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Overview Life Insurance in Chandigarh
Chandigarh, the capital city of the states of Punjab and Haryana is known for its clean roads and greenery. The Rock Garden is a world-famous landscape in the city. The city is the first planned modern city of India. The people of Chandigarh have realized the importance of having a good lifestyle owing to rising health issues and the Covid-19 pandemic related health scare encountered by many. Key life insurance companies in Chandigarh are Birla Sun Life Insurance, Aviva Life Insurance, Oriental Insurance, Max Life Insurance, HDFC Life, Exide Life Insurance to name a few.
Additional Reading: What is Life Insurance?
Chandigarh is a busy city with its residents always on the move. With rising health concerns, the residents have realized the importance of having a proper life insurance policy. Having a good life insurance policy would ensure that the policyholder and their family would find it easy to tide over any misfortune like the untimely demise of the primary policyholder. The policyholder has to pay a stipulated premium on a regular basis or as a lumpsum payment.
Additional Reading: What are the different types of life insurance?
How to calculate Life Insurance Premium?
The life insurance premium will depend on various factors like age, gender, smoking habits, personal medical history and so on. The insurance provider will put a risk factor against every such factor. Life expectancy is also a major factor while calculating the premium amount.
Life insurance premium calculators are available online, which helps in calculating monthly outflow or the annual expense for paying the premium on the life insurance policy. By feeding in the annual income, the assured sum of insurance and age cover, the premium amount gets generated instantly.
What are the various benefits of having a life insurance policy?
- Life insurance provides financial protection to the insured and his/her family in the event of uncertainty like the death of the primary policyholder.
- The death benefit is one of the key benefits of a life insurance policy.
- The life insurance policy gives returns on investment. If the policyholder is alive after the maturity of the policy, then they are given the sum assured. If they expire during the tenure of the policy, then the sum insured is paid to the nominated family member. Some life insurance policies provide bonuses at regular intervals.
- Premium paid on life insurance cover risks, also providing a guarantee of return on investment.
- Premium paid on life insurance policy gets tax exemption under Section 80C of the Income Tax Act, 1961 up to a maximum of Rs. 1.5 lakhs.
- Some life insurance policies can be considered as collateral for taking a loan. Loans can only be taken against permanent or whole life insurance policies. Loans are not available against term insurance policies. Interest rates are lower than personal loans.
- Having life insurance helps the policyholder work out their long term plans like child’s education, marriage, buying a house or planning their retirement in an appropriate manner.
- Some life insurance plans offer flexible options like duration, coverage, beneficiary, and much more. This helps the insurer in not only working out ways to safeguard their family but also help them realize their goals.
- Riders are also available with life insurance policies. These are additional features that are available with the ongoing insurance policy. One will have to pay extra costs in addition to the premium. Such riders help the insurance policyholder get added policy covers to help manage their various financial requirements.
- Life insurance policies are even available for senior citizens according to their age and health-specific features. These plans would help the senior citizens to take care of their retirement needs.
- Various life insurance plans like term plans, whole life insurance, child plan, money back and so on are available. All these plans have different benefits which can be customized to suit individual policyholder needs.
Consider Additional Reading: What are the benefits of Life Insurance?
Conclusion
Chandigarh is a fast-growing city. The residents of the city have been witnessing various health issues due to the rising pollution levels. The cost of living has also gone up making residents become aware of the importance of taking out a life insurance policy. As such, various insurance providers have opened their offices in Chandigarh bringing out attractive insurance plans for the residents to choose from. The life insurance plans now even offer Covid-19 life coverage plans.
Life Insurance in Chandigarh FAQs
1. What is a Keyman Insurance Policy?
A Keyman Insurance Policy refers to a special type of life insurance policy that is provided by the life insurance providers for key people in their organization. The main highlight of such a policy is that the death benefit goes to the company.
2. Is buying a life insurance policy online cheaper?
Yes, buying a life insurance policy online is quick as one can easily compare between different policies, transparent as all details are easily available, cheaper as there is less paperwork involved and leads to savings in time for the policyholder and the insurer.
3. What are the various types of life insurance policies available?
The different life insurance policies available in India are term Insurance, child plan, ULIP, retirement plan, savings, money-back and whole life insurance.
4. Can I buy multiple life insurance policies at one time?
There is no limit on the number of life insurance policies that can be purchased by a policyholder at one time. They should be only regular in paying the premium amount, otherwise, there is the danger of their policy getting cancelled.
5. Will life insurance brought in Chandigarh be valid across India?
Normally, a life insurance policy taken in any city of India is valid across India. However, it is better to get the same confirmed from the insurance provider from whom the life insurance policy has been taken.