This may not be enough to maintain your family's present standard of living; if you are unsure please contact a financial adviser who will help you decide on the appropriate
level of life insurance cover for your personal circumstances.
In case of his unfortunate demise after 5 years, out of the $ 40
lacs of life insurance cover, outstanding loan balance will be paid to the lending financial institution and remaining amount of the life cover will be paid to the nominee
However, the user can change the
proportion of life insurance cover between two components as per his / her requirements at the time of buying the product with both the components not being less than Rs. 10 lacs each.
2) Right amount of life insurance: Before applying for life insurance, you should evaluate / assess the right
amount of life insurance cover (ideally 10 - 12 times your annual income) and support it with adequate income proof or premium paying capacity.
If you are looking for a financial product that provides dual
benefit of life insurance cover & investment returns under one umbrella, then look no further than a Unit Linked Insurance Plan (ULIP).
Flexibility to select the
level of life insurance cover (subject to a minimum of 1,000 / - per employee) thus, promising protection on the life of your employee, at a nominal cost
Term insurance, or protection only insurance, is the cheapest
type of life insurance cover and guarantees a payment of a fixed amount should you die within a specified period or term.
This depends on the amount
of life insurance cover and different companies have different cut - offs.
It is the experience of many seasoned financial planners that a large number of insurance clients do not know the amount
of life insurance cover they have but they know exactly how much premium they pay each year.
The amount
of life insurance cover you need will generally depend on the amount of expenses your family incurs per month, amount required for your children's education, mortgage payments, etc..
Investing in ULIPs is like investing in mutual funds with the added benefit
of life insurance cover.
The assessment exercise should ensure the amount
of life insurance cover you buy will provide the much - needed financial protection to your family after your death.
The insurance charges will vary depending on the amount
of life insurance cover, the attained age of life assured, the occupation of the life assured & the health of the life assured.
It is always advisable to do extensive research and properly view your current situation to determine the amount
of life insurance cover.
Edelweiss Tokio Life Wealth Enhancement Ace is a Unit Linked Insurance Plan where the premiums net of charges in invested in capital markets to earn good returns while at the same time providing the benefits
of life insurance cover.
You may consider the below mentioned factors while calculating the amount
of life insurance cover you may require.
Bharti AXA Life Flexi Save Plan is a traditional participating savings plan which builds a customized corpus which can be utilized any time as per requirement and also provides the benefit of life insurance cover
ULIPs are an innovative insurance product which provide dual benefit
of life insurance cover and investments.
Return of premium policies are not used for whole life or permanent life insurance, since those types
of life insurance cover a person until they die and a death benefit will have to be paid out.
One can decide the amount
of life insurance cover and period of cover.
Customers get the benefits
of their life insurance cover, and in addition they also get a Shield Cover.
The Term Life Insurance plan is a form
of a life insurance cover, it provides coverage for a specific period of time, and if the insured dies during the term of the policy, then the nominee receives a comprehensive lump sum amount, called as the sum assured, in the event of unfortunate death of the life insured.
The Mortality Charges will vary on the amount
of life insurance cover, the attained age of Life Insured, the occupation of the Life Insured, the health of the Life Assured and the Fund Value.
The maximum limit is about 25 times the annual income, which means you can get up to Rs. 1.75 crore
of life insurance cover.