👨‍👩‍👧‍👦 Life Insurance Guide: Secure Your Family’s Future

Life insurance is not just a policy, it’s a promise to protect your family’s future when you are not around. But every plan works differently, and choosing the right one ensures your loved ones never face financial stress.

👉 Key Things to Check Before Buying Life Insurance

✅ Right Sum Assured (Coverage Amount)
Always choose a cover at least 10–15 times your annual income. This ensures your family can manage living expenses, education, and future goals without compromise.

✅ Understand the Policy Type

• Term Plan: Pure protection at lowest cost.

• Endowment/Traditional Plans: Protection + savings, but limited returns.

• ULIPs & Investment Plans: Insurance + market-linked growth.
  Pick based on your priority – protection, savings, or investment.
  
  

✅ Premium Affordability & Flexibility
Choose a premium you can comfortably pay for the long term. Some plans allow monthly, quarterly, or yearly payment options.

✅ Critical Illness & Riders
Add-ons like critical illness, accidental death, or waiver of premium riders give extra safety without needing a new policy.

✅ Policy Tenure Matters
Longer tenure = more security. Ideally, choose a policy covering you till retirement age (60–65 years) or beyond.

✅ Claim Settlement Ratio
Always prefer companies with 95%+ claim settlement ratio so your family doesn’t face hurdles at the time of claim.

✅ Tax Benefits
Life insurance premiums qualify for tax deduction under Sec 80C, and maturity/claim proceeds are tax-free under Sec 10(10D) (subject to conditions).

✅ Honesty is the Key
Always disclose health, income, and lifestyle details honestly. Hiding facts can cause claim rejection later.

👉 Quick Checklist Before Buying Life Insurance

• ✔️ Coverage 10–15X of annual income

• ✔️ Claim Settlement Ratio above 95%

• ✔️ Critical Illness & Riders included

• ✔️ Affordable long-term premium

• ✔️ Policy tenure till at least age 60+

• ✔️ Tax benefits under 80C & 10(10D)

• ✔️ Trusted advisor support for choosing the right plan
  
  

⚡ Pro Tip: Don’t just buy the cheapest plan. Buy the plan that ensures your family’s dreams stay alive, even if you are not around.