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Life Insurance Planning Basics of Life Insurance LIC-Policy Terms
Life Insurance Planning
How To Plan?    
Step 1
Step 2
Step 3
 
Selecting a life insurance policy
  Understand how much insurance you need
This is the single most important factor to evaluate before you select a life insurance policy. For this, you must consider the current expense profile of your dependents and the current wealth level of your family. Also, consider what your dependent’s risk tolerance level is. Our Are You Adequately Insured planning tool can take you step-by-step in addressing this issue.
  Selecting your Premium Paying Term (PPT)
How long do you want to pay your insurance premium for? Key factors this decision could depend upon are -

  How many years you see yourself earning a regular income
  The level of your regular savings
  The amount you can commit to paying regularly as insurance premium
  How long you want to be insured versus how long you expect to pay a premium for?
  Other important questions to ask
Besides understanding how much insurance you need and selecting your premium-paying term, you need to consider some other key factors, such as -

  Do you want to participate in bonus/ profit share?
  What is the primary objective of your seeking insurance - mainly risk cover, mostly investment returns?
  Do you want accident cover?

For a detailed understanding of the factors you need to consider while selecting a life insurance policy, and the rationale for the same, use our Insurance Planner.

This planning tool will also take you step by step and arrive at a shortlist of life insurance policies appropriate for you, based on your personal profile.

To understand life insurance terms, you can read The Basics of Life Insurance.

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