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Vijayawada is a well-known city in the State of Andhra Pradesh. The city is a major tourist attraction being a Hindu and Buddhist pilgrimage centre. Also, it is a major road and rail junction connecting all the important places in Andhra Pradesh. Famous monuments in Vijayawada include Kanaka Durga temple, the Hazarat Bal mosque, and Gandhi Hill.
The city has witnessed rampant urbanization over the years leading to an increase in population and rising pollution levels. The people of Vijayawada are thus subject to various health issues leading to uncertainty of life. So, the residents want to opt for a good life insurance cover to help them tide over such uncertainties. Various insurance companies like SBI Life Insurance, LIC of India, Exide Life Insurance, HDFC Standard Life Insurance, to name a few important ones have brought out good insurance plans at attractive rates to benefits the people of Vijayawada.
Additional Reading: What is Life Insurance?
Being a tourist city, Vijayawada is always bustling with activity. Apart from this, there has been heavy urbanization happening in the city leading to its residents improving on their lifestyles. However, a sedentary lifestyle and increasing pollution levels in the city has seen the residents come up with various lifestyle-related diseases like diabetes, hypertension and so on which reduces life expectancy. The medical bills have increased as a result. The ongoing Covid-19 pandemic has also resulted in increased uncertainty about life. These factors have made the residents of Vijayawada realize the importance of taking care of their health. One way apart from exercising is going in for a good life insurance policy.
Additional Reading: Types of Life Insurance Policies
A Life Insurance policy helps an individual in providing financial security due to unforeseen life events like death, medical emergency, illness and so on, which otherwise tend to cause a huge dent in personal finances.
Going in for a life insurance cover would help the people of Vijayawada to have sound financial planning in place to face such uncertainties. A life insurance policy ensures that the policyholder and their family members manage themselves well when they face such a situation. Dependent individuals do not have to worry about financial security in the uncertain event of the death of the primary policyholder.
Also, a life insurance policy helps the policyholder and their family realize their long term goals at times of financial crunch. The ongoing Covid-19 pandemic has also increased personal medical expenses apart from burdening the healthcare infrastructure of the city. So, a life insurance policy would help to mitigate such expenses to a considerable extent. Keeping these issues in mind, key insurance providers have set up their offices in Vijayawada offering various life insurance policies to suit the needs of the people of the city. The prospective policyholder has to compare various plans on offer before selecting the final one. Apart from the premium price and the benefits offered on such a policy, they have to ensure that they have the requisite premium paying capability to avoid cancellation of such policy.
Life insurance is very important due to the risk
Even though death is unpredictable, still having financial planning ensures security for facing such challenges prudently.
Having a life insurance policy enables
Consider Additional Reading: Benefits of Life Insurance
Vijayawada has seen rampant urban development making the city a very populated one. This has led to various health challenges for its residents who now understand the importance of purchasing a good life insurance policy.
1. Does one get tax benefits on a life insurance policy in India?
Yes, one can avail of tax benefits on a life insurance policy in India. The premium paid on such a plan is eligible for tax deduction under Section 80C of the Income Tax Act 1961. Having a life insurance plan thus helps a policyholder consider it as a good investment option that gives returns plus tax deductions. However, such tax deductions can be availed only by individuals or HUFs.
2. Can there be more than one policyholder for a single life insurance plan?
Yes, there can be more than one policyholder for a single life insurance plan. As such, an individual or more than one person is eligible to apply under one life insurance policy.
3. What are the reasons for my not qualifying for a life insurance policy?
Key reasons for non-qualification for a life insurance policy would include
4. Should senior citizens avail life insurance policy?
A life insurance policy is a key essential for everyone, including senior citizens. In fact, a life insurance policy is especially beneficial for senior citizens who after retirement mostly do not have a steady source of income. At such times, if by any misfortune, there is the death of a senior citizen and they do not have a proper life insurance plan in place, then their dependent family members undergo a lot of emotional and financial trauma. To avoid such issues, senior citizens should always opt for an appropriate life and health insurance policy. For instance, through retirement plans, senior citizens get to receive regular amounts which help them meet their financial needs post-retirement.
5. If the policyholder dies within one year of purchase of the life insurance policy, can the nominated beneficiary apply for the claim?
In most cases, on purchase of the life insurance policy, even if the death of the policyholder occurs in one year of such policy purchase, then the nominated beneficiary is still entitled to apply for the claim and get the claim settled. This is the general rule, still, in order to ensure that the beneficiary does not face any hurdles while making a death claim, it is better to get such things clarified with the insurance company, with whom the policy has been purchased.
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