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The Importance Of Life Insurance In India

By Author: Amar srivastava
Total Articles: 9

One cannot deny the fact that each one of us on this Earth has to die one day. However, some people think that they are worth more alive than being dead. But, the point they missed out is the security and financial independence of their dependents once they close their eyes and depart from this world. What after that? No one wants to even think of his or her family getting starved and fighting hard to earn a living after his departure from the world. However, this security and independence can be taken care off, even during one's lifetime, with an insurance policy. Had there been no one dependent on you, there would not have probably any need of getting insured. But, man being a social animal have many people around him - wife, children and parents etc.
Whole life insurance can be defined as a permanent coverage for the insured throughout his life as long as he is able to make timely insurance premium payments. This kind of insurance policy is a good option for all those who want to benefit from level premiums besides enjoy the accumulation of cash values. With long-term security and financial independence as the defined objectives, a whole policy for life insurance in India offers guaranteed cash values to meet temporary financial needs.
Let us have a close look at various features of these polices. Under this policy, a prospective insured can get a policy with a low premium if he is young. With premiums being leveled, this is a wonderful option for all. These policies can earn dividends, however, these premiums may not be 100% guaranteed. Guaranteed cash values, offered by these policies, allow the insured to get this value in case he wants to surrender the policy. He may also borrow against the policy as long as the policy is active at the present policy loan interest rate.
People who opt for this type of policy has many reasons to go for it, such as:
• Lifetime need to get protected by insurance
• Preferred degree of safety by guarantees offered by the policy
• Build tax-deferred cash values
• No fear of premium increases
Some of the other benefits of these policies are possible qualification for tax-favored treatment, policy loans as well as withdrawals offering access to cash values, "dividend options" may be used to get hold of additional insurance coverage irrespective of present health conditions. With a minimum death benefit guaranteed and a guaranteed cash value growing at a specific minimum rate, the person availing this policy can make the best use of this policy.
However, it is highly advisable that while looking for a policy, one must make an exhaustive research before finalizing a policy. It is a well-known fact that the premiums for the same insurance cover tend to differ very widely from one insurance provider to another. A prospective insurance policy taker must figure out how much coverage he actually wants and must make good attempts to get insurance quotes from several insurance companies. One must not forget to compare life insurance plans in an order to fetch the best insurance deal.

Thus, it can be easily concluded that importance of life insurance can’t be denied and it can be taken in the right sense only if the prospective insurance policy taker can make attempts to compare life insurance plans. After all, it's your hard-earned money and the onus of spending it lies entirely with you. The best ways need to be ascertained in an order to get the best results out of them.

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