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Have you hedged your life?

Have you hedged your life?

Often my better half and I discuss various things in life, ranging from where to eat or what to buy to why our last job wasn’t the right place for us. We discuss a lot, but still glide over a few essentials. How did I realize that? Well, it came in cognizance due to an incident in someone else’s life.

A close friend of ours had an unexpected medical emergency. Things were looking grim, but by God’s grace, everything went well. He was medically insured and therefore the finances were taken care of. But what about the emotional security? The fear on his wife’s face, when things weren’t right, was dreadful for us to see. We were there while the situation was grim, but one could foresee how things could go haywire if something else would have happened.

A few days passed by and I was again in my usual routine, only to be disturbed by a sales call about life insurance. I cut the call out of annoyance, but after a while, I had a faint flashback of what had happened in our friend’s life. It was at that moment when I realized that anything can happen to anyone and it is best to secure one’s family with a life insurance. Flowing with the thought process, I researched online. After investing a lot of time and realizing that life insurance is after all not all that complicated as we think it is, I would like to share my dossier with you all.

Screen Shot 2016-05-19 at 7.58.29 pmYou see, there are different important parameters one should consider before buying a term plan. An insurance policy can be value for money for the policyholder and also be flexible enough to offer customizable plans as per the need. One should consider buying a policy from a respected brand in the industry. After all, it’s all about the brand value of the company. A good brand will help you to settle a claim faster and with a much simpler process when the need arises. Always check for the claim settlement ratio before buying a policy.  Some brands take a long time to issue policies, it is advisable to check who processes the application faster, this way you save a lot of time and your policy comes into effect early.

Often people don’t realize the importance of having an adequate life cover. What does this mean? It simply means that in case of an unfortunate event, your family should get enough financial support to sustain their lifestyle without compromising on the children’s education or Home EMIs. There are many cases where due to low sum assured the nominees had to compromise on a lot of these things. Since most of us don’t know how much cover is enough, here is a super-easy-to-use insurance calculator to check ideal life cover.    

Screen Shot 2016-05-19 at 7.59.04 pmAs in my case, while sifting through my options, I found Max Life Online Term Plan. It is customizable as per my needs, offering three variants of term plans. The first option is a Basic Life cover, which provides an immediate lump sum. It is ideal for families who have low liabilities and want the maximum for a minimal investment. The second option is Life cover + Monthly income, where one gets a lump sum and a monthly payment, which acts as regular income, for 10 years. This option is best for families who, apart from immediate financial liabilities, would want to hedge life expenses over a tenure. The third option is Life cover + increasing monthly income. This option is similar to the previous one, but with the monthly payment increasing by 10% per annum, taking care of inflation and your loved ones. You can go and buy one in case it interests you. It’s a pretty simple process.

I found the entire experience quite brilliant and personal. It covered me with a good premium at a very competitive rate and Max Life Insurance has one of the best claim settlement ratios (refer to the link for further details). I signed up my term policy with Max Life. Now I can peacefully sleep, knowing very well that my family’s financial future is secure and adequately covered.

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