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Allahabad, also known as Prayagraj, is supposed to be the holiest pilgrimage centre for Hindus in India. Allahabad is located at the confluence of three sacred rivers – Ganga, Yamuna and Saraswathi. The city is now a metropolis, located in the State of Uttar Pradesh and is considered to be one of the fastest-growing cities globally.
With such a vibrant diversity, the city is always on the move. People of Allahabad have a hectic lifestyle which has led to many health issues. On top of that, the Covid-19 crisis has brought about an aura of uncertainty about life. This has made the residents of Allahabad scout for good life insurance policies which will give adequate life coverage to the policyholder and their families.
Taking advantage of these factors, various insurance companies like Max Life Insurance, SBI Life Insurance, LIC of India, Exide Life Insurance, HDFC Standard Life Insurance, Future Generali India Life Insurance, and many more to operate in the city to offer the people of Allahabad various life insurance benefits.
Additional Reading: What is meant by Life Insurance?
Being an upcoming metropolitan city, Allahabad has grown by leaps and bounds. The residents of the city have seen an upgrade in their lifestyle making them adopt more sedentary means of life. This has led to them having lifestyle-related diseases and illnesses, making them cough huge medical bills. Also, growing pollution levels in the city have decreased the life expectancy of the residents. This has made the residents of the city find out ways to deal with these lifestyle issues. One way is to choose a healthier lifestyle but there are equally important options like purchasing a life insurance policy.
Additional Reading: How to Get a Life Insurance Policy?
Life Insurance is the financial support given when uncertain life events tend to cripple your finances. Prudent financial planning for the residents of Allahabad would be to go for a life insurance policy. Having a life insurance policy helps secure the insured and their family needs during uncertain conditions, and also ensures that their dependent family members, including children, are taken care of.
Life insurance is especially helpful when an unfortunate incident or sudden death of a sole earning member of the family takes place. Apart from the loss of the emotional anchor, the family also loses financial support. So, having a life insurance policy in place would help the people of Allahabad to realize their many dreams. With the ongoing Covid-19 pandemic, there is a certain uncertainty brought about the very existence of life. So, going in for a life insurance cover would help mitigate the uncertainty to a considerable extent. Now, there are various types of insurance policies available in Allahabad. Some policies offer investment options and related earnings on such investment. Others have life coverage and critical illnesses coverage. A potential policyholder needs to compare different policies terms, weigh the pros and cons and select the most appropriate policy as per their needs requirement and your premium repaying capability.
Life insurance is needed owing to the risk of
Though one cannot predict death, still one needs to create some kind of financial security for the future.
As such, life insurance is needed
Consider Additional Reading: What are the benefits of Life Insurance?
Allahabad residents have had to bear the brunt of urbanization, taking a toll on their health. This has made them realize the importance of going in for a life insurance policy that would help them and their family members during financial emergencies or in the event of the policy holder’s death.
1. Does a life insurance policy give tax benefits in India?
Yes, the premium paid on the life insurance policy is eligible for deduction under Section 80C of the Income Tax Act 1961, making the life insurance policy a necessary and viable investment option. This deduction is only available to individuals or HUFs.
2. Can more than one person be covered under a single life insurance policy?
Yes, an individual or more than one person is eligible to be covered under a single life insurance policy.
3. Will a ULIP help in increasing my return on investment?
Unit Linked Insurance Plan (ULIP) is a combination of investment and insurance. As such, the purpose of ULIP is wealth creation apart from providing life insurance coverage. So, a part of your money is kept towards investing in life insurance and the remaining amount is invested in debt or equity funds or both. This ensures a higher rate of return as compared to traditional life insurance funds in most cases.
4. Is life insurance necessary for senior citizens?
Having a life insurance plan is necessary for every individual. Including senior citizens. It is especially helpful for senior citizens, after retirement, the inflow of money reduces. Also, on the death of a senior member, if there is no proper life insurance plan in place, then their dependent family members have to suffer due to paucity of funds. In order to avoid such a misfortune, it is essential that senior citizens have a proper life insurance policy in place. Also, retirement plans help senior citizens receive cash on such policies which help them to meet their financial needs on retirement.
5. If within one year of purchase of life insurance policy, insured dies, then can occurs claim be still settled?
Yes, in most cases, once the life insurance policy has been issued, then even if the insured dies within a year of purchasing such a policy, the claim still gets settled. However, one should note that such terms and conditions are laid by the insurance company, so get all things clarified from them before purchasing a life insurance policy.
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