How to buy Life Insurance Cover?

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Life Insurance Policy ensures your future by alleviating tensions of family and loved ones.

But one must be cautious while buying a Life Insurance Policy Cover. Here are some tips to be taken in mind while buying Life Insurance Policy Cover:

  • One shall take policy after looking into financial circumstances of one’s account along with family circumstances.
  • One must take into account his monthly income and expenses and choose installments of premium as per his/her earnings. If income is less and there are more expenses then it would be better to select low premium policy plan.
  • One must take care before investing in LIC’s that how much maturity amount he will get on maturity of LIC.
  • Decision must be taken wisely as per your profession. For example, doctor requires special financial security, reasons being, they may have heavy educational loans and they could be sued for medical negligence and long and uncertain work schedule may cause health issues which endangers their life also.
  • Same is the case with the advocates or other professionals. As they don’t have fixed income, especially in the initial stage of profession. so they need to be thoughtful while purchasing policy cover.
  • Everyone has different liabilities and obligations in their life. One should take appropriate step of buying Life Insurance policy to save himself/herself from tensions of discharge of these obligations.
  • Present and future loans may also be considered before buying LIC.
  • Income sources/capacity to pay is must to pay premiums, hence short term premium plans could be preferred.

LIC is better way to protect future life uncertainties and it is also a good medium of investment as LIC plans will return money along with interest on maturity of the policy.

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