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.
Birla Sun Life Insurance Co. Ltd
Birla Sun Life Insurance Co. Ltd (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial.The BSLI portfolio encompasses products for protection, savings, health, retirement, children-specific, and rural sectors. In addition, the company pioneered the concept of unit-linked insurance plans (ULIP) in India.The company has focused mainly on investment-linked insurance products, leading in product innovation stakes.
It was also the first company in India to issue insurance policies online, over the Internet. Its web-enabled IT services allows for superior customer services.
BSLI was also the first insurer in the country to have a viable and operational Business Continuity Plan, set up in 2001. This plan was devised as means to address threats such as natural disasters, operational breakdowns, employee malevolence, damage to critical IT and IT-related systems, and other similar hostile situations. The BCP program addresses these risks and provides plans for effective recovery of its core business processes within a certain acceptable time frame in case of disruption to its businesses due to any such event or incident.
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