Life insurance is a type of contract which is in writing between the insurer and the insured. Its main points are that the insured person pays a fixed amount to the insurer, which we call premium. The insurer promises to pay a certain amount to the insured person on maturity.
If the insured person dies before maturity, the entire maturity amount is paid to his nominee who is called the beneficiary.
I can provide some general information about what makes insurance plans attractive: The following are the essential features.
2: Affordable Premium
Attractive life insurance plans generally offer competitive premium rates that are affordable for the policyholder. Premiums are calculated differently for different types of policies.
3: comprehensive coverage:
A good insurance plan should provide comprehensive coverage, including death benefit, terminal illness, and sometimes coverage for critical illness or disability.
4:Flexible Policy Options:
The ability to customise a policy to suit your specific needs and financial situation can make a insurance plan more attractive.
This may include options to adjust the coverage amount, premium payment frequency and policy term. The coverage is calculated by adding up your income, expenses, debts etc.
5:Cash value or investment component:
Some insurance plans, such as whole life or universal life insurance, have a cash value or investment component that can grow over time.
This feature can make the policy more attractive as it provides both protection and potential savings or investment opportunities, combining both components, life insurance and investment.
6;Riders and additional benefits:
Many insurers offer riders or additional benefits that can increase the value of the policy. Examples include riders for accidental death, waiver of premium in case of disability, and more.
In case of accidental death the instalments stop and the maturity amount is paid. An additional rider provides for a separate additional amount which is in addition to the maturity value and is paid to the beneficiary along with the maturity value.
7:Financial Strength of the Insurer:
It is essential to choose a life insurance provider with a strong financial rating. This ensures that they can meet their financial obligations when the time comes to pay the claim. Such as Aditya Birla Sun Life Insurance Company Limited, Life Insurance Corporation etc.
8:Ease of application and claim process:
An attractive life insurance plan should have a straightforward application process, and the claims process should be efficient and hassle-free for the beneficiaries. This quality is found in Aditya Birla Sun Life insurance with a claim ratio of around 90%.
9:Customer Service and Reputation:
A positive reputation for good customer service and quick claim processing can also make a life insurance plan more attractive. The Birla family has 165 years of experience you can easily trust.
10:No medical exam option:
Some insurers offer life insurance plans that do not require a medical examination, which may be attractive to individuals who want quick coverage without the need for a medical evaluation. A variety of such policies are available from A B S L I Company ,contact me.
conclusion :
To find the most attractive life insurance plans for your specific needs and circumstances, it is advisable to shop around, compare quotes from multiple insurance providers, and consider seeking guidance from a qualified financial advisor or insurance agent.
Keep in mind that the attractiveness of a life insurance plan depends on individual factors, such as age, health, financial goals and Life insurance is a contract in writing between the insurer and the insured.
The insurer has to pay a fixed amount as premium in return of which, the insured gets a fixed amount after the death of his authority.
Here, the authority is called the “beneficiary”. Some of the important features that make life insurance plans attractive are premium, coverage, mortality and term limit.
You can definitely visit my website bsjakar.com and read the blogs or contact me on email or WhatsApp and get advice on choosing a life insurance policy.
