HOW SECURE IS IT TO BUY LIFE INSURANCE?

A life insurance policy in today’s time is an absolute must. Today, the world has come to a standstill because of the global pandemic – COVID-19. People had plans for 2020 and no one saw this coming. Yet, today, millions have succumbed to the novel threat and almost everyone is asked to stay under a lockdown. These are the times that make us realize how important is a life insurance policy. After all, our and our loved ones’ life is precious, right? And god forbid, if something happens to you, then you need to make sure that your family is protected. That’s why it is crucial to invest in a life insurance policy.  

Life insurance policies aren’t cheap. They come at a premium and it is natural for one to question – how secure is it buy life insurance. If you too have this question, then this the right article for you.  
Let’s look at how secure it is to buy a life insurance policy:  

1.    Regulated by the government: Around 1999, IRDAI (Insurance Regulatory and Development Authority of India) came into existence and since then, they have been monitoring all the insurance companies. They are an autonomous authority who safeguard consumers’ interest and ensure that the life insurance term plan companies don’t cheat their customers. In case, a person has any trouble with their insurance provider then they can reach out to the IRDAI Ombudsman. He will intervene and provide a resolution.  

2.    Background check: Before you buy a life insurance policy from any of the insurance companies, you must make sure to check their backgrounds. There are several parameters such as claim settlement ratio, high solvency ratio, and more, that determine whether your insurance company is trustworthy or not. Only after you run these checks, you must buy life insurance from that company.  

3.    Compare premiums: While you want to buy a secured life insurance policy, you don’t want to burn a hole in your pocket, isn’t it? Therefore, it is important to compare policy offerings and premium amounts. When you compare, you will find the best policy that suits all your requirements and does not cost a lot. 

4.    Different types of life insurance policies: If you don’t understand the different types of insurance plans, then you might be disappointed after purchasing the policy and believe that buying life insurance is not safe. Therefore, before you make a final decision, you must know about the different types of insurance plans that exist in the market today. Some of them include life insurance term plan, child plan, unit-linked insurance plan, endowment life insurance policy, retirement life insurance, and so on.  

These were some points on how safe are life insurance plans and how you can be extra safe while buying life insurance. Want to buy a life insurance policy during the Lockdown? With just a few taps, you can buy life insurance from the comfort of your homes. To know more, click here. 

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