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Insurance Plans Best Suited For You
Srinagar is the summer capital and the largest city in the Union Territory of Jammu and Kashmir. It is a very famous tourist destination in the country and is often referred to be the Venice of the East. It’s famous for its houseboats on the multiple lakes in the city like Dal Lake, Wular Lake, etc.
This city has been in turmoil over the past many decades due to the protest against the Indian Rule and a strong bed for the separatist movement. The result of such protests has led to a strong military presence in this area. There have been many attempts in normalizing the situation in the entire former state of Jammu and Kashmir. The recent amendment in the constitution of the country and splitting the state into Union territories are some of the measures taken by the government to help the citizens of this region.
Although being the capital of the state of Jammu and Kashmir for decades, the state and this city has not seen as much development as their counterparts in the other states of the country. The citizens of Srinagar have limited employment opportunities and infrastructure as compared to the other states in the country.
Many families have a sole breadwinner like in most parts of India. In any unfortunate event of the death of the breadwinner, the future of the family comes in jeopardy. To ensure the financial stability of the survivors it is important to have a good life insurance policy in place that can ensure that the future of the family is taken care of. Given below are the key details of life insurance in Srinagar.
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Life insurance is one of the many types of insurance available in India. This insurance provides coverage for the life of the insured person for a fixed tenure or for the lifetime of the insured person. These plans provide maturity benefits if the policyholder survives the tenure of the policy and death benefits are provided to the nominee or the legal heir of the in the event of death of the insured person.
The types of life insurance that can be taken to insure the lives of the citizens and their families are,
These are basic life insurance plans with no maturity benefits that provide death benefits to survivors or the legal heir of the insured person. The tenure for these policies is usually from 5 years to 50 years,
ULIPS have been in the Indian market for decades. These plans provide mutual fund benefits along with insurance. A portion of the premium is contributed towards the mutual fund chosen by the policyholder. These plans have a minimum lock-in period of 3 to 5 years.
These plans provided a portion of the sum assured to the policyholders at regular intervals and the balance is provided at the time of maturity. It is ideal for policyholders that are looking for some liquidity along with insurance benefits.
These are low-risk life insurance plans with investment benefits. Policyholders can choose plans that provide cashback too that can be received at periodic intervals along with maturity and death benefits.
These plans provide coverage for the entire life of the policyholder. Most plans provide maturity benefits at the age of 80 or 100 years. The death benefits and maturity benefits can include the bonuses along with the sum assured.
The focus of these plans is securing the future of the children. Many insurers also provide cover for newborns too. It can be used to secure their future and meet their future needs like higher education, wedding, etc.
These plans focus on providing retirement benefits to the insured person. These benefits can be in the form of pension or regular fixed income or a lumpsum payment at the discretion of the policyholder. The mode of benefit has to be decided at the time of taking the policy.
This is a blanket cover taken by an organization for their staff. The cover provided is standard and valid till the time the person is part of the organization. Most insurers provide the option to convert it to a personal life cover when the employee leaves the organization.
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Choosing the correct life insurance plan is very important for every individual. There are many insurers that provide many plans that may or may not suit the needs of the insured person. But they get influenced by such insurers and opt for a plan that ultimately does not meet their needs completely. Hence, before taking a life insurance cover it is essential to compare the various available plans on the basis of various factors. Some of such factors are mentioned below.
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1. What are the documents needed for buying insurance in Srinagar?
A. The list of documents needed for buying life insurance in Srinagar are,
2. What is the benefit under section 10(10D)?
A. Section 10(10D) of the Income Tax Act, provides for an exemption of the sum received by the policyholder or the nominee at the time of maturity of the life insurance policy or under death benefits (subject to certain conditions).
3. What is the meaning of surrender value in life insurance?
A. Surrender value of the life insurance policy is the value received by the insured person or the policyholder of the life insurance cover is stopped or surrendered by such person before the completion of the tenure of the policy.
4. How to buy a life insurance policy online?
A. The process of buying a life insurance policy online is mentioned below.
5. What is the premium on any life insurance policy?
A. Premium is the cost of buying a life insurance coverage and is to be paid at fixed and regular intervals without any default to keep the cover active.
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