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Why Insurance
Almost each one of us has bought
or plans to buy life insurance. The usual process is contact an
insurance agent who helps you estimate the policy value and goes
ahead and buys the policy on your behalf. So you feel good that
you now have a life policy showing how much you worth! Take a step
back before you buy that policy. Have you ever considered buying
more then one policy value you desire? There are some great gains
in doing so. These are....
During Financial lows
If you go through a situation where you are financially constrained
to surrender your life policy, you will lose the cover for the entire
policy even if you do not need the entire surrender value of the
policy. For instance if your policy's surrender value is Rs 10 Lakh
and you need Rs 4 Lakh cash, you will have to cancel the entire
policy and lose life over completely. had this policy of Rs 10 lakh
been taken as 2 policies of Rs 5 lakh each, you could have surrendered
just one policy. You would still remain covered for Rs 5 lakh!
Distributing your estate
Breaking up your life policy help in this count too. Taking the
same example, instead of having one Rs 10 lakh policy, having 2
Rs 5 Lakh policies helps allocate your estate among your children
( this is an ideal situiation if you have 2 children - each child
gets proceeds from one policy).
Taking a loan
You can use your life policy as a pledgeable security while taking
a loan. Lenders as well as the insurer usually offers loans up to
a specified percentage of the surrender value of the policy. If
you dont need a loan to the extent of the amount you are eligible
for, you will still have to offer the entire policy as security
to the lender till the repayment of the loan. During the period
the policy remains with the lender, he is eligible for all the rights
to the policy. However if you break up your policies, you need to
pledge only just that many policies to raise the necessary loan.
Tax Benefits
Section 88 of the Income Tax Act states that premium paid on a life
policy is eligible for tax rebate. The beneficiary may be different
from the premium paying person. For instance your wife can pay premium
for your policy and claim the tax benefit. Breaking up for life
policy helps in this case too. If the premium paid on a consolidated
policy is higher than the amount of rebate you need, you can break
the policy to claim the entire tax rebate. This can be done by another
tax paying family member paying the premium for one policy and claiming
the rebate.
Meeting your life goals
You can divide your life insurance portfolio into a number of policies
spread over different tenors to give you a stream of steady income
to take care of your life's financial commitments like children's
education and marriage, buying property, asving up for your old
age etc. Check out specific plans structured by insurers specifically
for these purposes.
What if you have already taken a consolidated life policy?
Dont despair. You can break it to peices! contact your insurance
agent to guide you to doing so. By paying a small sum to the insurer,
your policy can be broken up into more than one, without any loss
to you. It is worth the efforts.
Contact Us
1) If you want to Buy New Insurance Policies than call 9820934872 (Mumbai)
2) If you need a detailed quotation from us as to how much insurance
you should really go for. Click
here
3) If you have a previous life insurance policy and want servicing
for the same. Click here
4) Contact us on email: uniglobalindia@gmail.com
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