How to Choose the Best Life Insurance Policy/Plan - HDFC Life

November 23, 2016

Once you have identified the need to take life insurance, you should know about getting some basic steps right to select the best life insurance policy.

Select the best life insurance plan/policy in 3 easy steps

• Engage an insurance advisor

  While this may seem trivial, engaging a reliable and competent insurance advisor at the initial stage in your quest for life insurance is critical. Most individuals are not capacitated to take a decision by themselves and need the expertise of an insurance advisor.

• Calculate the life cover

  The insurance advisor will help you calculate the amount of life cover – or the sum assured. He will assess sources of your income, number of your dependents, your debts and liabilities and your expenses based on your lifestyle and arrive at a life cover. He will also decide the best plan be it – a term plan, endowment plan, unit-link plan or a combination of plans, to help provide you with an optimum life cover.

  Likewise, if you have other needs like planning for your child’s education or marriage, pension for your retirement or a woman’s insurance plan for women, trust your advisor to do the math and come up with an ideal solution.

• Compare insurance plans

  Since there are many insurance companies in the market offering a variety of plans, you need to be sure you select the most suitable one. The insurance advisor will do the homework by comparing life insurance plans from various insurers across relevant parameters recommending the most apt plan based on your needs.

Similar Articles

• How to select the right health insurance plan?
• Term Plan Calculator
• How to Secure Family Future
• Impact of Inflation on Savings
• Investment for Future Planning
• Tips to Save Money
• How to make Money Work for you
• How to Manage Investment Portfolio
• Benefits of Early Financial Planning for Parents
• Successful Financial Planning for Women