Life Insurance in Gurgaon

Overview Life Insurance in Gurgaon

Gurgaon, an urban city is an important financial and industrial city located near New Delhi. The city is famous for its ultra-modern infrastructure, urbanization, and economic prosperity, with it being home to many of the elite of the country. It is a rapidly growing city and a perfect of being blend between the old and the new. This has led to rapid deterioration in the quality of air in the city leading to many health issues for its residents. They have now realized the importance of having a good insurance cover. ICICI Pru Term Insurance, HDFC Life, LIC of India, AVIVA Life insurance are some of the prominent insurance companies operating in Gurgaon, which offer various benefits to the residents of the city.

Additional Reading:  Key Features of Life Insurance

The Need for Life Insurance in Gurgaon

Gurgaon is a modern city which has many companies having set up base here. This has led to people from all parts of India making it their home. The growing urbanization has led to lot of challenges for its residents.

Apart from the traffic congestion resulting in rising air and vehicle pollution in the city, the high-end lifestyle of its residents has also led to increase in lifestyle diseases. This has resulted in decreased life expectance for most people of the city. Also, the  ongoing Covid-19 pandemic has evoked a sense of fear and uncertainty among the residents leading to increase in medical expenditure.

All of these key factors have made the residents of Gurgaon realize the importance of having a good life insurance cover so as to safeguard themselves and their family members in such uncertain times. Going in for a life insurance policy helps the insured to avail various benefits like return on investments, collateral against loan, death benefits, tax benefits and so on.

Having a life insurance policy in place would not only give the policyholder financial security to realize their various dreams but would also help their family members tide over financial uncertainty in the event of the untimely death of the primary policyholder. As such, a good life insurance plan ensures guaranteed returns in the form of sum assured to the nominated beneficiary.

An insured can avail of this benefit is availed by paying a premium on the selected life insurance policy on a regular basis or as a single lumpsum amount based on the policy terms and conditions and their repaying capability.

Additional Reading: How to apply for a Life Insurance Policy?

Why do Senior Citizens need life insurance in Gurgaon?

There are various reasons why life insurance policies are a must for senior citizens in Gurgaon. However, the main reason for undertaking a life insurance policy is that it can help them manage their finances to support themselves and their family post-retirement when their income earning capacity would have reduced. Also, at times the death of a senior citizen may make their dependent spouse and children go through emotional and financial turmoil on account of lack of money.  So, to avoid such issues, a senior citizen should opt for an insurance policy that would help them channel for savings in a proper way and ensure that they get a regular source of income during or after the end of the policy term, depending on the policy undertaken. Cash received from such policies help in paying off their existing debts or meeting any sort of medical emergencies which become common for a senior citizen.

Additional Reading: What are the different types of Life Insurance for Senior Citizens?

Conclusion

Gurgaon is a modern city which has seen a rise in population resulting in rising pollution levels and health concerns for its various residents. This has necessitated the need for the residents to go in for comprehensive life insurance coverage.

Life Insurance in Gurgaon FAQs