Basic Features Should One Look For In Life Insurance Policy

Rakesh Bhagwat (58) had just retired when a sudden massive heart attack took his life. His family was devastated, but his wife and children found that their loved one’s life insurance policy ensured that they did not face a single moment’s financial stress. This is an article about the basic features of life insurance.

When the family’s main breadwinner dies without being insured, the family may have to deal with the costs of medical treatment, hospitalization, funeral expenses and then go through more trauma to make ends meet in the absence of regular income. 

The right type of life insurance policy takes care of all these issues and more:  

• Term Life Policies
• Whole Life Policy
• Child Plan
• ULIP Linked Policy
• Money-back Policy
• Endowment Policy
• Pension or Annuity Plan

Select the right one based on your unique requirements. The main features that you must look for are:

Basic Features of Life Insurance Policy

Look, features that turn the policy from simple to the best and its feature that provide an extra benefit and make things possible for you—talking about Rakesh Bhagwat’s family, just because of best features of life insurance policy his family living the best life. And not only one family, but there are also a million families living their best lives after losing their loved ones just because of the basic features of a life insurance policy.

The different types of life insurance coverage include:

1. Inclusions and Exclusions: Check what aspects are covered and what are not. These are the covered policy provisions, such as illness, accidents, monthly fixed income, or not covered, such as pre-existing medical conditions, self-inflicted death, lifestyle diseases, etc.

2. Restrictions: Understand the eligibility conditions and age restrictions before you purchase. Based on your life stages, plan for specific goals such as retirement, children’s education, etc. 

3. Settlement Ratio: Check the insurance company’s track record of settling claims.

4. Conversion: Is your policy flexible enough to be converted into another plan if you wish? Can you reactivate a lapsed policy? 

5. Terms and Conditions: Do you fully understand every clause in the contract? Verify all the charges and fees, and also ask about tax exemptions and other benefits. Understand the claims process. Look for riders, and read the fine print carefully. If there’s anything you don’t understand, there are many portals that give extremely good knowledge on insurance planning. Get in touch with comparepolicy.com for more information.