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Overview Life Insurance in Bhubaneswar
Bhubaneswar is an ancient historic city in India’s eastern state of Odisha. The capital city of Odisha has been called the “City of Temples” owing to various temples in the city, including the 11th-century Hindu Lingaraja Temple. With Konark and Puri, Bhubaneswar is considered the golden triangle of Odisha. The city is famous for hosting the Car Festival, Ratha Jatra and also for its applique works, food, and festivals, throughout the year.
With such bustling activity, the people of the city have seen rising levels of pollution. This has impacted their health and life expectancy. To help the people of the city manage their life insurance coverage, various life insurance providers like HDFC Life Insurance, Kotak Life, SBI Life, Bharti AXA Life Insurance, Max Life Insurance, Exide Life Insurance have set up offices in the city of Bhubaneswar.
Additional Reading: What is meant by Life Insurance?
Being a historic capital city. Bhubaneswar has tourists thronging to the city throughout the year. There is a lot of activity going on in the city. The residents of the city have to thus deal with increased costs of living and rising levels of pollution. This has severely brought various health issues for them. Also, the ongoing Covid-19 pandemic has also created fear and uncertainty about life expectancy.
Under these circumstances, they feel it is better to consult a good life insurance provider and get a comprehensive life insurance plan for the family. Such a plan would not only safeguard their family members in the event of the primary policy holder’s untimely demise but also provide guaranteed financial coverage to the family of such an insured which would help them realize their various long term aspirations.
The premium on the life insurance policy needs to be paid either as a regular instalment or a single premium amount, depending on the individual policyholder’s requirements.
Additional Reading: Why the need for Life Insurance?
Key Precautions to be taken after purchasing a Life Insurance Policy in Bhubaneswar
For ensuring that your life insurance policy remains effective over its entire tenure, the policyholder needs to take the below-mentioned precautions.
- After purchase of a life insurance policy, verify the policy documents carefully for any kind of errors and omissions. Sometimes there could be typographical or other mistakes in the documents, like the misspelling of the policy holder’s name, address etc. It is better to get these rectified immediately, so as to not have any kind of administrative problems at the time of claim or maturity.
- Every life insurance policy has a list of inclusions and exclusions, which the policyholder should go through to understand what is covered and not covered under the said policy.
- Inform your spouse or nominee/s about the purchase of the said life insurance policy, since they are the nominated beneficiaries. If they are not aware of the existence of such a policy, then they will not be able to claim the benefits of it. This defeats the very purpose of taking a life insurance policy, namely, safeguarding the family during the untimely demise of the primary policyholder.
- Always ensure to maintain the policy documents safely. Make physical and digital copies of the same, with the nominees being aware of their existence at all times.
- Verify the claim procedure of the policy with the insurance provider and inform the same to your family. This is because the claim procedure varies between insurance companies and it is not right for families to suffer to get the claim after the death of the primary policyholder.
- Maintain a log of your policy-related information, which will help to give you the required details of all your life insurance. This will help you to keep a track of your life insurance records and be useful to your family in the event of your untimely death to settle claims with ease.
- In case, you wish to chain the nominee on the life insurance policy, do so at the earliest. This will help the right nominees to get the policy benefits in the event of your death.
- If you brought the life insurance policy long back, then check whether the sum assured would give protection to your nominated dependents after your death. If not, check whether the policy offers up-gradation of sum assured or take out additional life insurance policies to give better financial coverage to you and your family at all times.
Additional Reading: What are the various benefits of Life Insurance?
Conclusion
Bhubaneswar’s residents have seen the city grow manifold owing to its historic importance and modernization. They have also realized the importance of having comprehensive life coverage for safeguarding their family in the event of any misfortune.
Life Insurance in Bhubaneswar FAQs
1. What are the different types of life insurance policies available in India?
Various life insurance policy types available in India are Term Insurance, child plan, ULIP, retirement plan, savings, money-back and whole life insurance.
2. What does one mean by Policy Term?
Policy Term implies the period in which the life insurance plan and life cover are active. The policy term starts with the issue date and ends on maturity.
3. 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.
4. Is Death Benefit eligible for a tax deduction for a life insurance policy?
The death benefit is eligible for tax deduction under Section 10(10D) of the Income Tax Act, 1961.
5. Will I get the benefit of maturity under my Term insurance policy?
A term insurance policy will not get benefits on the maturity of such a term policy to the insured. The benefit is only given on the death of the term insurance policyholder.