Planning to buy Life Insurance: Choose your Life Insurance Agent/Advisor properly

January 15th, 2010

So, you have decided to buy an insurance policy? Congratulations – It is definitely a step in the right direction. The next few tasks now involve choosing the right insurance agent and the right insurance policy for yourself.

I’ll cover some tips to consider while choosing your Life Insurance Agent.

Check on the educational background of the person
An insurance agents job is not only to come over to your doorstep, collect the necessary documents and get the policy made. In today’s challenging economic environment, a good insurance agent should be educated enough to advise and consult you on your insurance requirements. Hence, educational background is a must. Many uneducated people are getting involved in the business thinking it is a sales job not realising that it is much more than that. A sound financial advise on a matter as crucial as insurance could be of great help to the client in his overall financial planning.

Check if the agent actually knows about the product
Ask your agent to explain you the features of the life insurance policy in detail. Ask questions and see if you are getting logical answers in return. If the life insurance agent himself does not know about the insurance policy, chances are pretty high that he may not be able to advise you on what is the right choice for you.

Understand the different types of insurance policies available
An insurance company provides several types of insurance instruments to support the needs and requirements of different individuals with different profiles and risk exposure. Your life insurance agent should be able to advise you at a high level about the various instruments available and then drill down to the one which is most suitable for your needs.

To Be Continued …

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Buying Life Insurance: Top Reasons

December 27th, 2009

Insurance is a product designed to protect an individual and the family from unforeseen disasters and financial burden. Out of the variety of insurance covers available, the most important one is indeed – life insurance. Life Insurance provides for the financial upkeep of the dependants after an individual’s death.
Everyone has certain financial commitments that they need to meet throughout their life. Also, everyone does contribute in some way or the other to the family income. One needs to provide similar attention to help the family meet daily expenses, protect dependant parents/spouse, or secure the future of children or spouse in case of any eventuality.

In todays economic environment financial obligations could include home loans, personal loans, unsettled medical bills, business commitments, college expenses of children, funding child’s higher education, planning for child’s marriage and so on.

So a valid question to ask would be how much insurance does a person actually need? Requirements for life insurance would vary depending on an individual’s lifestyle, financial commitments, debts, sources of other income and number of dependants? At InsureFuture.in, we act as insurance advisors and knowledgeable life insurance agents to our clients and recommend them an appropriate insurance cover. Insurance provides peace of mind to an individual and prepares them for the unpredictable and the uncertain.

Insurance is a vital instrument in the financial planning and security of an individual. Below are some reasons for buying life insurance:

1. A valid insurance policy is a financial asset which can be used as a collateral for loans (personal loan, home loan or business loan).

2. The cash value and the death benefits of an insurance policy are exempt from creditors in case an individual goes bankrupt.

3. Life insurance can be planned such that it will provide a cover even after the premium paying term is over (whole life insurance).

4. Provides tax free cash which can be utilized by dependents to tide over business and personal expenses of the insured.

5. Life Insurance can contribute towards maintaining a family’s life style when one contributing partner suddenly dies.

6. Some life insurance policies come with riders such as coverage for critical illness, premium waiver benefit or term insurance for the children or spouse.

7. Life insurance correctly planned on premature death would provide funds to deal with debts, laons and living expenses of dependents. It offers protection to the family one leaves behind and serves as a cash resource.

8. Insurance protects business from financial loss and liabilities in case a business partner dies.

9. Life insurance usually have a savings or pension/annuity component that provides for after retirement.

10. Term life insurance protects an individuals assets and safeguards family interests in case of financial liabilities.

11. Last but not the least buying life insurance can also accrue tax benefits for an individual. Under Section 88(C) of the Indian Income Tax Act, premium paid on a life insurance policy is eligible for tax rebate. Also, the beneficiary may be different from the premium paying person. For instance, you can pay the life insurance premium for the policy of your spouse and still claim the tax benefit.

Call +91-80885-66788 (M) or 99000-95096(M) for more information about Life Insurance in Bangalore or visit our website: http://www.insurefuture.in

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LIC Jeevan Anand (Jindangi ke saath bhee, Jindadi ke baad bhee) Plan No- 149

December 27th, 2009

LIC Jeevan Anand (Zindangi ke saath bhee, Zindadi ke baad bhee) Plan No- 149

Features
LIC’s Jeevan Anand is a with profit insurance plan. The plan is a combination of Whole Life insurance and endowment Plan. Jeevan Anand Policy provides pre-decided Sum Assured and bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death without paying any additional premiums.

Special Features:
• Moderate Premiums
• High bonus
• High liquidity
• Savings oriented.

Jeevan Anand Plan Premiums are usually payable for the selected term of years or until death if it occurs during the term period. This policy not only makes provisions for the family of the life assured in the event of his early death but also assures a lump sum if the life assured survives till the end of premium paying term. The high lump sum available on maturity can be used for children’s education, marriage, medical emergencies or in any other way considered suitable at that time by the life assured. The lump sum money can also be reinvested to provide an annuity/pension.

Survival Benefits:
Sum Assured + Bonus + Final Additional Bonus (if applicable) payable at the end of the premium paying term (Endowment term).

