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In these times of economic turbulence, more Indians prefer life insurance policies than fixed deposits, as an option to safeguard their capital, says a survey.According to the survey conducted by global information and media company Nielsen, 44 per cent of the Indians would opt for life insurance policies as compared to fixed deposits."In the wake of the global financial meltdown, most investors are looking at options which help them safeguard their capital. Life insurance is seen as one such avenue," The Nielsen Consumer Research associate director Kalyan Karmakar said.The survey titled 'Nielsen Life 2008', involved 12,760 respondents in the age g
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Travel insurance is also referred to as trip insurance. This insurance policy provides additional protection for persons who frequently travel for business of pleasure. The insurance usually gives coverage that is above and beyond the protection provided by other forms of insurance. Travel insurance packages can address just about any aspect of traveling, from providing compensation for hotel booking issues to covering unexpected health problems when outside the jurisdiction of a traditional health plan.Travel insurance is an excellent tool that is helpful to handle unexpected delays that result in extra financial expenses. For example, flight insurance can provide
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It is important that the insured and the nominee should know the insurance claim settlement’s process. A wrong step can lead to denial of the benefit for which life cover is bought.A life insurance policy is a contract between the insurance company and the policy holder. In this contract, the insurer agrees to pay a pre-defined sum upon the death of the insured. This sum assured is claimed by the nominee of the policy -- the person is designated to make a claim in the event of the death of the insured.In order to make a claim, the nominee needs to submit a claim form that is issued by the insurer. The nominee is also required to submit documents such as the or
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A life insurance policy covers your life, offering benefits in case of death or even if you survive the term of the policy. However, the policy does not provide for medical emergencies unless you opt for a rider. Riders act as additional benefits that can be attached to the main policy and help spread the risk base.You can take riders with any life insurance policy, be it traditional or unit linked. The typical riders include critical illness benefit, waiver of premium benefit, level-term covers and accident and disability benefits, but you can opt for customized riders that are specific to insurers and are offered to make their products stand out. Some insurers off
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Underwriting is one of the aspects of insurance that makes most people’s eyes glaze over. Underwriters deal with the statistics that they are number crunchers. Many people, who have an insurance policy, do not even know that at some point, their applications passed through the hands of an underwriter. But underwriting is one of the most important parts of the insurance process. And knowing what an underwriter does and why it is so important. It is helpful for people who are shopping for a new policy.Insurance is based on the risk. When you get an insurance policy, the insurance company is taking on some of your risk. For example, if you drive a car, you are on
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A Unit Linked Insurance Plan, a financial product, is commonly known as ULIP that offers the twin benefits of life insurance as well as an investment. After deducting fees and charges, part of the premium paid goes towards buying insurance cover and the balance gets invested in the investments chosen by the policyholder, be it equity, debt or a mix of both. Thus, ULIP Plan is a life insurance solution that provides the benefits of protection and flexibility in investment.Traditional policies also broadly work like that. In these policies, a part of the premium is set aside for life cover and the rest is invested in a fund after deducting charges. But the difference
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Premiums are always calculated on the risk factors. Insurance is more like a game that is all about managing risks. Insurance companies do not want to take any risk. They try to know each and every thing in detail about the insured person. They try to find out whatever they need to know, even if the insurer tries to hide.Your insurance premium depends on various factors. They scrutinize whether you suffer from any major ailments and try to check your smoking habits, cholesterol levels, obesity, diabetes, and other conditions. This could lead to poor health and a quicker death. They also look into age, gender and health. All these factors determine the premium that y
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It is a common refrain that life insurance policies are never bought but sold. It means that most of these policies are bought by people without looking any options. Till recently most life insurance policies were bought for the wrong reason i.e. as a tax-saving instrument. As a result, there is a huge mismatch between what these policies were bought for and what were their requirements.These complications do not stop here. Unlike other savings instruments, life insurance policies are long term investments. It’s difficult to wriggle out of them without taking a financial body blow. But taking a body blow may be better than a slow bleed which may cause by a wro
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Insurance has occupied an important place of our lives. You may not think it to be an important thing to buy until a moment you are made to face a loss. One has rightly defined insurance as an act where a certain loss of a small magnitude is borne to replace an uncertain loss of a larger magnitude in the future. Here the certain loss of a small size typically represents premium and the uncertain loss is the sum assured.Notably, the above definition does not talk about any investment or return. It is direct enough to talk about avoiding the larger loss. Simply, the aim of insurance is to cover losses by contributing a small premium into a pool.Insurance helps you to
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Unit Linked Insurance Policies (ULIPs) as an investment avenue are the closest to mutual funds in terms of their structure and functioning. As is the case with mutual funds, investors in ULIP plans are allotted units by the insurance company and a net asset value (NAV) are declared for the same on a daily basis.Similarly, ULIP investors have the option of investing across various schemes similar to the mutual funds domain, i.e. diversified equity funds, balanced funds and debt funds to name a few. Generally speaking, ULIPs can be termed as mutual fund schemes with an insurance component.However, it should not be interpreted that barring the insurance element, there
