Life Insurance in Vadodara

Overview Life Insurance in Vadodara

Vadodara or Baroda is a prominent city in the state of Gujarat. It is the third largest city in Gujarat and is also popular for being the residence of the Maratha Royal Gaekwad Dynasty, one of the many famous dynasties in India. The city is also home to the Laxmi Vilas Palace and is famously known as the ‘Sanskari Nagari’ or the ‘Kala Nagari’ in India. Vadodara is also known as a famous food destination and has fertile soil being on the banks of Vishwamitri River as well as Mahi and Narmada River.

The citizens of this city have the benefit of good infrastructure as compared to the rural parts of the state and better access to good medical facilities. Vadodara also hosts approximately 35% of the power transmission and distribution equipment manufacturers as well as many other big industries. With the growing industries and employment opportunities, the importance of life insurance also increases. Life insurance helps to protect your family members in case of an unfortunate event, like the death of the primary breadwinner.

Continue reading to know all about life insurance plans in Vadodara.

What are the features of a life insurance policy?

A life insurance policy is coverage provided for securing the life of a person and/or their family members for a fixed term or for their lifetime. The cost to be paid for such cover is in the form of premiums that are based on various factors and depending on the guidelines of the insurers.

Most of the younger generation, especially people in their 20s, often do not give much importance to life insurance. It is only in the later stage of life that they opt for one when the cost of insurance increases and the coverage provided will also be comparatively lower. Following are the various features of a life insurance policy that make it an attractive investment and remove the myth that it is an unnecessary expense as considered by many even today.

• Life insurance can help provide the individual with a financial security cover for themselves and their family members.
• Life insurance premiums can be paid flexibly over the tenure of the policy which makes it easier for policyholders to plan their expenses.
• Policyholders get a tax deduction on the amount of premium paid up to Rs 1,50,000. Another tax benefit of having a life insurance policy is the tax exemption at the time of receiving the maturity or the death benefits under the plan.
• Life insurance can be bought from any of the registered 24 insurers available in India either through online modes or offline modes.
• Policyholders can get additional benefits in the form of riders provided by the insurers on the existing plans. These riders are available at relatively lower costs as compared to a new life insurance policy for the same.
• Insurers provide multiple pay-out options on the life insurance policy as per the agreement between the insurer and the policyholder at the time of taking the policy. The payout options available to policyholders are,
  • Lump-sum payment
  • Lump-sum payment plus fixed monthly payouts
  • Lump-sum payment plus increasing monthly payouts

Who is eligible for buying life insurance in Vadodara?

Life insurance policy, as mentioned above, can be taken to secure the financial future of a person and their family members. This cover can be available for any person over the age of 18 years as well as for a child right from their birth till the time they become an adult.

Organizations can also buy a life insurance policy for all their employees under a group life insurance plan. The plan will provide cover till the time the employee is part of the organization.

What are the documents needed for purchasing a life insurance plan in Vadodara?

The list of documents needed for buying a life insurance plan is different for every insurer as per their guidelines. The standard or the usual list of documents needed by insurers is mentioned below.

• Proof of age

The documents that can be provided as proof of age are,

• Aadhar Card
• Passport
• PAN Card
• Voter ID Card
• Ration Card
• Marriage Certificate
• Birth Certificate

• Proof of identity

The documents that can be provided as proof of identity are,

• Ration Card
• Aadhar Card
• Voter ID Card
• PAN Card
• Passport

• Proof of address

The documents that can be provided as proof of address are,

• Ration Card
• Passport
• 3 months utility bills
• Aadhar Card
• Saving account bank statement
• Registered Rent agreement
• Latest 3 months credit card statement 
• Voter ID Card

• Proof of income

The documents that can be provided as proof of income are,

• Salary slips for the past 3 months or 6 months as per insurer’s guidelines
• ITR for the last 2 or 3 years
• Latest Form 16
• Last 6 months bank statement with latest 3 month’s salary credit in the account
• Certificate issued by CA for a self-employed person
• Duly filled application form for life insurance policy 
• Mandatory declarations as per the guidelines of the insurer

How to buy a life insurance policy in Vadodara?

There are many insurers providing multiple options of life insurance policies in Vadodara. These policies can be bought through online or offline options. The details of these plans are mentioned below.

• Offline mode

The offline mode of buying life cover is mentioned below.

• The first step is to visit the nearest branch office of the insurer
• The applicant can select a plan from the available options based on their individual needs
• The application form for the life insurance policy can be available at the website of the insurer for download or from the branch office.
• The application form has to be submitted with the required documents
• The applicant will then have to make payment of the initial policy amount 
• The customer will get the original copy of the policy and payment receipt upon completion of the application process.

• Online mode

The steps to buying a life insurance policy online are,

• The first step in the online mode is to visit the website of the insurer and select the required plan to be purchased from the multiple available options
• After selecting the plan, the applicant will have to provide basic KYC details as per insurer guidelines
• The premium amount will be decided based on the amount of coverage and the need of the policyholder.
• The next step is to select the mode of payment and make the initial amount to complete the process
• The applicant will be given the details of the policy and other relevant details immediately.
• The original copy of the policy will be sent through registered post by the insurer.

Life Insurance in Vadodara FAQs