How Can Your Life Insurance Yield Maximum Return ?

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How Can Your Life Insurance Yield Maximum Return
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How Can Your

Life Insurance Yield Maximum Return?

Many people prefer to invest in life insurance as it’s available at a low cost and can give you the maximum returns. To avail the best returns you must follow certain steps. Some of the ways by which you can get the best returns out of your life insurance policy can be as follows.

Choose the Right Portfolio – Life Insurance plans offers so many policy to choose from. Some of them are Traditional plans also called as Endowment plans. You can also choose from ULIP plans or just purely a Term plan. Other plans to choose from are the Money Back or Life Coverage plan. You can choose a mixed portfolio of insurance policy to get the best returns. Every life insurance policy can help you in fulfilling a certain financial need.

Buying the appropriate Riders – There are lots of riders available with your insurance plans. By paying an additional nominal amount you get many benefits. There are many types of riders that you can choose from. Buying a rider can surely give you the better value of your investment in the insurance.

TYPE OF RIDERS

Sno. RIDERS
1. Accidental Rider
2. Death Benefit Riders
3. Emergency Cash
4. Permanent Disability
5. Premium Waiver Benefit
6. Surgical Rider

 

Stay Invested still the End of Policy Term – Never consider surrendering your policy as an option. You may loose out on many benefits provided by the life insurance plans. Some of them can be the loan that you can take against your policy. You will also miss out on the bonus from your policy. The biggest disadvantage of surrendering your policy is you will loose part of the investment. While surrendering the policy you will not get your funds after deduction from the maturity benefits.

Plan Your Tax – Life insurance is the best way through which you can save your tax. As per section 80 C, you can save up to Rs.1,50,000. All the portfolio of your life insurance policy contributes in saving your tax. You need to declare the amount of premium that you pay to make your life insurance portfolio investments. These funds can be submitted at the time of filling the tax. Leverage the Returns – You must keep track of all your life insurance policy. You must make the claim at the right time. At the same time, you can liquidate your money in some of the plans like ULIPS & Money back. Market-linked plans like ULIP may fluctuate frequently. By staying updated with the market conditions you can withdraw your amount after the locking period whenever you need it. Staying invested in these plans for a longer duration can always give you maximum returns. But you must withdraw at the right time to get the best returns. In endowment plans, you can only get the returns after the maturity so the best time to pull your funds is on completion of the policy term only.

Raise Claims at the Right Time – Claims should always be made at the right time. If you delay beyond that time than there are chances of your claims to get rejected. Usually, the claim must be raised within the 30 days of the demise of the policyholders. In other kinds of claims like critical illness riders etc tenure of raising the claim should be the same. If you submit your claims after the stipulated time than you may be at the risk of claim rejection.

If you follow the above steps than your life insurance may prove to be the best investment. Choose the right plan and get maximum advantage. To buy the right plan you can visit an online comparison site like PolicyX. You will find lots of players to choose from there. Some of the leading insurance companies are tabulated below.

Sno.  Life Insurance Companies
1. Max Life
2. PNB MetLife
3. ICIC Prudential
4. Aviva Life
5. HDFC Life
6. Aegon Life
7. LIC
8. SBI Life
9. Birla Sunlife
10. Bharti Axa

You can easily buy the desired insurance plan from any of these insurance players. You just have to make the online payments through IMPS, NEFT or any other online payment and receive the policy in your inbox. Making the payments through IRDAI approved web aggregators is completely secure. As soon as you purchase your policy online you will be allocated with a unique login that you can access anytime. You can make any amendments as and when required through that unique dashboard allotted to you. It’s also easy for you to raise the claim with the help of these logins as well. Get a suitable life insurance plan for yourself and utilize it in the best possible way to get the best returns.

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