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The Indian insurance industry has been strongly growing for the last few years, says RNCOS new report, "Emerging Rural Insurance Market in India", due to the introduction of innovative products, organized distribution channels, rationalized sales system, and targeted marketing and campaigns.The report also says that India has shown huge growth opportunities for the life insurance industry due to fast growing economy and huge middle-class households. Moreover, the Indian life insurance sector is at the nascent stage but has huge growth potential. Besides this, the report also identifies that rising per capita income, insurance awareness and growth in supply
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When considering funding a startup business with your retirement savings, the first question that comes to mind may be "Why?" The answer lies more in the people themselves, than the funds. These investors range from retired entrepreneurs who have "played it safe" throughout their careers and want their shot at their own venture, to retirees who need more retirement dollars to sustain their lifestyles. Some want to "own something", while others like the excitement and the risk involved in being their own boss.In this article, we'll address one of the first and most important steps for any small business: financing. We'll also tak
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Health insurance provides valuable service and savings to many people. Though there are literally thousands of variations in the types and quality of insurance offered, the basic principle stays the same; an individual or company pays a monthly premium so that in the event of a health care need, the insurance company will pay all or part of the health care costs. Then, of course, there are deductibles, co-pays, excluded policies, preexisting conditions, etc. which make up the world of insurance.Health insurance is about more than just doctor bills and deductibles. There are also riders that an individual or company can add into a health insurance policy. One such ex
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Deferred annuity is the best option for those people who are looking to save on tax deferred basis for retirement. It is an excellent retirement saving vehicle. Basically, tax deferred annuity is a contract between two parties i.e. policy holder and an insurance company under which the insurance company agrees to maintain the annuity and optionally convert accumulation value to a monthly payout once he or she retires, in return of a specified premium.Deferred annuities, the long-term personal retirement accounts, are designed to provide a steady income stream after your retirement. These annuities are the most popular among various retirement saving tools as all of
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Purchasing life insurance has never been, and never will be, fun, Nevertheless, it is important-especially for the high-nel-worth individual who must provide liquidity for estate planning purposes. To put the purchasing decision in perspective, the author presents a brief history of life insurance, explaining the developments that have led to today's array of products. Their variegated evolution means certain inevitable compromise that an advisor can illuminate and some salesmen may obfuscate.Purchasing (or advising the purchase of) life insurance involves the careful considerations of current and future financial circumstances and a studied observation of the p
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Finding car insurance quotes online is simple, but finding the cheapest car insurance rates can be of an extra challenge. To obtain the lowest quotations, follow these tips to assist you find ways to trim probably hundreds off your car insurance quotes.1. Give them details – If you do not provide details about your pin code, marital status, auto safety features, & annual commuting miles, by default insurance companies quotation will be a higher car insurance rate. Provide as much information as possible to make certain you get each discount that you meet the criteria for & save lot of money.2. Shop around – Car insurance rates can differ as much
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Term insurance vs. whole life being shown side by side will quickly show the significant differences between the two. The investment known as a whole life policy is called whole life because it is something that can be used and will last, throughout your entire life. Life needs change and some people do not need to consider life insurance as an investment, so they will choose term life, which covers a specific time period.When looking at the cost of whole life versus that of term life it may seem like an easy choice, but being informed about the facts and the variety of differences will show why the price is so different. As your whole life policy increases in value
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What good is car insurance if you don't have a car? None. You also wouldn't need road tax, MOTs, petrol or diesel. You would not care how much petrol prices had gone up that week unless it was going to affect the cost of your bus tickets and if you also had a bicycle then you wouldn't care about that either.Sometimes I think about how much easier it would be if I had never learned to drive. Of course I always come to the conclusion that it would probably be a lot harder, just a lot cheaper too. Living in a remote part of the country it would have been a pain in the neck if I did not have any transport. The buses are far from reliable and the winding road
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Life insurance is one commodity that virtually all of us know we need, but nobody wants to shop the insurance policy. Most of policy holders just seem to automatically feel that they are paying too much insurance rates. But you don't have too much knowledge of it. Regardless of whether you are a first-time life insurance purchaser or you already have coverage but you always want to see if there are lower rates available, these following tips can definitely help you to search out the best possible policy for the best possible price:1) Get recommendations from family members, friends and acquaintances. They will generally tell you about their experiences with a cu
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Now days, in the busy world, when people are running around for the fulfillment of their needs and to make a perfect balance between their needs and wants, health consciousness and concerns seems to be getting on to the back seat. Medical expenses are touching the sky, so to avoid and any financial pressure at times, it has become a prerequisite to secure yourself and your family with adequate health insurance plans. In this long run, people are not able to realize that insurance is equally important as your existence on earth.There are various health insurances to avail in the market, some are company sponsored, and some are individually bought. Among these managed
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