Review Your Insurance Plans with Indian Money

Insurance planning is a part of financial planning. It helps you grow and protect wealth. Choose the insurance plan which best suits needs and make sure you are covered for all eventualities. Life insurance, health, car and home insurance are crucial to protect life and costly assets.

Indian Money Bangalore
Indian Money Bangalore

Different types of life insurance plans

Term life insurance plans: This is pure risk cover with no survival benefit. It helps transfer wealth to nominees on an unexpected demise. You pay a premium for a sum assured. On an unexpected demise within the term of the plan, death benefits are paid to the nominee.

Endowment life insurance plans: An endowment plan offers the twin benefits of insurance and savings. It helps save over a period of time and on surviving the tenure of the plan, you get sum assured + bonus. On death within tenure, sum assured + accrued bonus is paid to nominees.

Money back plans: It’s a type of endowment plan. You get a percentage of sums assured at regular intervals instead of a lump sum at maturity. Regular intervals can be tailored to meet important milestones.

Ulips: Unit Linked Insurance Plans also called Ulips offers the twin-benefits of insurance and investment. Part of the premiums is assigned for mortality cover and the rest is invested in equity, debt or a combination of both depending on the type of Ulip.

Whole life insurance: It provides cover across the life of the insured or up to 100 years. The sum assured is decided at the time of availing the policy and is paid on death of the policy holder along with bonuses.

Retirement plans: Insurers sell annuity plans. An annuity plan protects from the risk of outliving income. An annuity makes a fixed stream of payments helping retirees get money in retirement. If you want payments immediately opt for immediate annuity plans. If you want pension payments after a specified time, opt for deferred annuity plans

Review Your Insurance Plans with Indian Money

IndianMoney.com Review advises you to review insurance with change in financial goals and life situations.

If assets have increased (you have a new car or house) avail more insurance. Life insurance helps in wealth transfer. You need life insurance across working life. You don’t need life insurance after 60 as you have net worth to tide over most crises.

Indian Money Bangalore advises a health insurance plan even if you are covered under a Company group insurance plan.

An increase in liabilities means more life insurance. Increase coverage under term life insurance if you have liabilities like a home loan

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Indian Money dot com Review on Pros and Cons of Buying Insurance Online

Insurance basically means protection. It provides protection against the loss of an asset or human life. According to the IndianMoney review, insurance planning is an important part of financial planning.

IndianMoney dot com review
IndianMoney dot com review

With the advent of technology, things are not the same. Today, people use internet for everything, be it to find information or to make essential purchases. There are a number of things which can be done online, like buying groceries to insurance plans. Indian Money reviews say that people prefer doing most things online, rather than offline. Gone are the days where insurance policies were sold only by insurance agents. Many insurance companies sell insurance online and a lot of people prefer making the purchase, as it is cheaper when compared to purchasing insurance offline

IndianMoney dot com review says that, while buying insurance online has many advantages, it also has drawbacks. In this article, we will discuss the various pros and cons of buying insurance online.

What is an Insurance Plan?

Insurance basically means protection. It provides protection against the loss of an asset or human life. While home insurance provides protection against the structure of your home, term life insurance protects your family in case of an unexpected demise. According to the Indian Money review Bangalore, insurance planning is an important part of financial planning.

IndianMoney Review on Pros and Cons of Buying Insurance Online                         

Pros of Buying Insurance Online

Ease and convenience

You can buy insurance policies online at the convenience of home, office or even while traveling. Many insurance companies have chat bots which suggest insurance policies on the basis of needs.

All the details of the policy are documented and you will have enough time to go through and choose the best. In the case of online insurance, you will be filling in all personal information yourself. So, there will be fewer chances of errors.

To buy an insurance policy online, all you have to do is visit the official website of the insurance company, provide the required details and make payment, online.

Lower premium

Buying an insurance policy online can help save a lot of money as the premium of online insurance policies is low, when compared to policies bought offline. Usually, many insurance companies offer online policies at around 30-40% discount. This is mainly because in the case of online insurance, there are no intermediaries or agents between the insurance company and customers.

Cons of Buying Insurance Online

Difficulty in understanding the product

While buying an insurance policy online, most people may not completely understand the product as there will be certain terms which are not very clear. Due to this lack of transparency, many people end up buying the policy based only on the premiums and the insurance cover against the premium, ignoring various other clauses which are also very important.

Non-availability of personal services

While buying an insurance policy online, you will be directly interacting with the insurance company and there will be no agent to assist on claim settlement, filling up proposal form and so on.

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