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Finance Forum India

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Life Insurance Myths That Could Hurt Young Families

At the start of your career, you may find it difficult to have a sufficient income. With new commitments, such as buying your home or starting a family, you also need to ensure the well-being of your loved ones. An important consideration is to ensure the financial stability of your family in case of your sudden demise or accidental disability. One way to financially secure your loved ones is to avail of insurance coverage. This ensures your family is able to sustain their lifestyle without any financial constraints. Unfortunately, insurance penetration in India is low. Several myths about life insurance prevent...
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Top 5 Reasons for Life Insurance Claim Rejection

Life cover and health insurance plans are important for the financial security of yourself and your family. Several insurers offer different types of life policies to encourage individuals to avail of such coverage. While selecting the insurer you must consider is the claim settlement ratio. A higher claim settlement ratio is preferred because you are assured of receiving the benefits under the chosen insurance plan. Several insurers use their quick, transparent, and efficient system of settling claims as a marketing strategy. However, you must understand that irrespective of how transparent and efficient the system is, there is always a possibility of...
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Why Do Women Prefer Health Insurance Plans Offering Preventive Check-ups?

A study conducted in the field of life insurance and health insurance revealed that while purchasing health insurance, women prioritize preventive check-ups, maternity benefits, and cover for diseases that arise out of lifestyle choices. Most women state that check-ups are the determining factor when it comes to narrowing down a health policy. Although most plans do not offer any preventive services, a preventive healthcare cover comprises diagnosis and prevention. Early detection Many diseases may become critical in the future and result in inflated medical bills. Routine check-ups help screen and detect life-threatening diseases in their initial stage itself. For chronic diseases...
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Life Insurance Needs for Mothers

In modern society, women have excellent careers and are equally responsible for the welfare of their families. Eventhough women play an important role in the families; many of them are still under-insured or uninsured. Once they become mothers, several women opt to stay at home to take care of their children. Some are single mothers who have the entire responsibility of managing their homes. Irrespective of whether a woman is a working, single or a stay-at-home mother, the necessity of insurance coverage cannot be disputed. Here are some reasons why mothers should avail insurance coverage ·      Income replacement A working mother...
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Why Gift Yourself Term Insurance This New Year?

A term insurance policy is the most basic kind of life cover. The insurance company provides life coverage to the insured during the policy term. In case the insured passes away during this period, the sum assured is paid to the beneficiaries. These insurance plans do not offer any survival benefits on the expiry of the policy term. Benefits of Term Plans ·      Affordable – Compared to other kinds of life insurance plans, these policies are available for lower premiums. Individuals can procure higher coverage for a smaller amount, which makes it more affordable to most people. In addition, the premium...
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Factors that impact your Life Insurance Premium

Life insurance is an excellent way to provide financial protection to your family in case of an untoward incident, but this is also an expensive investment. If you are able to save even a small amount on your monthly premium, the cumulative savings over the years can become a major amount. Most of the life insurance companies consider some major factors while determining the premium on your life cover. While a few factors may be beyond your control, many of these are controllable and you need to take advantage of these to reduce the premium amount. Age of the person: This...
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Insurance Portability - Don’t Overlook This Important Benefit Available to Policy Holders

Health insurance portability refers to the facility introduced by the IRDA in 2011 that allows policyholders to switch from one health insurance company to another without loss of accrued benefits. It is a popular misconception that a health insurance policy offers protection from all diseases from the first day of coverage. Most insurance companies impose a mandatory waiting period for pre-existing diseases and conditions. Further, there are time-bound exclusions applicable to certain other conditions. For e.g., most policies in India don't reimburse maternity benefits unless renewed for 36 continuous months.   Why the IRDA Introduced Portability?  Prior to introduction of portability, an...
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Backdating in Insurance- Overview of Definition and Advantages

An insurance policy is a contingent contract with an insurance company where, in exchange of regular payment of a fixed amount, known as the premium, the insurance company guarantees the payment of a specific amount, known as the sum assured, to the policy holder upon the expiry of a fixed time period or to the family members upon the death of the policyholder.  Insurance makes sense because it is virtually impossible for any individual to anticipate his or her time of death in advance. An online insurance policy is the simplest way to ensure your family does not suffer from financial...
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What is a Life Insurance Quote?

A life insurance quote is the estimated cost of a life insurance policy based on information supplied by an applicant to an insurance company. In order to obtain a life insurance quote, the applicant must provide proper age, gender and mention whether they consume tobacco or have a medical history. The risk class calculated by actuaries in life insurance companies is considered very important while calculating a life insurance quote. Medical history of the applicant as well as the family is also commonly considered in combination with these aspects while processing a life insurance quote. As a standard procedure, any life...
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Here’s Why It’s Better to Buy Insurance Policies Online

More than ever Indians are taking their lives to the cyber space. Be it socialising, shopping or banking –the past and the present belong to the worldwide web. With disposable incomes, increasing global aspirations, idiosyncratic lifestyles and broadening of internet penetration in the country, people want the world on their plate at the click of a button. And rightly so, after-all this is the need of our optic fiber induced fast-forwarded, wi-fi dependent lives. We want everything from the comfort of our home. According to a survey quoted by a leading financial business daily recently, life insurance was rated as the...
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Life Insurance for Every Reason

Life is full of surprises and all the surprises life has to offer you need not always be pleasant ones. So, the question that arises is how many life threatening warnings you will require to get yourself and your family safeguarded with the aid of an insurance policy. Well, if you haven’t given it a thought yet let us take you on a brief stroll to make you realize the importance of life insurance policy and its different types. What is life insurance policy? Life insurance is a policy that one purchases from a life insurance company. It acts more as...
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Term Insurance Plan: Which Policy Are You Planning to Purchase?

The internet has transformed the manner in which we communicate, find information as well as conduct different businesses. Not only has it led to convenience and speed of conducting business transactions, but the entire domain of e-commerce has revolutionized the way we buy essential products. Almost each and every business, banking sector, retail store, etc. has its presence online, enabling electronic payment methods via debit/credit cards or even through Net Banking. So, instead of worrying how to go about purchasing an insurance policy for yourself or your loved ones, get online and browse through the variety of options that are available...
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