Understanding Life Insurance – The Life Insured

Life Insurance in simple words means – A life which is insured. In today’s fast paced world, where everybody is too busy, getting insured does makes sense. In today’s world, where people are too involved in their self- made world, one needs to keep a track of the kind of assistance they can get in bad times.

Things can really go wrong, you can meet a fatal accident while going to office, your wife can be discovered of a heart disease at the age of 40 or you can be out of your job. To cover all these situations and to have a backup in the bad times, life insurance is the best thing you can have. Life Insurance works as a reliable backup in the times of crash out or in conditions where you are not able to provide financial support to your family.

Human Life in all conditions cannot be valued. Hence, when someone takes a life insurance policy, he/she is paid the monetary benefit called Sum Insured in Insurance Terms. This Sum Insured along with some added bonuses is given out to the Insured or the beneficiary in case of death, permanent disability, permanent partial disability or accident of the person taking insurance. By covering oneself against all these risks involved with our lives, one can think of a substantially easy life.

The policy which you take depends entirely upon you. It is for you to determine the kind of policy you would require. Your daily needs after you retire like paying of monthly bills, yearly trips, medical needs and bills etc. are to be calculated by you. Based on this, the life insurance policy has to be decided. Once taken, you can be rest assured that you will have a peaceful life 20 years from now, or that you child will have a proper education even if you are not there or your wife won’t feel helpless in case you are not there to stand by her side or that you will have a peaceful life.

Life Insurance is a sensitive issue, often calling for complications. To overcome such complications, the Govt. Of India devised a regulatory board called Insurance Regulatory and Development Board (IRDA). IRDA on its part laid out some common policies on which all the insurance companies of India – whether Govt. or private run. So, irrespective of the company you take the policy from, almost all the profits, benefits and guaranteed returns get are somewhere the same.

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