multiple life insurance quotes
Once you’ve selected a handful of potential providers, get quotes from each company. Most companies do not include the price of the premium on their website, so getting quotes will help you determine which provider can give you the cheapest rate. Most major life insurance companies have an online quote generator that allows you to get instant rate quotes directly from the website. If not, contact an agent.
When you request to receive a quote, you will usually be asked to provide some personal information, including your age, address and gender. Additionally, you will probably need to submit basic information about your medical history. Typically, you are asked about your lifestyle, smoking history, previous surgeries, and medications you are taking. Generally, there is no need to submit official medical records to obtain a quote. The insurance company will then use the information provided to calculate your life insurance rate.
5. Fill out the application
After choosing a provider that suits your needs, the next step is to fill out an application form. You need to include basic personal information, as well as your place of work, and PAN number.
6. Prepare for your phone verification
After application submission, the insurance company may require secondary phone verification. Verification is mostly used to confirm the information you have included in the application, but some additional questions may also be asked. For example, the interviewer will want to know more about your lifestyle and hobbies, your financial health, your income, and any other life insurance policies you have. Verification is usually quick and will be scheduled immediately after you submit your physical application.
7. Schedule a Life Insurance Medical Exam
Many life insurance companies require applicants to take a physical test before being approved for coverage. The life insurance medical exam is like a regular doctor’s appointment, but the insurance company’s medical examiner will visit your home or office to see you. They will take vitals like your height, weight, and blood pressure and draw blood. The test usually takes about 30 minutes, and you can schedule it during your phone verification.
However, not all life insurance policies require a medical examination. If you meet certain requirements, you may be approved for coverage without an in-person exam. While this may speed up the approval process, no-medical-exam policies are usually more expensive because it is riskier for the insurance company.
8. Wait for approval
When the application process is complete, your work is complete. The insurance company’s underwriters will take the information they collect from your application, phone interview, and medical exam to determine if you are eligible for coverage, and if so, what your premium should be.
If you are approved and are happy with the premium quoted, you will be sent policy documents to sign and approve.
Top 10 Life Insurance Companies in India by Claim Settlement Ratio
|लाइफ इंश्योरेंस कंपनियां||क्लेम सेटलमेंट रेश्यो||सॉल्वेंसी अनुपात|
|मैक्स लाइफ इंश्योरेंस कंपनी||99.35||2.02|
|एगॉन लाइफ इंश्योरेंस कंपनी||99.25||2.41|
|भारती एक्सा लाइफ इंश्योरेंस कंपनी||99.05||1.78|
|बजाज आलियांज लाइफ इंश्योरेंस कंपनी||99.02||6.66|
|एचडीएफसी लाइफ इंश्योरेंस कंपनी||98.66||2.01|
|एलआईसी जीवन बीमा कंपनी||98.62||1.76|
|प्रामेरिका लाइफ इंश्योरेंस कंपनी||98.61||4.42|
|एक्साइड लाइफ इंश्योरेंस कंपनी||98.54||2.24|
|कोटक महिंद्रा लाइफ इंश्योरेंस कंपनी||98.5||2.9|
|रिलायंस निप्पॉन लाइफ इंश्योरेंस कंपनी||98.49||2.45|
Top 10 Life Insurance Policies in India to Get Life Insurance
Your insurance plan is not just protection against unexpected circumstances, but also a long-term investment option that comes with assured benefits. While it is true that insurance can ensure cash flow during tough times, it is also a fact that wrongly chosen plans can prove useless in times of need. Therefore, make sure you prepare a checklist of your requirements and compare all the insurance offers provided by major insurers.
Here is a list of top 10 insurance plans offered by some of the leading insurance companies in India:
|प्लान का नाम||प्लान का प्रकार|
|आदित्य बिड़ला सन लाइफ इंश्योरेंस||टर्म|
|एसबीआई लाइफ ईशील्ड||टर्म|
|एचडीएफसी लाइफ क्लिक 2 प्रोटेक्ट प्लस||टर्म|
|फ्यूचर जेनराली केयर प्लस||ग्रामीण|
|बिड़ला सन लाइफ बीएसएलआई प्रोटेक्ट@ईज प्लान||टर्म|
|एलआईसी की जीवन प्रगति प्लान||अक्षय निधि|
|मैक्स लाइफ ऑनलाइन टर्म प्लान प्लस बेसिक लाइफ कवर||टर्म|
|भारती एक्सा लाइफ एलीट सिक्योर||टर्म|
|पीएनबी मेटलाइफ मेरा टर्म प्लान||टर्म|
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