How to Reduce the Burden of Life Insurance Premiums?

By | February 14, 2022

Namita wanted to start some savings for her 3 year old son. He called the life insurance agent and said, “What would be the best plan for my son to get a good amount at his education, career and marriage age?” Life Insurance companies have many types of child plans and Namita loved its features. There was one big concern, though. Namita asked, “What will be the value of the amount you will get after 20-2 years?”

If Namita thinks that A large amount after the son grows up If need be, he is big today Preparation to pay premium Have to keep. However, all modern Like parents, he is very Reputable school, branded clothing and Accessories, gorgeous birthday Celebration costs, baby photo The cost of the shoot and lots of work Have to spend money!

All this Also, the benefits that will come after 20 years Spend a big premium for that Deciding not to It was difficult! Meaning a small premium Small amount of insurance and Obviously, a small maturing amount! So it doesn’t work either. Finally What to do All with such concerns For parents, in life insurance There is a very simple solution.

Its Sync to use only And difficult habits of discipline is needed!! Namita’s advisor One of the average sum assured Suggestion to start with policy Did. Now the same plan a few months That can be bought again years later, 6 years for example!

Namita At the age of 5 years, then 4 At the age of, then at the age of 6, At the age of 6 years and last 11 years Child of Rs. 3-4 lakhs at age Bought a plan! Thus, for the child The total sum insured was 18 lakhs Gone and gave birth to a child at the age of 7 years Big amount will be received! Of policies in these schemes Giving benefits over the years There were also policies. In this baby Rates from 20 to 5 years of age A small amount was to be received in a year.

Total Since the sum insured is higher, these amounts Was also relatively good! Every new one With policy, with age The premium certainly increased, but that Was valuable! Namita even more Take a smart step! Of premiums The burden varies throughout the year To be divided into months In different months Buy policies.

So if At the age of, the policy in January Purchased, then 3 years Age policy in the month of April Bought! Life insurance is emotional Coming or taking haphazardly Not a decision. We occasionally And ours anytime in between Take the kids out to dinner We can, we mess up To choose their extracurricular classes Yes, but life insurance So we definitely planned Which usually need to be done Does not happen.

We are talking about child plan So there’s an issue with that Special note. None of them Also premium when the policy is taken Should be taken with Weaver Benefit. That means if not Narayan If the parents do not live, the policy Premium completely waived is coming. After taking this benefit Even the baby matures any Receive amount without change/reduction Happens.

Question: My daughter went abroad to study and Now it is settled there. Anne’s insurance policies Here in India. No problem when the policy matures What do I need to do to avoid falling?

Answer: If the policyholder is an Indian resident as per the form filled in at the time of taking the policy and then relocated to a new country, you can undergo NRO/NRI process. This includes a questionnaire to fill in the details of your investment, business, location, etc. In addition, the insurance company will ask for photocopies of all your passport pages as well as your KYC and new bank details. Once the latest details are updated, the maturity amount will be easily available. Always avoid waiting for the maturity date to complete such work. Make changes immediately to update the policy!

Leave a Reply

Your email address will not be published.