Accident Benefit:
Double Accident benefit is available during the premium paying term and thereafter up to the age of 70 years. The premium for this has been built into the tabular premium rates and no additional premium needs to be paid for the same. Maximum accident cover available under this plan is Rs. 5 lakhs (this limit excludes accident benefit taken under other plans).

Death Benefits:
Sum Assured along with vested bonuses are payable on death during the premium paying term and when policy ceases. An amount equal to the Sum Assured is payable if death occurs after the premium paying term.

Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with final additional bonus, if any. No Bonus is paid on death after the premium paying term (only the Sum assured is paid after premium paying term).

An investment in “Jeevan Anand” is highly recommended by us to all individuals looking to invest in insurance.

Contact us for free quotes and detailed plan presentations on LIC’s Jeevan Anand Endowment + Whole Life Insurance Policy. Our authorised agent/Insurance Advisor/Insurance agent will Contact you within 24 hrs.

Call +91-80885-66788 (M) or 99000-95096(M) for more information or visit our website: http://www.insurefuture.in

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We are on listorious

December 27th, 2009

Check out the Life Insurance Bangalore Twitter list we have added to Listorious http://bit.ly/4FkLIM

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LIC Market Plus-I (Table 191)

December 27th, 2009

Market plus is a unit linked deferred pension plan from life insurance corporation (LIC) available with or without risk cover. You can choose to pay either single premium or regular annual premiums. Being a unit linked plan your premium will be applied to purchase units as per the fund type you choose from bond fund, secured fund, balanced fund, and growth fund and also to buy insurance (if you opt for the risk cover).

You may choose to invest in any of these funds depending on your risk profile.

Bond funds invest 100% in the debt market.
Secured funds invest upto 85% in the debt market and a maximum of 35% in equities.
Balanced funds invest upto 50% in debt and upto 50% in equities.
Growth fund invests upto 40% in debt and upto 80% in equities.

You can also enjoy tax benefits under section 80C of the income tax act.

Benefit on vesting – The fund value of the units held in your account will be utilized to provide a pension. An individual may opt to commute upto one third of the payable benefit in a lump sum. In other words you can withdraw upto one third of the total corpus tax-free. And the balance amount will be used to pay the pension to the policy holder.

LIC has projected very moderate and achievable returns of 17% compounded annual growth rate (CAGR). Based on these calculations, an amount of Rs. 50,000 can grow to a value of approximately Rs. 9 lacs.

The best part is that the money can be withdrawn either before vesting as a lump sum or can be taken as monthly pension.

Please call +91-80885-66788 (M) or 99000-95096(M) for more information or visit our website: http://www.insurefuture.in

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Why do I need Life Insurance?

December 26th, 2009

Insurance is the most overlooked subject in India. Unfortunately, people think of insurance only as a tax saving instrument. Based on my intereactions with people across Bangalore I can safely conclude that most people feel that the worst can never happen to them and they should not block or waste their money in insurance. I wonder if people know the exact date and time when they are not going to be around. How much ever we may want that to be the case but God and nature have their own ways. None of us can predict that “End-of-life”.

Fortunately, what we can predict with ease though is the condition / state-of-affairs of the people who will be left when we are not around. It is a nasty thing to think about – I agree. But trust me, it is a subject which needs to be thought about. A smart individual and investor is a person who can safeguard the interests of his family both when he is around and when he is not.

Why do I need Life Insurance or any insurance for that matter is a lengthy subject to be discussed with multiple dimensions attached to it. So, I’ll try to cover this aspect over several of my posts.

Insurance is the most overlooked subject in India. Unfortunately, people think of insurance only as a tax saving instrument. Based on my intereactions with people across Bangalore I can safely conclude that most people feel that the worst can never happen to them and they should not block or waste their money in insurance. I wonder if people know the exact date and time when they are not going to be around. How much ever we may want that to be the case but God and nature have their own ways. None of us can predict that “End-of-life”.

Please call +91-80885-66788 (M) or 99000-95096(M) for more information or visit our website: http://www.insurefuture.in

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What is life insurance?

December 26th, 2009

An individual’s life is subject to risks – risks of death and disability. These risks could be because of natural or accidental causes. Loss of an individual’s life or any form of disablement more often than not results in a loss of income to the household. The family is put to hardship. Sometimes, survival itself is at stake for the dependants. Risks are unpredictable and so is death/disability. Unpleasant events may occur when one expects them the least. An obvious question at this point in time is – how do I protect myself ? And an obvious answer would be start thinking of your actual worth and protect yourself against any such contingencies through life insurance.

Though human life cannot be valued, a monetary sum could be determined which is based on current income, current lifestyle and income required to maintain a similar lifestyle in future years. Life insurance products provide a definite amount of money to the dependants of the insured in case the life insured dies during his active income earning period or becomes disabled on account of an accident causing reduction/complete loss in his income earnings. On a brighter side, life insurance can be a good way of getting guaranteed returns and pension when an individual’s prime earning years have passed.

Please call +91-80885-66788 (M) or 99000-95096(M) for more information or visit our website: http://www.insurefuture.in

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