From buying mobile phones to placing orders for grocery items Indians are getting hooked on online shopping in a big way. Till a few years ago life insurance was mainly bought offline but now customers are also showing increasing interest in buying life covers online.
Did you know the Insurance Regulatory and Development Authority of India (IRDAI) mandates all life insurance companies to provide a 'Benefit Illustration' (BI) to the prospective buyers of unit linked insurance plans (Ulips).
It is perfectly legal to buy and hold more than one life insurance policy. Your beneficiary can rightfully claim from all the life insurance policies you hold in the unfortunate event of your death. Multiple policies offer an extra level of protection that a single plan might not necessarily provide you.
Insurance isn’t something meant only for families or middle aged individuals, it’s equally important for the young, the old, the unmarried and absolutely anybody else who earns an income- even if nobody is depending on it!
The tax benefit on premium paid for a life insurance policy is an important additional advantage of life insurance. It is advisable to understand all aspects of claiming this tax benefit in order to avoid losing it.
Understanding the difference between an insurance agent and an insurance broker can help you make the right choice when taking a financial decision. Let’s take a look at what it is that they do and how you can effectively use their services to get an insurance policy that suits your needs.