According to the latest life expectancy reports, India ranks 167th among all countries worldwide, just above Nepal and Pakistan. Unfortunately, that makes for some pretty grim reading. But hey, look on the bright side. At least we’re better than Pakistan at something other than cricket.
A large section of the Indian population, especially the younger working crowd, generally tend to neglect taking out a Life Insurance policy until it’s too late. After all, when you’re young and ready to take on the world, you tend not to think about sunny topics like old age and the inscription on your tombstone. However, if you are one of those pragmatic people who like to play it safe, here’s some nifty information that should answer any questions you might have about obtaining a Life Insurance policy in India.
Four things to take into consideration before buying a policy
Before you run out there and buy the first Life Insurance policy you can get your hands on, here are a few tips that can keep you from making any rash decisions.
- Buy while you’re still young – Acquiring a policy at an early age comes with a number of benefits. As creepy as it sounds, insurance providers love young people. So, the younger you are, the lower your premiums will be, and the better your chances of procuring a long-term policy at an inexpensive price.
- Look before you leap – Before you can even think of getting yourself a Life Insurance policy, it would be advisable to take stock of how well you’re placed financially. Make sure you’re stable from a monetary standpoint in order to take care of premium payments both now and in the years to come.
- Be clairvoyant – While this doesn’t exactly mean you should get out your crystal ball and pointed hat, it would certainly help to keep an eye on how things pan out in the future. Buying a Life Insurance policy with substantial coverage could keep you and your dependants suitably protected against escalating prices as time goes by.
- Do your own research – In this day and age, everything you need is at your fingertips. Use the internet to your advantage and browse through as many plans as you can. This will help you make an informed choice when you finally decide to purchase a Life Insurance policy.
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A few Life Insurance providers to consider
Deciding on the best policy for yourself and your dependants can be a confusing affair. But fret not, because we’ve put together a few insurance providers currently peddling their wares in the Indian market.
- Reliance Life Insurance – Reliance Life Insurance is one of the most popular Life Insurance providers in India and offers coverage up to Rs. 1 Crore with a maximum tenure of 35 years, making it an extremely attractive policy for the long-term.
- ICICI Prudential Life Insurance – If you’re looking for a wide range of Life Insurance products and policies then look no further than ICICI Prudential. Tenures range from 30 to 40 years with a maximum entry age of 70 years. For a lot of choices under one roof, ICICI Prudential can’t be beaten.
- HDFC Life Insurance – HDFC Life Insurance is also an extremely popular choice amongst policy buyers due to policy tenures stretching up to 40 years, with coverage of up to Rs. 1 Crore. With its extensive reach, it makes for an ideal policy for young working professionals who are constantly on the move.
There you have it. Don’t let life expectancy data scare you. Ironically, worrying about it might even take a few years off your life. However, with the right Life Insurance policy batting for you in your corner, you can probably put away those coffin brochures for a little while longer.
Additional Reading: Advantages Of Life Insurance