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Life Insurance









Life Insurance

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Eligibility criteria for life insurance

It varies slightly from one insurance provider to another and may also depend on the specific type of life insurance plan you are interested in. However, here are some common eligibility criteria:

01

Age between 18 - 70

02

Must be a resident of India

03

Medical Examination fro tobacco and alcohol consumer

01

Age between 18 - 70

02

Must be a resident of India

03

Medical Examination fro tobacco and alcohol consumer

04

Criminal Record

04

Criminal Record

05

Pre-Existing Conditions

06

Income Sources

05

Pre-Existing Conditions

06

Income Sources
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What is Life Insurance?

Life insurance is a financial safeguard that ensures your loved ones are protected even when you’re no longer there to provide for them. It’s a wise investment that offers peace of mind, knowing that your family’s financial future is secure. Let’s delve into the world of life insurance and understand why it’s essential:

Why Get Life Insurance?

Financial Security: In the event of your untimely death, life insurance offers your family a financial safety net. It ensures your loved ones can maintain their quality of living by helping to replace your income and paying off outstanding obligations.

Debt payback: Using life insurance to pay off existing loans spares your family from having to bear the burden of debt payback.

Education Fund: To ensure that your kids have access to top-notch educational options, you can designate life insurance profits for their education.

Legacy Planning: It enables you to pass on wealth and assets to your heirs as a legacy or inheritance.

Tax Benefits: Life insurance premiums are tax deductible under Section 80C of the Income Tax Act, making them an investment that is tax-efficient.

 

Benefits of Life Insurance

Flexibility of Coverage:

There are several types of life insurance policies, including term insurance, whole life insurance, and endowment plans. You can decide on the kind that best suits your financial objectives.

Maturity Benefits:

If the policyholder survives the policy term, certain life insurance plans offer maturity benefits that provide a lump sum payment.

Riders:

For more coverage, riders are supplemental benefits that can be included in your life insurance policy. Critical sickness, accidental death, and disability riders are frequent riders.

Income Replacement:

Term insurance, in particular, gives pure protection, making sure that your family's requirements are addressed even if you aren't around to do it.

Get Life Insurance with Buildmyfinance

At Buildmyfinance, we simplify the process of choosing the right life insurance plan for your unique needs. Here’s why you should consider us:

Comprehensive Choices:

We offer access to a wide range of life insurance policies from reputed insurers, allowing you to find a plan that suits your specific requirements.

Easy Application:

Our user-friendly platform makes applying for life insurance straightforward and hassle-free.

Customised Quotes:

Buildmyfinance helps you get customized insurance quotes based on your preferences, ensuring you can compare and select the most suitable plan.

Eligibility for Life Insurance

While eligibility criteria can vary among insurers and policies, here are some common factors to consider:

Age:

Life insurance plans typically have a minimum and maximum entry age. The minimum age is often around 18 years, while the maximum age may extend up to 65 or beyond, depending on the policy.

Medical History:

Some insurers may require a medical examination, especially for older individuals or those with underlying health conditions.

Residency:

You should be a resident of India to be eligible for most life insurance policies in the country.

Income:

Your income may influence the sum assured (coverage amount) you are eligible for, as it determines your insurance needs.

Policy Term:

The term of the policy can vary, and your eligibility may depend on the chosen policy duration.

Riders:

Eligibility for riders may vary based on the primary life insurance policy and the insurer's terms.

Minimum Premium Amounts

Life insurance premiums are calculated based on factors like age, coverage amount, policy type, and your overall health. It’s crucial to evaluate your budget and insurance needs to determine the minimum premium amount that aligns with your financial situation.
Life insurance is not just a financial instrument; it’s a promise to protect your family’s future. By understanding the intricacies of life insurance and selecting the right policy through Buildmyfinance, you can ensure that your loved ones are cared for and financially secure even when you’re no longer there to provide for them.
Founded in 2017, We, BuildMyFinance, are dedicated to empowering individuals and families to achieve their financial goals.
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