Life Insurance What is life insurance and should I take it? What is the right amount of insurance to take? Will try to answer all these questions here in easy Hindi. The need for life insurance varies from person to person depending on their age, income and responsibilities. Let us understand what is life insurance. To know more about insurance and other aspects, read our article on insurance in detail. Meaning and everything you want to know about Life Insurance in Hindi.
Life Insurance Meaning in Hindi
An agreement in which the insurance company provides protection to the family from the loss of income of the insured in the event of his death is called Life Insurance. Life insurance does not happen because of the name Life Insurance. No company in the world can insure anyone’s life. When a company insures a person, it does not happen that if something happens to him, he will be revived. It can only compensate for the economic loss.
Life Insurance Life is not insured
You tell me, can life also be insured? Because life is given by God and God can take it back whenever he wants. How can a person get his life insured? Can life be returned by taking life insurance? So we considered it our duty that first of all this misconception should be removed in Life Insurance In Hindi. Read here about health insurance on our site.
what is life insurance
Life insurance provides protection to the family against loss of income in the event of death of the insured. (A protection against the loss of income that would result if the insured passed away). In other words, it protects the family against loss of income in the event of the death of the life assured. In today’s era, when every other person in the cities lives in a house taken on loan, then its need increases even more in this situation. Along with reading Life Insurance in Hindi, read this also Types of Life Insurance and know what type of plan you should take.
How Life Insurance Works
In case of death of the insured during the term of insurance, the sum assured is paid to his nominee. In a savings plan, maturity value is provided to the insured at the end of the term of the plan. The maturity value of the plan is calculated by adding the sick money and the bonus, if any, issued. Fixed premium has to be deposited to continue the insurance during the insurance period. Insurance cover can also be removed as per the rules of the Life Insurance plan if the due premium is not deposited by the due date. Also know how to claim life insurance at the end of the plan term and if needed .
How much sum assured should be taken
Although how much insurance should be there, it depends on each person’s own situation, yet according to a simple equation, take out eight times the amount you earn in a year. In this, you deduct your liquid assets like cash, bank deposits and mutual funds, etc. up to you) add to this. In this way, the amount that will come, you must take Life Insurance ie Sum Assured of that amount. It is also used to save income tax .
Be careful while counting the sum assured
Remember to adjust for the effect of inflation . For this see my previous article . If you want that your family can maintain this standard of living forever in case of any untoward incident, then count and see how much Life Insurance you need. If you are a woman then read life insurance essentials for women .
Types of Life Insurance
Generally term insurance , endowment , money back or ULIP are the types of life insurance . Term insurance is pure life insurance and its premium is low. Rest of the life insurance plans are insurance as well as savings plans in which the maturity value is provided to the insured at the end of the term of the plan. ULIP plans may also come with share market risk.
Determination of premium in Life Insurance
The premium for life insurance is determined according to your age, health and habits. Obese people, cigarette smokers or those in hazardous jobs may have to pay higher premiums than the general population. Also read how the premium of life insurance is determined .
Life Insurance rules and benefits In Hindi After reading what is life insurance, it must have become clear in your mind that not only do you need it, it also needs to be explained that how much sum assured should be taken.