Life Insurance

Life insurance in its simplest form means being prepared financially, come what may. It ensures that your family and you receive financial support in case you are not able to bring in the much-needed income yourself. “Life Insurance” is a financial product that pays you or your dependents a sum of money either after a set period or upon your death as the case may be

• A life insurance policy, in a nutshell, is a contract between you and the life insurance company.
• You pay a premium to purchase an insurance policy. In return you get a life cover with an inherent financial promise.

• It is very important that every earning individual should have a term insurance plan. A term plan ensures that your dependents can continue to enjoy the same lifestyle that they always did.
• Insurance is the only financial instrument which provides life cover even in plans which are essentially meant for savings and investments.

• Buying insurance is important. However, even more important is to determine how much insurance to buy. There are things you need to consider to arrive at a figure that will ensure the future of your family and loved ones is secure
• A good thumb rule is to take your annual gross earning and multiply it by 8.