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Overview Life Insurance in Agartala
Agartala, the capital city of Tripura is the land of hills, stunning lakes and temples. The city is one of the largest cities in the northeastern region of India. Situated on the banks of the Howrah river, Agartala is geographically only a few kilometres away from our neighbouring country - Bangladesh. The city has a rich cultural legacy with Ujjayanta Palace being a key attraction.
Agartala was selected in the second round of the Smart Cities Mission by the Government of India. People from all over India have made Agartala their home. The growing urbanization has led to increasing in illness and lifestyle diseases for the residents of the city. This has led various life insurance providers operating in Agartala, to come up with attractive life insurance policies, to meet the growing demand of the city’s residents for good and comprehensive life insurance cover. Key life insurance companies in Agartala are Reliance Life Insurance, Aviva Life Insurance, Oriental Insurance, SBI Life, Tata AIG, Max Life Insurance to name a few.
Additional Reading: Types of Life Insurance?
Being an urban capital city, Agartala’s residents have a hectic lifestyle. This has resulted in rising health issues for the residents. The ongoing Covid-19 pandemic has also created uncertainty of life. These issues have made the residents understand the need to have a good life insurance cover to safeguard their family members at the time of their untimely demise.
Having a life insurance policy in place, offers financial coverage to the family of the insured, wherein the insurance company guarantees to pay a specific amount, to the nominated beneficiary, in the event of the policyholder's death, during the term of the life insurance policy. This benefit can be derived by the policyholder by paying a stipulated premium on the life insurance policy on a regular basis or a single premium.
Additional Reading: What is Life Insurance?
What are the Benefits of Life Insurance in Agartala?
Key benefits of life insurance are:
Financial Protection
Life insurance gives the requisite financial protection to the insured and his/her family during uncertain times or events.
Death Benefits
Going in for a life insurance policy helps the family of the insured, in the event of the death of the policyholder. Life insurance is also beneficial for retired people, people with decreased income, people with disabilities or who have met with an accident.
Return On Investments
If the policyholder is alive after the expiry of the life insurance plan, then they get the sum assured (for life plans other than term plans) which is tax-free. In case the policyholder dies, during the term of the policy, then the sum insured is paid to the nominated family member. It is also a safe mode of investment as the returns are guaranteed. Some life insurance plans even offer bonuses at regular intervals. Premium paid on life insurance covers risks also. So, there is an element of guarantee of return on investment, both ways for the money insured.
Tax Benefits
Premium paid on a life insurance policy is eligible for deduction under Section 80C of the Income Tax Act, 1961. This makes life insurance policies a very attractive investment option for individuals, especially salaried individuals.
Act as Collateral for Loans
Some life insurance policies allow you the advantage of taking a loan against your policy as collateral. Such a loan is available only against permanent or whole life insurance policies. Interest rates on such loans are normally lower than a personal loan.
Financial Planning
Having a life insurance plan in place helps the insured in proper financial planning. The insured can meet various goals of their life like education of their children, marriage, buying a house or planning for their retirement in a prudent manner.
Flexible Policy Terms
One has the option of comparing various life insurance schemes from different providers and decide on the policy, duration, coverage, beneficiary, and much more. There are various changes or flexibility allowed in the premium to the policyholder, for example, if their income has decreased.
Riders
Riders are added features that come with your existing insurance policy, at an extra cost in addition to the premium. Riders are also called insurance endorsements. Riders help the insurance policyholder to get additional policy covers to help manage their various financial needs.
Consider Additional Reading: What are the benefits of Life Insurance?
Conclusion
Agartala is host to various life insurance providers who offer attractive insurance policies to the residents of the city. Understanding the various benefits of a life insurance policy would help the potential customer to evaluate how a specific life insurance plan will help their family in case of their untimely death or to meet their financial needs.
Life Insurance in Agartala FAQs
1. What is meant by policy term?
Policy term refers to the tenure for which the life insurance policy and life cover remains active. The policy term begins with the issue date and ends at maturity.
2. What is meant by a life insurance rider?
Life insurance ride is an added benefit profit over the original life insurance policy taken. They help give your more benefits by upgrading your existing insurance plan.
3. What are the various types of life insurance policies provided?
Some key life insurance policy types are term Insurance, child plan, ULIP, retirement plan, savings, money-back and whole life insurance.
4. What amount do I get on maturity under my Term insurance policy?
Under a term insurance policy, an insured will not get any amount on the maturity of such a term policy. The benefit is only derived in the event of the death of the term insurance policyholder. Their family will get the sum assured on the term plan on their death.
5. If death occurs within one year of purchasing a life insurance policy, will the claim be still settled?
Normally, if the life insurance policy has been issued, then even if the death of the policyholder occurs within a year of purchasing such a policy, the claim will still be settled. However, this is determined by the terms and conditions set out by the insurance provider. It is always prudent to get such matters confirmed with the insurance provider to avoid any sort of confusion.