If CI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. The future premiums payable under the policy will reduce proportionately. The CI Benefit, is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the CI Benefit paid. This benefit is payable, on first occurrence of any of the 34 illnesses covered. ^Critical Illness Benefit is optional and available under Life and Health and All in One options. **Our Life insurance policies COVID-19 claims, subject to applicable terms and conditions of policy contract and extant regulatory framework. Hence, keep the age of your dependents in mind while calculating your life insurance coverage Age: Different stages of life present different financial needs.Financial goals: Financial goals like retirement planning, children's higher education, marriage, medical expenses, and others must also be considered while selecting the sum assured for life.So, pick an appropriate amount of life insurance as per their lifestyle and requirements Different circumstances may necessitate different coverage needs. Dependents: Consider the expenses of dependent family members like minor children and ageing parents.Take cognizance of your debt and pick a life insurance amount that can be used to repay it Debt: Financial liabilities like loans can become a burden on your family in your absence.Here are some of the most important factors that you must consider before choosing a sum assured amount for life insurance: Another way to calculate life insurance is by analysing your current and future expenses.
For example, if your current annual salary is ₹ 10 lakh, you should buy a life insurance cover that is worth at least ₹ 1 crore. The simplest way to calculate the minimum sum assured amount for a life insurance plan is to multiply your current annual income by 10 $ if you’re under 55 years of age. The life insurance company invests your money and pays back the returns generated from it to you as payouts In simple words, you pay the life insurance company a premium in lump sum and your money is returned to you as regular income either immediately or after a certain period of time.
Disciplined investment: With regular premium payments, life insurance plans inculcate financial discipline.They offer options to cover different types of risks and goals Life insurance plans can be used to save for your future needs. Wealth creation: These plans help you create wealth over time and build savings.You can financially secure your family by choosing a substantial life cover so that they can maintain their standard of living in your absence Financial security: Life insurance products can provide you and your loved ones with financial security.There are several benefits of life insurance. It gives you peace of mind and confidence and helps you save taxes. Life insurance protects your family members’ financial interests in your absence.
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