Life Insurance
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It was raining heavily that morning. Namita tried persuading Prakhar to skip work for the day and instead help her clean up the living room, which was awash with clutter from the previous night’s birthday celebration of their (now) one-year-old daughter, Ananya. But he had a very important meeting that day, on which his promotion depended. He quickly got ready, kissed his daughter goodbye, and promised Namita that he would be back half-day from work.
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Unappealing and rather unnerving is the subject of death, isn’t it? Why talk about something so unappealing? Death and its consequences are the two subjects that the human race has always feared to talk about. But has any problem in the world ever been solved without deliberately discussing it? Of course not! Likewise, we cannot figure out potential ways of dealing with the repercussions of death unless we choose to talk about it and consequently plan for it.
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“How much life cover should I have?” is a question that we as an insurance broker are asked frequently by those seeking life insurance policies. Due to a number of factors, the required life cover of each individual may vary. In this article, we discuss these factors that will help you determine how much of the life cover you would require. Read on each factor below to figure out a rough amount of the sum assured that you should be looking for before settling for any life insurance plan.
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Traditionally, the main function of a life insurance cover has been to safeguard the family's finances in the event of the demise of the breadwinner. Today, however, insurance is not limited to covering risks; it can help in getting a loan. So, not only do you get security, life insurance also comes to your aid when you’re going through a financial emergency.
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Rahul didn’t want to be bothered about remembering when his life insurance premium payments are due, so his friend suggested that he go for the single premium route. Now, a single premium policy, as the name suggests, offers a one-time payment solution, where premium gets paid just once in the entire policy term. If Rahul buys a policy of 10 years, he would be covered for the 10 years, even though he has paid premium in the first year only. While this seemed like a good idea, Rahul’s main concern was the tax benefits he could avail – would he be able to claim the same benefits as the regular premium policies?
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“A man who dies without adequate life insurance should have to come back and see the mess he created,” says Will Rogers.
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Yash's business was running on borrowed capital. One day, while heading home, Yash met with a tragic accident when a truck crashed into his car. He passed away on the spot. Post his demise, his creditors tried really hard to go after Yash's assets. But Yash had opted for a term insurance cover under Section 6 of the Married Women's Property Act (MWPA), 1874. This helped ensure that the death benefits paid out by the insurance company only went to Yash's wife (as mentioned in the policy). None of the creditors could claim even a single rupee from it.
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Why do individuals lie about their smoking habits on the insurance application form? To benefit from lower premium rates? Or maybe to maintain eligibility for an insurance policy? But are there no ramifications of lying to the insurance company? Of course there are! In this article, we will look at why you shouldn’t lie to your insurance company about your smoking habits and what are the consequences if you do.