Sabse Pehle Life Insurance (Meaning Life Insurance First) isthe first joint mass media drive of the life insurance industry aimed atincreasing awareness in the country bout life insurance. The objective is to,further its penetration as well as motivate the general public to buy LifeInsurance products that are bestsuited for them.This campaign has been launched in all major Indian languageslike Hindi, Bangla, Kannada, Telugu, Malayalam, and Tamil. It will useconventional as well as digital platforms such as TV and social media toamplify its outreach. An eye-grabbing TV Ad is also being aired on variouschannels for this purpose.
Why we need this kindof campaign?
To know about the need for a campaign like this, we need tohave a look at some of the figures as per the Annual Report of IRDAI (2017-18):
The insurance penetration (percentage of insurance premiumto GDP) in India is a mere 3.70 percent (2018). Though a decade earlier, we hada much better penetration of 5.20% (2009).The insurance density in India (ratioof premium to population) has also stagnated from 2017 at 55 USD. India's sharein the global insurance market is also only 1.92 percent, though we arewitnessing an increase.The unsatisfactory state of insurance penetration isindicative of how the general public is still unaware of its innumerableadvantages. Also, people are still not willing to invest with a view ofsecuring their future. Even those who do, do it for saving taxes. In such ascenario, launching a full-fledged campaign is indispensable.Association ofMutual Funds in India (AMFI) has already set a precedent by launching aninvestor awareness campaign called Mutual funds Sahi Hai (mutual funds are the rightchoice), which was immensely successful and lead to an increase in mutual fundinvestors by 3.2 million.
Importanceof Life Insurance
The value of life is best realised when we imagine thefuture of our loved ones without us. All of us have had this dread of leavingthe people who we always protected and cared for, alone in this rather cruelworld. But no matter how much endearing is the idea of spending our lives withour loved ones, we can never know when life takes an ugly turn. Life isn'tassured, but it can definitely be insured.
Benefits and Features of Life Insurance
Lifeinsurance is a contract that pledges payment of an amount to the personassured (or his nominee) on the happening of the event insured against. Amongother things, the contract also provides for the payment of premiumperiodically to the Corporation by the policyholder.
Benefits of Life insurance
Security: Lifeinsurance secures the lives of the dependants of the breadwinner of ahousehold. It allows the person taking the insurance to choose his/hernominees,
ensuring that the needy get the money, even after the deathof the policyholder.
Protection:Life insurance guarantees a certain amount to be paid at the untimely demise ofthe insured, irrespective of the amount saved so far. This investment
is unlike other saving schemes where you only deposit theamount and get suitable interest on it.
No-Risk: Lifeinsurance doesn’t have market risks as opposed to other investment plans. Also,all the terms and conditions of the policy are clear to the buyer at
the time of taking the insurance. This transparencyminimises the risk of frauds or forgery.
Planning Goals:Life insurance helps you to plan your future goals like higher education,loans, marriage, debt etc. and makes you financially sound to achieve them.
There are also policies, which come with retirement plans andpurchase of a house.
Low Premium:Life insurance secures yours and your loved ones’ future without having youcompromise on your present. The amount of premium may be as small as Rs. 100
and thus, doesn’t burn a hole in your pocket.
Tax reliefs:The amount paid in premiums is exempted from income tax and wealth tax as it iseligible for tax deduction under Section 80C up to a limit of Rs.1.5 lakh.Assessees can also avail of provisions in the law for tax relief. In such casesthe assured in effect pays a lower premium for insurance than otherwise.
Loans: Lifeinsurance is acceptable as security for most of the loans, including commercialones.
How to Select Life Insurance
How to select lifeinsurance using cover360.in?
It’s just a click away. Visit our website’s Term insurancesection and fill in few details regarding your age, income, cover needed andwhoa! You get a list of insurance policy from an array of insurers. Not justthis, you can customise your coverage, period, Pay-type, Payout, and payfrequency as per your needs.You can compare, analyse and buy a policy here andthen, hassle-free! Still confused, you can call us on 97167-20000 or evencontact us using WhatsApp! Our executives will help you choose your lifeinsurance plan!
You can also check out our blog section to get a morenuanced view of insurance plans available and the ones you should go for.
The details we ask for are necessary:
Your name and gender: Of course!
Your contact: So that we can reach out to you!
Your Age: The age at which you're taking a policy is thecritical factor determining your premium. The earlier you buy, the lower thepremium.
Whether you smoke: Smoking is considered to be very risky,and the policy premiums for smokers are higher than non-smokers.
The coverage you want: This is the amount you wish toreceive in case of any eventuality. You can edit this later while checking outthe list of plans.
Your annual income: So that we can hand-pick the bestoptions for you
