Life Insurance in Cochin

Overview Life Insurance in Cochin

Cochin (Kochi), known as the ‘Queen of Arabian Sea’, is a major port city in the State of Kerala. It has one of the finest natural harbours of the world and has been a significant centre of the world spice trade for many centuries.  Apart from its historic past, Cochin is also noted for natural beauty - right from beaches to backwaters and hills to forests, the city has everything which attracts tourists from India and worldwide.

As such, Cochin has become one of the most-visited tourist destinations in the South of India. The growing popularity of the city also has led to rising pollution levels in the city, resulting in increased health issues for its residents. The people of Cochin have thus realized the importance of buying out a good life insurance plan to manage any uncertain life events. Key life insurance companies operating in Cochin are Bajaj Allianz Life Insurance, SBI Life, Future Generali India Life Insurance, Max Life Insurance, to name a few prominent ones.

Additional Reading:  What are the various benefits of Life Insurance?

Being a modern city. Cochin has all the major attractions related to a modern city like shopping complexes, cinemas, buildings, offices, educational institutions and so on. Apart from this, the city is an important global trade centre and has a rich historic past. Its natural beauty is another alluring factor for tourists to make a beeline to Cochin. These factors have led to huge pollution levels in the city.

This coupled with the uncertainty brought by the ongoing Covid-19 pandemic has led the residents of the city to brave many health-related issues. They now want to go for a good life insurance cover so as to be able to mitigate these challenges to a major extent.

Going in for a life insurance policy would help their family get financial coverage and also sum assured for major policies in the event of the untimely death of the policyholder, during the term of the life insurance policy. The policyholder can avail the benefit of a life insurance plan by paying a premium as per the plan,  on a regular basis or a single lumpsum amount.

Additional Reading: What is meant by Life Insurance?

When to buy Life Insurance?

Buying life insurance is a basic necessity in today’s fast-paced world where health issues are on the rise. A life insurance plan is a good investment option under such trying times. The earlier one goes in for a life insurance cover, the greater are the benefits that can be availed.

The right time to invest in a life insurance plan, thus, would be when you are in your 20s and 30s. This is because, in this period, the life insurance policy will be cheaper, lower premiums can be availed, the corpus can be effectively built, and investment benefits earned are greater. The insurance protection for the family is thus availed from an earlier stage at lower premiums.

Once a persona has entered their 40s, they would have reached their peak earning capacity. More responsibilities are required shouldered like dependent parents, family, medical problems and related matters. This period is a good time to plan for your retirement via a retirement insurance policy.

The 50s and 60s, entail one to plan for income post-retirement, which make retirement insurance and related policies the most-apt investment options.

Additional Reading: Types of Life Insurance?

How to file claims on the maturity of my life insurance policy in Cochin?

The most common types of claims on life insurance policies are maturity claims and death claims. This is applicable to all life insurance policies except traditional term insurance plans which do not provide maturity benefit claim options.

Maturity Claim relates to the maturity benefit of the life insurance plan. It is the claim that arises when a policy matures. The insurance provider settles a certain amount of money called maturity claim to the policyholder on such maturity. All the premiums need to be paid on time to claim the maturity claim benefit. The life insured needs to fill a form called the policy discharge form.

The money is normally paid out before the maturity period on filling in the discharge form and submitted before the maturity date. Normally, the insurance provider sends the claim form well in advance of the policy maturing to the policyholder. The maturity claim amount is tax-free as per the existing income tax laws in India.

Conclusion

Cochin residents have seen a rise in health ailments on account of the rising pollution levels in the city and the uncertainty created by the ongoing Covid-19 pandemic. This has led to the residents realizing the importance of going in for a comprehensive life insurance cover to safeguard their family members in the event of the untimely death of the policyholder.

Life Insurance in Cochin FAQs