How To Choose Best Insurance Plan Instantly

Tips To Choose Best Life Insurance Policy 

It’s a big question of today, how to choose best insurance plan. I would like to share my opinion and views about the Endowment, Term & Children Insurance Policy. Basically I was worked with three insurance companies, which are basically selling the insurance product and process the request of visitors. 

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Best Insurance Plan
So many people do not know very much about the insurance policy benefits and long term advantage for their life. According to my opinion, every person should take the policy as per requirement and paying capacity. You would be benefited, if you are taking it in lower age, because premium will take hick with your growing age.

How To Choose Best Product From Insurance Market.

Different types of Insurance products are available in market. But you will be chosen the best product for yourself. This is a tough task for you, if you are not very much aware about the product features and benefits. Insurance product features and benefits are USP of insurance product and that will vary according to age, occupation, customer paying capacity and premium paying term. You can understand it like that – A child insurance policy should be for parent’s dependent children, Endowment policy for youth, Term Insurance policy for earning member and health insurance policy for old age people. This is the simple way to understand the necessity of Insurance product for customer.

Here I would like to bifurcate the features of above given insurance policy as I know about that. That will helpful to you to choose the best insurance plan instantly for you and your family.

Discuss On Endowment Plan

First I discuss about the Endowment Policy – Endowment policy cover life risk and provide Sum Assured + Bonus on maturity. You can get additional bonus (Terminal Or Loyalty) if you increase your policy term as per policy features. I would like to share experiences about my Endowment Insurance policy. I took an endowment policy of premium amount Rs. 12000/- in yearly mode. Chosen 10 years term at the age of 28. When my policy matured I received the amount Rs. 135000/-. The additional benefit I received is extra coverage - like my policy will provide 1 Lakh risk coverage whole life without taking any premium. The maturity benefit can enhance if chose 15 years term.

Second is Child Insurance Policy – This policy help the child to protect the life, secure the future and provide the assistance to survive in future without taking any help to others (excluding family members). When a parents purchase a children policy for his son, father or mother will have the sole authority and pay the premium on behalf of son (in minor case). When child will be major, the authority can be transfer automatically to child or after completion of documents (that is called vesting age in insurance terminology).

Third insurance policy is Term policy – This policy is better to get the higher risk coverage in low premium amount. If any person gets the Term policy in lower age, they will get the higher Sum Assured and Sum Assure d (risk cover) will decrease if policy took in higher age. But I want to clear one think here that this type of policy will renew every year and insured person will not get any amount after completion of policy tenure. That means this only provide the risk cover of high sum assured with premium amount. You should be also care about the discontinuance of policy. Company can generate the requirement of Medical test, if underwriter demands. According to my opinion every earning person should take this policy in lower age and concuss about the premium payment due date.

Fourth is Health Insurance Policy – This policy structure protect the health of the buyers. They may be old age or young age people. Health policy is very important for old age people, because ailment will increase with time and income reduces after post retirement. Company provides cashless benefit with health insurance plan and insured avail the facility of hospitalization without paying any cent in listed hospital.


So many other benefits attach with every policy. You can opt one beneficiary and nominee with policy. Nominee will be sole person to get the Sum Assured or Risk Coverage amount directly on miss-happening with insured person but beneficiary will be benefited, if insured person is alive or dead. Insured person can change nominee but cannot change beneficiary, if beneficiary is alive.

If insured person want to surrender (excluding term insurance policy) its policy, he should be complete the 3 years term for traditional policy and 5 years in unit linked. The payment will be made after deduction of first year premium/ extra premium/ accidental benefit that may have been paid. The cash value of any existing vested bonus will also be allowed.

Loan will be granted, if policy acquired a paid-up value. Loan will be granted subject to the terms and condition of the policy. You can Mortgages your policy paper for Home Lone also. Policy may be acquired by bank to provide the Consolidating Student Loan. Loan quotation will be required to get the surrender value to sanction the loan.  

I think this knowledge will help to purchase the policy from selling Agents. Numbers of agents try to get more commission by selling the Endowment policy. We should be concussing to select the Insurance Product, because this is a long term investment. Use these tips to choose your best insurance plan instantly.


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