How to choose the right term insurance plan for yourself?
While purchasing a term insurance plan, it is important to look beyond just premium costs. It is equally crucial to consider factors like sum assured, policy term, claim settlement history, and additional features such as riders. Moreover, life insurance needs should also be evaluated on a regular basis to accomodate an individual's evolving lifestyle and financial conditions.
Insurers can’t hike senior citizen health insurance policy premiums by more than 10% per year without consultation: IRDAI
As part of the ongoing monitoring of insurance products offered in the Indian insurance market, IRDAI observed that there has been a steep increase in premium rates under some of the health insurance products offered to senior citizens (aged 60 years and above).
Mastering the essentials: Life insurance and term insurance explained
Life insurance ensures financial security for your family in the event of your death, whereas term insurance provides this protection for a specific period at a lower premium. Understanding the differences between these options, their benefits, and how to choose the best policy is crucial for effective financial planning.
A full GST exemption on life insurance premiums could mean more expensive premiums for policyholders. Here’s why?
GST exemption on life insurance premiums: At present, a high GST rate of around 18% on life and health insurance premiums makes plans too costly, which leads to many people potentially forgoing proper insurance coverage. But if both life and health insurance premiums are made completely exempt from GST, it might potentially end up making both life and health insurance premiums more expensive, largely due to loss of input tax credit benefits. Know more about it in this article.
When are policyholders eligible to receive death and maturity benefits in their term plan?
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 34th part of this series, Riju Mehta explains the difference between the two types of benefits in life insurance.