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Life Insurance

The phrase life insurance in itself stands for safety and confidence. It gives you the peace of mind that even if things go wrong, your loved ones will be financially secure. You have the assurance that tomorrow if something happens to you, your family will not have to compromise on their dreams because of a financial crisis.

Planning to offer your loved ones the cover of a life insurance policy? You’re at the right place. At Jio Insurance Broking, we’ve transformed the process of buying life insurance into a hassle-free journey. Read on as we guide you through life insurance, its importance, types and how you can choose the right policy.

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All About Life Insurance

Life insurance is a contract between an insured individual and an insurance company. The insured pays a particular premium to the insurance company in exchange of which the insurance company guarantees compensation. In case the insured individual passes away, the insurance company pays compensation to the appointed nominee.

Apart from securing your family, life insurance can also play a key role in achieving your financial goals. Along with tax benefits, they can offer you a financial cushion during the policy period or a maturity benefit when your policy comes to an end.

Before we get into the benefits of a life insurance policy, let us explore the most popular kinds of life insurance policies that you can opt for in India.

Details

Term insurance is not just the simplest form of life insurance but also the cheapest. A term plan is purchased for a specific period of time. If the insured passes away during this term, the nominee receives the sum assured, also called the death benefit. If the insured survives this term, the policy comes to an end, and nothing is payable

Bonus Insight: If you want a survival benefit, you can opt for TROP. Here, if the insured survives, the premiums paid so far can be paid back.

Did You Know? With Jio Insurance Broking, you can get a discount of up to 20% when you buy term insurance.

Choosing the Right Life Insurance Policy

With so many options available, it may be confusing to pick one. While there is typically no restriction on how many life insurance policies you can have in your name, having one policy that suits your financial goals can be enough. Here are a few factors you should consider when choosing the right type of life insurance:
1

Point 1

Understand the different types of policies that are available. Knowing what type of policy offers what type of benefits can help you draw a comparison and choose what would suit you.

2

Point 2

Next, chalk out your financial goals. Someone who is looking at protection may find a term plan to be a better fit. Someone who wishes to invest for a longer tenure and also wants coverage may opt for a ULIP.

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Point 3

Once you have aligned your goals, you need to calculate the coverage that you think would be adequate. Along with your assets and liabilities, make sure you factor in your family’s everyday expenses, your child’s aspirations, medical expenses, etc.

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Point 4

Along with the right coverage, selecting the correct policy term is also important. You need to estimate how long your family will be financially dependent on you

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Point 5

Another important aspect to consider is your budget. While you would want to choose a higher coverage, remember that a higher payout means a higher premium, so choose a policy that suits your budget.

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Point 6

Buying a life insurance is indeed an important decision that you will make. However, what is equally important is to keep evaluating your life insurance needs. Marriage, childbirth, etc, are some stages in life that make reviewing the coverage essential.

In Conclusion

Having a life insurance policy is an easy and assured way to safeguard your and your family’s financial future. Most plans offer flexibility and can be tailor-made to your requirements. Here’s hoping that you understand the various elements of life insurance and can choose a policy that best suits your financial goals.

Frequently asked questions (FAQs)

Life insurance is a contract between an insurer and an insured. In case of death of the insured individual, while the policy is active, a lump sum death benefit is paid to the appointed nominee.

Everyone who has a family to support financially should have life insurance. If you are a parent, a spouse, or an entrepreneur or have family members who are dependent on you, life insurance becomes an essential step.

The premium that you pay towards the policy can get you an exemption of up to ₹1.5 lakhs under Section 80C of the Income Tax Act. The death benefit and the maturity benefit also offer tax benefits.

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Jio Insurance Broking Ltd

Jio Insurance Broking Limited
IRDAI License No: 347,
Direct Broker (Life & General),
Valid upto: 11/03/2028
(Renewable)

Get Insured
Email Id
customer.care@jioinsure.in
CIN

U67200MH2006PLC165651

Registered office address

1st Floor, Building - 4NA, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051

Discount is offered by the insurance company as approved by IRDAI for the product under file & use guidelines.

Insurance is a subject matter of the solicitation. For more details on policy terms, conditions, exclusions, limitations, please refer/read policy brochure carefully before concluding sale.

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