Why there are no complaints & Reviews against Indian Money Life Insurance plans?


Many do not understand importance & power of getting proper insurance. For instance, life insurance is necessary for financially protecting your family. It is worth mentioning here that most people in our country are underinsured. What it means is that they get life insurance, but sum they assure is not adequate either for them or their family. Many people do not explore available life insurance products.
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How to Select Best Life Insurance Plan According To Income?
Many citizens avail endowment life insurance, as they think it gives higher tax benefits compared to a term life insurance policy. Take the example of Roshan, who is a 30 year old IT employee earning Rs 7,00,000 a year. He doesn’t know which life insurance to avail, endowment or term insurance?
 Let us help him with the premiums:
  1. If he opts for an endowment policy with a sum assured of Rs 10, 00,000 and a policy term of 15 years, he will have to pay an annual premium of Rs 70,000. On maturity, he will get a sum assured of Rs 10, 00,000 + Bonus.
  2. Guaranteed Bonus: This is a percentage of the sum assured for the first few years of the policy, say 3.5% for 5 years.
  3. Reversionary Bonus: This is paid out of the profits of the insurance company. No reversionary bonus if there are no profits.
  4. Terminal Bonus: This is a loyalty bonus paid in the final year of the endowment plan.
  5. If he opts for a sum assured of Rs 1 Crore in a term life insurance plan for a term of 30 years, he will have to pay an annual premium of Rs 12,000. If he dies within the policy term, his family will get Rs 1 Crore in death benefits. If he survives the term, the insurer will not pay any amount.
 Availing an endowment plan does seem wise. In reality, it isn’t. Roshan will pay high premiums for a low sum assured on the endowment plan. Though he’ll get the sum assured on maturity, it is not sufficient to cover his family. If something untoward happens to him within policy tenure, how much will his family get from the endowment policy?
Learn how to select the best life insurance plan according to income:
Don’t blindly avail a life insurance plan. Do your research. Decide on an appropriate sum assured that goes with your needs. You can arrive at this figure by calculating daily expenses and outstanding financial liabilities (debts). Do consider children’s education and wedding expenses, desired retirement corpus, etc.
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