Life Insurance in Bangalore

Secure the life of your loved ones with the best life insurance policy

Life insurance can give you a solid financial foundation and can be a versatile tool for all types and sizes of business. Organizations can use it as a valuable benefit to attract talented employees. We have a list of top life insurance providers in Bangalore who will not only offer you different types of life insurance policies but also help you to choose the right one according to your need. To know more about the different life insurance policies, contact our listed insurance agents now!

What is a life insurance policy?

It is a contract between an insurance policy holder and the insurance company where the insurer has to pay a fixed sum of money in exchange for a premium after a specific period or after the death of the insurer. Life insurance is an inimitable financial planning which can relieve the individuals and their families from financial strain in case any unfortunate event occurs.

The three basic aspects of life insurance are:

• Premium: The insurance cover is provided to the individuals if they pay a certain sum of money towards the policy. It is termed as premium. This can be considered as the initial investment which will offer returns in the future.
• Death benefit/ sum assured: This is the money which the insurer has to pay the nominees of the policy holders after their demise. It can vary based on the number of parameters.
• Term: The insurance policy provides protection for a certain period of time which is called as term. It can vary based on the type of life insurance policy chosen by the policy holder.

Benefits of life insurance policy

There are a lot of advantages of taking a life insurance policy such as:

1. Life Risk Cover:
   Life insurance offers you a high life risk cover which keeps you and your family protected in case of any unfortunate event.
   
   
2. Death Benefits:
   Investing in life insurance can give you and your family a secure future. In case of any mishap with the insured individual, the insurer pays up the entire insurance amount i.e. the sum assured along with the bonus to the grieving family.
   
   
3. Return on Investment:
   Life insurance schemes can yield you better returns if compared with other investment alternatives. Most of the insurance schemes offer good bonuses that no other investment scheme can offer. The money is returned fully to the policy holder as sum assured either after the term completion or after the demise of the insured individual.
   
   
4. Tax Benefits:
   Under the section 80C of the Income Tax Act, investments made in the specified instruments are subject to rebate. Currently, the amount is Rs. 100,000 which can be invested in life insurance premiums, employee provident fund, pension superannuation fund, equity linked mutual fund schemes, public provident fund and National Savings Certificates.
   
   
5. Loan Options:
   Life insurance can offer you the advantage of taking a policy loan in case you are in desperate need of money. The loan amount can be taken in a specific percentage of the cash value or sum assured under the insurance policy.
   
   
6. Life Stage Planning:
   Life insurance can help you in life stage planning where you can plan your life’s financial goals according to your convenience. Be it your home construction, children's education, their marriage or planning a relaxed retired life, you can manage everything with your life insurance.
   
   
7. Assured Income Benefits:
   Your family will be secured due to assured income they can receive on regular intervals. This income can help in paying rents, loans and other expenses like telephone and electricity bills, child education etc. This amount compensates for the income that discontinues after the demise of the earning member.
   
   
8. Riders:
   Riders are the additional benefits which are added to a basic insurance policy. The riders may cover the critical illness, personal accident, family income benefit and waiver of premium benefit. These additional cover steps are useful during situations where the main insurance policy may not come into play.

All you need to know about life insurance

People insure their cars against any theft or damage, their homes in case, anything goes wrong, but they forget the most valuable thing of all; their lives. It’s comforting to know that we have people around us who love and care for us deeply. But how would they manage if we are no longer around? The death of our loved ones comes with its own challenges. It is important to ensure that in this period of mourning and loss, life continues as comfortably as possible. The void created by the death of the family member is hard to fill but it should not disrupt the financial future of the family. Therefore, it is important to realize the value of life and get a life insurance.

What is life insurance?

It is an arrangement between the Insurance Company and the policy holder in which the insurer guarantees compensation for the loss of life in return for the regular payment of a specified premium. In Life Insurance, the name of the beneficiary is mentioned in the contract who gets the specified sum from the insurance company in case of any mishap i.e. Loss of Life.

What are the key benefits of life insurance?

1. Risk Coverage:Insurance offers risk coverage to the insurance holder and his family in form of monetary compensation.
2. Different plans for different uses:Insurance firms offer different types of plans to the insurance holders depending on their need for insurance. Higher is the premium, greater will be the benefits.
3. Cover for Health Expenses: The insurance policies may also cover hospitalization expenses and some critical illness treatments.
4. Promotes Savings: Some insurance policies come with saving plans i.e. the insurer invests the money in profitable ventures.
5. Guaranteed Income:  There is a guaranteed sum assured amount in the insurance policy which is payable at the time of completion of the policy tenure or if the death of the insurance holder occurs.
6. Loan Facility: Insurance holder can borrow a certain amount of money from the insurer. This option is available only on selected policies.  
7. Tax Benefits: Insurance holder can get tax benefits under the section 80C of the income tax Act, 1961.

What are the different types of life insurance?

There are many types of life insurance policies that can aid you in meeting needs of different life stages:

1. Term life insurance: Insurance holder gets coverage for a tenure which you choose by yourself. These policies can be availed by people who find it hard to pay lump sum money.
2. Whole life insurance: This policy covers the insurance holder for entire life.
3. Endowment policy: Risk is covered for a definite period and at the end of the policy tenure, the sum assured along with the accumulated bonus is given to the policyholder.
4. Money back policy: This insurance policy repays the survival benefits periodically.
5. Savings & investment plans: It helps in investments to make your money grow.
6. Retirement plans: It is a retirement plan. You can make your retirement corpus according to your risk and after completion of the specified period, a certain amount of money is paid to the beneficiary in the form of pension, annually, half-yearly or monthly.
7. Unit Linked Insurance Plans (ULIPs): A part of this investment goes in providing life cover whereas the residual portion is invested in bonds or stocks.
8. Child insurance policy: These life insurance plans are designed to meet the rising education and other needs of children. A child plan provides a lump sum amount on the event of death of the policyholder, but the insurance plan doesn’t end. All the future premiums are waived off and insurer continues investing money on behalf of the policyholder. The child gets the amount at specified tenure as per the plan.