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.
Insurers selling ULIP are following norms- IRDA
IRDA has recently undertaken a special audit of insurance companies such as Bajaj Allianz Life Insurance, SBI Life etc. selling ULIPs.Apnainsurance.com Research Bureau
20 Jun 2008
Insurance Regulatory and development Authority of India (IRDA) has recently undertaken a special audit of insurance companies selling unit -linked insurance plans (ULIP).
Under audit IRDA inspected the sample brochures of insurance companies to check weather they are adhering to the norms of IRDA. According to the audit the insurance companies are following the norms specified by IRDA.
According to the audit, companies are following the norms specified by the IRDA to provide transparency to investors. They have not found any discrepancies in their functioning.
IRA has audited Bajaj Allianz Life Insurance, SBI Life, ICICI Prudential Life, HDFC Standard Life and Tata AIG Life.