Life Insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (policy holder) or after maturity of insurance policy. Depending on the policy, other events such as fatal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil turmoil.
For many people, their first time experience with life insurance is when a friend or a colleague gets an insurance agency license or life insurance policy. Unfortunately, this is how most people acquire life insurance policy – they don’t buy it, it is sold to them by insurance agents, or under influence of colleagues and friends, without proper knowledge of the product. But is life insurance something you truly need, or is it merely a saving scheme thrust upon you by an insurance agent.
While there are many reasons as to why you should buy life insurance policy, one must consider it for future financial security and financial stability for himself or his or her family.
It depends on your need and on the insurance company’s policy terms. The optimal age for purchasing life insurance is technically right after 3 months of birth. If you have regular monthly income, you can enroll yourself for life insurance policy. Life insurance is age restrictive, which means that as each year passes, a policy becomes more expensive. The first thing you need to know is that the younger and healthier you are, the less expensive life insurance policy is.
Understanding life insurance in depth is a must before purchasing, since there are a lot of technicality in life insurance plan, you should visit nearest Sanima Life Insurance branch office or partner bank branch office and get detail knowledge of life insurance policies or contact Sanima Life Insurance agents. Before visiting you can have your minimum insurance sum assured amount calculated using, The resulting figure is the actual maximum amount you can have your life insured for. We encourage people to buy life insurance on the basis of the theory of Human Life Value. (HLV defined.. – Link to HLV page goes here)