This is the same time of the year when everyone starts realizing that the year is ending soon and it is even more important for the salaried people because they now ave just a few months left to do all the savings to save the tax. The foremost thing that the person decides to do is to buy life insurance. Which is in fact the right decision that one can take.
Good time to start new plan
It i always the right time to start a new plan. It is even more beneficial to start at this time as the IRDA () has made some drastic changes in the way the life insurance was being sold till date in India. IRDA is now asking the life insurance companies to make certain changes in their plans that will not only be with more assured returns but would also help the policy buyer make a informed decision.
The way policies are being sold will be changed after after 30 Nov 2019. A small change that will be put into force is that the insurance companies will now have to do revision in plans illustrations to explain the expected returns on the plans with 2 same rates 4% and 8%. So the policy holders will now be clear n what they would get after the policy matures.
How to chose a new plan
The basic rule for staring a new plan is to start with a term plan, then a savings plan that create a money pocket for future needs and then finally pension planning. LIC of India has plans for all your needs. term plan, savings (child endowment), pension
- Term Plans: Amar Jeevan (limited and one time payment besides the option for regular premium payment also the claim settlement can be done in 10 equal installments or one time payment)
- Child plans: Jeevan Labh, Jeevan Lakshya
- Pension plans: Jeevan Umang, Jeevan Shanti
Get in touch with our life insurance experts to discuss your new plan needs and buy the right insurance plans.