Schedule a call Click here
Give missed call to buy +91-9980970424
Contact Us
For NRI Customers
(To Buy a Policy)
(If you're our existing customer)
For Online Policy Purchase
(New and Ongoing Applications)
Branch Locator
For Existing Customers
(Issued Policy)
Fund Performance Check
Login
Customers
Employees
Partner
How to Pick the Right Life Insurance Plan
When it comes to life insurance it can get very tricky at times to decide as to which plan is the most fit plan for you and all your needs. Currently, in the private sector in India, many companies offer fantastic plans, which may seem attractive at first but you need to ask yourself:
Is this the right plan for me?
This article will help you understand the most basic products that are available in the insurance industry. By understanding the basic products, it will help you get a clearer picture of the more complex product offerings in the insurance market.
Life insurance products:
Term Plan – Protection of family
ULIP – Unit Linked Insurance Plan for your market related investments
Whole Life Plan – Life cover to the life assured for whole of life
Endowment Plan – Insurance savings plan
Regardless of your age, income, sex, etc. It is very important to understand that life insurance is one of the essential investments that you will ever make. Considering the amount of risk and uncertainties that we have encompassing us, planning ahead and choosing the right policy is vital and important.
But while we pursue this investment opportunity, we also need to consider some factors that should be kept in mind while we pick a Life insurance policy.
Factors:
Premium amount
Time Duration of Payment
Type of insurance opted for
Your requirements as a policy holder
Premium amount:
While you go for the option of life insurance, always make sure that you absolutely know about the premiums that you are paying.
How much will I be paying per month?
Will this Premium amount stay fixed or will it change?
These are some of the sample questions that you should ask your insurance representative, while you are buying a Life insurance Policy. You may ask more questions, according to your curiosity.
Time Duration of Payments:
Knowing the time duration of your premium payments, is of utmost importance as it would help shield your capital and help you to plan out your payments more diligently. Being thorough with your premium payment period is a big YES.
Type of Insurance:
Knowing about what kind of plan you want to go for, goes a long way. Once you have a clear idea of what kind of Life insurance you would like to go for, it makes it so much easier to dig in deeper and find a plan that is more suitable to your specific needs.
Requirements as a policy holder:
Being clear with what your needs are with the Life insurance policy, is more than 50% of the work done. For example, If a young working professional, who has his parents as dependants on him should look into investment into a TERMplan. Why you ask? As he may want to look for different plans of insurance for investment but as of now his primary need is a life cover, so that if unfortunately something happens to him, his parents should be covered.
Similarly, it is of utmost importance that we plan ahead and decide as to what we want from a Life insurance policy and what we expect back from it.
Written By Priyansh Koul (HDFC Life)
ARN: ED/07/19/14722
How to Pick the Right Life Insurance Plan
Term Plan Articles
Investment Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: Buyonline@hdfclife.in, Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRAUDULENT OFFERS
|
Popular Searches
- Best Investment Plans
- What is Term Insurance
- 1 Crore Term Insurance
- Short term saving plan
- Saving plans
- ULIP Plan
- Health Plans
- Child Insurance Plans
- Group Insurance Plans
- Long Term Savings Plan
- Fixed Maturity Plan
- Monthly Income Advantage Plan
- Pension Calculator
- BMI Calculator
- Compound Interest Calculator
- Term insurance Calculator
- Tax Savings Investment Options
- 2 crore term insurance
- 50 lakhs term insurance
- annuity plans
- Investment Calculator
- get pension of 30000 per month
- ULIP Returns in 5 Years
- investment plan for 5 years
- investment plan for 10 years
- 50-Lakh Investment Plan
- guaranteed returns plans
- sanchay plans
- Pension plans
