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Module Units
- 1. Introduction
- 2. Why Is Life Insurance Necessary?
- 3. Who Needs Life Insurance?
- 4. Definition Of Risk
- 5. Classification Of Risk
- 6. Insurable Risk
- 7. Features Of Life Insurance Contracts
- 8. Life Insurance –Required Cover
- 9. What Should Be The Duration Of Your Policy?
- 10. How Much Cover Is Needed?
- 11. Life Insurance Plans & Riders
- 12. Term Plan
- 13. Whole Life Insurance
- 14. Endowment Life Insurance
- 15. Money Back Policy
- 16. Children’s Policy
- 17. Pension And Annuities
- 18. Need For Pension And Annuities
- 19. Unit-Linked Insurance Plans (ULIPs)
- 20. Types Of Unit-Linked Insurance Plans (ULIPs)
- 21. Charges, Fees And Deductions In ULIP
- 22. How Much Of The Premium Is Used To Purchase Units Of ULIP?
- 23. Pradhan Mantri Jyoti Bima Yojna (PMJJBY)
- 24. What Is A Rider?
- 25. Insurance Regulatory And Development Authority Of India (IRDAI)
- 26. Policyholders Interest Regulations, 2002
- 27. Rules Regarding Policyholders’ Servicing
- 28. Grievance Redressal Mechanism
- 29. Must Know Concept And Terms Part 1
- 30. Must Know Concept And Terms Part 2
- 31. Practical Matters
- 32. Accumulation / Payout Stage
- 33. When Should You Exit A Life Insurance Policy You Don’t Need Anymore?
- 34. When You Should Hold On To The Policy?
- 35. Conclusion
Who Needs Life Insurance?
In continuation with our discussion on the necessities of life insurance, it is also essential to know who needs a life insurance? Well, the answer is quite simple. Basically, if you have a family to support and you are an income earner, then you need Life Insurance. In view of the economic value of their contribution to the family, housewives too need life insurance cover.
But if you are a single person with no dependents, then don’t make the mistake of thinking that you don’t need life insurance cover. Actually, even a single person requires sufficient life insurance to cover the expenses of personal debts, medical as well as funeral bills. In case you are uncovered, you might pass on the legacy of unpaid expenses to family or relatives.
What are the importance of a proposal and the disclosures made therein?
The disclosures made by you in a proposal form while buying a life insurance policy form the basis for underwriting a policy and therefore any wrong statements or disclosures can lead to rejection of a claim later on causing inconvenience to your heirs / immediate family.
What are special medical reports required to be submitted in Life insurance?
Special medical reports may be necessary for consideration of a risk in case of some proposals, depending upon the age of entry, age at maturity, the sum assured family history, and personal history.
For example, if the proposer is overweight, special reports like Electro Cardiogram, Glucose Tolerance test, etc could be required, while for underweight proposers, X-ray of the chest and lungs with reports could be required.
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