A life insurance cover helps you secure the financial future of everyone dependent on your income in the event of your death. Nobody can help overcome the loss of a dear one, but imagine that along with this loss the surviving members of the family are hard-pressed to maintain their lifestyles because they were partially or fully dependent on the income of the deceased. Getting an adequate life cover is absolutely essential if the sum of the total value of your assets (other than the home you stay in) less your total liabilities (including any home loan, car loan or personal loan you might have outstanding) is less than 150 times your current monthly expenses. The shortfall would be the recommended amount of life cover you should seek. At ApnaPaisa, we help you reach out to a maximum of 5 service providers who will propose alternative plans that you can compare based on:
- Life Cover (also known as Sum Assured)
- Annual Premium
- Additional Riders Offered
Often customers get lured into combining their life cover requirements with an investment objective. We do not recommend this approach because it is always a lot more affordable to opt for a term insurance policy and invest the savings on the annual premium into any savings instrument of your choice - be it PPF, Fixed Deposits, Mutual Funds or even shares.
Rider, adds the extra bit in life insurance
Ride on additional benefits in life insurance, here's how . Riders are additional benefits that can be purchased with a life insurance policy to spread the risk cover.Apnainsurance Research Bureau
21 Dec 2007
Riders are additional benefits that can be purchased with a life insurance policy to spread the risk cover.
Most companies offer riders that are quite similar. There are some differences, though. Rider details must be read and understood completely before purchasing them. Rider premiums can substantially add to the cost of the life insurance policy. While comparing premium costs, especially for term plans, one must compare the benefit and cost of the various riders. The common riders include:
Accidental Death Benefit RiderAccidental Disability/Dismemberment Benefit Rider
Critical Illness Benefit Rider
Guaranteed Insurability Option Rider
Hospital Cash Benefit Rider
Life Guardian Benefit Rider
Waiver of Premium Rider
Term Rider