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COMPARISION OF TERM LIFE INSURANCE POLICIES & PLANS
What is the significance and necessity of making Term Plans, Term Insurance Plans or Term Life Insurance Plans for self as Bread Earner of the Family? Due to sudden death of the 'Bread Earner' or 'Head of the Family'. the dependent family members life would be shattered not only emotionally, but also financially to a greater unimaginable extent. LIC Term Plan , the Term Life Insurance Policy & Plan compensates the financial loss, that arises due to this sudden death of the bread earner or head of the family. Term Life Insurance Policy compensates the lost Monthly Income for years and makes sure that regular expenditure is taken care in the absence of the Bread Earner or Head of the Family due to this sudden, unforeseen Natural Death, Accidental Death.
LIC Term Plan | LIC Term Insurance Plan |Term LIfe Insurance Plan
In Term Plans, Term Insurance Plans, LIC Term Life Insurance Plan is the Best. Every Family depends on the income brought in at regular intervals of time by the 'Bread Earner' or 'Head of the Family' for their needs and requirements. The family members depend on the income of the Bread Winner for its basic needs like food, clothes, and shelter, apart from other needs like standard and status of living. As long as the Bread Winner of the family is alive and earning regularly, there is no problem for the dependent family members for their daily survival, and the family feels safe and secure. But should death suddenly intervene on the head of the family, the family members may be left in very difficult situation and some times in stark poverty. Uncertainty of death is inherent in human life. it is this uncertainty, that is risk, which gives rise to the necessity for some form of protection against the financial loss arising from this sudden and unforeseen death. Term Life Insurance Policy, planning substitutes this uncertainty by certainty.
Why should you take, Buy or Purchase Term Life Insurance Policy? Answer the following questions sincerely and truthfully.
- Do You have a Guaranteed Provision and Contingency Fund for "Replacement of Monthly Income" at least to take care of the family members for the next 20 years, in your absence due to a unforeseen sudden death?
- Do You have a Guaranteed Provision and Contingency Fund for "Continuity & Growth of Business" in Your absence to your beloved Family Members?
- Do you have any relatives or friends, Who can take care of your responsibility of providing monthly expenses to your family members regularly in your absence at least for the next twenty years?
- Do You have at least 20 years of your present yearly income as savings in your Bank account, which could take care of your family members in your absence?
If your answer is negative to the above questions, then you have a need to take, buy, or Purchase Term Life Insurance Plan and Policy to make a financial provision for the sake of your dependent family members. Don't delay. Purchase Term Insurance Policy or make a provision for 'Guaranteed Income Replacement' or 'Re-Fill of Lost Income' to your beloved family members. Our expert 'LIC's Big NK Life Team of Agents' will analyze your needs with proper assessment of your financials and guide you in the selection of Term Insurance Plan.
LIC Term Insurance known for its Best Claim Settlement is available with Professional guidance. Compare and Buy LIC Term Life Insurance Plan in Hyderabad. Are you looking for the best Term Life Insurance Plan? Then Buy, the Best LIC Term Insurance Plan 2017, the only Term Plan available in India, that is most Cost Effective and Claim Effective. Yes it is LIC Term Life Insurance Policy . These LIC Term Plans are directly available from the authorized LIC Agents with professional guidance and service to prospective customers.
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WHAT IS TERM INSURANCE PLAN
WHY SHOULD YOU TAKE TERM LIFE INSURANCE POLICY
BEST LIC POLICY TERM INSURANCE PLAN - LIC term LIFE insurance PLAN
For Term Plans, and Term Insurance Plans, Why You should consider LIC Term Life Insurance Plan? Before you make the final decision to Buy Purchase the Term Life Insurance Policy & Plan, you should consider the following points in detail.
- LOW PREMIUM should never be the reason for choosing a Term Insurance Plan. Often the cheap premium results in very poor service at the time of completion and at a later stage after completion of the policy. Think! When it comes to critical things in life, What would you choose? Cheapest or the Best? Think again! When it comes to life insurance family care & protection, which gives the financial safety & security to the dependent family members in your absence, What would you choose? The cheapest or the best Claim efficient & effective policy?. Choosing a cheaper or cheapest term online plan is almost equals to purchasing a 'spurious unbranded brake set' to your CAR. A difference of few hundred rupees over the purchase of 'Brake Set' would compromise your life in the event of an accident.
- 'CLAIM SETTLEMENT RATIO' is another aspect which should be consider before making a final decision to purchase a Term Life Insurance Policy and Plan. The Claim Settlement Ration of LIC of India is having excellent Star rating over other lifer insurers. The Claim Settlement Ration is not transparent in a cheap Online Term Plans of other life insurers. These cheap term insurance plans are completed with out much verification and proper scrutiny at introduction stage. Many early claims will go through high scrutiny and end up in repudiation due to undisclosed and misrepresented information in proposal forms. Even the small details that were missed out at the time of filing the online application form by the proposer leads to cancellation of claim proceeds. The interest shown at the sales stage do not gets reflected at the Claim Settlement Stage. Often, the renewal premium jumps exorbitantly, in case of revival of a lapsed policy and the help and support that you would get in completing the forms and formalities is almost NIL and tiresome.
- REPUTATION OF THE COMPANY from which you buy the Term Insurance Plan is also equally important. You take Term Life Insurance for a long duration. Particularly, a term life insurance policy is taken for 20-35 years. The financial security of your family lies with the insurance company. In this scenario, the insurance company should be reliable and reputed. Definitely LIC scores on this front. LIC has the backup of the government of India. It has been in the country for more than 60 years. The LIC of India is a household name and No 1, life insurance company and most trusted and service brand in India. LIC of India is in existence for over 60 years of service and trust and is continuously enjoying the faith and confidence of 30 Crore policy holders across the nooks and corners of India.
- FINANCIAL STRENGTH of the Company also plays an equal and important role in selection of a life insurance company for Term Life Insurance Policy and Plan. What if due to any reasons the insurance claimants increase drastically? What if the investment of insurance companies under-performs heavily? In these scenarios insurance companies may not meet its total liability. To avert such crisis, insurers have to keep some extra capital. This extra capital is called solvency. The solvency should be in the proportion of the total liability. LIC of India has huge assets and LIFE FUND to meet any such Claims. LIC of India is financially sound than any other life insurance company in India. LIC of India has huge assets, and life fund and therefore better prepared for any exigencies. Indeed, you should take care of this factor into consideration as some companies are vulnerable and some have quit life insurance operations in India as joint ventures.
How to select a Term Life Insurance Plan? How much Term Insurance Plan of LIC Term Plan, Do you require?. The amount of Term Life Insurance Policy you need depends upon depends on your
- 1. Present Income.
- 2. Your Needs & Expenses.
- 3. Loans such as Housing, Car, or Business Loans that you may have at present or in future.
It's very evident from the above that you require income replacement or Income Refill as the amount of Term Life Insurance. In whole life, you are not going to spend beyond your total earned income. You will adjust all your needs according to the earned income. So your term insurance cover should be able to replace your future income. Generally it is about 20 times of your present yearly income and depends on various other factors. Call our expert 'LIC's Big NK Life Team of Agents' for guidance, assessment and for suitable Term life insurance planning.