RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

How to Pick the Right Life Insurance Plan

down-arrow
November 04, 2023

Table of Content

 

When it comes to life insurance it can get very tricky at times to decide as to which plan is the most fit plan for you and all your needs. Currently, in the private sector in India, many companies offer fantastic plans, which may seem attractive at first but you need to ask yourself:

Is this the right plan for me?

This article will help you understand the most basic products that are available in the insurance industry. By understanding the basic products, it will help you get a clearer picture of the more complex product offerings in the insurance market.

Life insurance products:

Regardless of your age, income, sex, etc. It is very important to understand that life insurance is one of the essential investments that you will ever make. Considering the amount of risk and uncertainties that we have encompassing us, planning ahead and choosing the right policy is vital and important.

But while we pursue this investment opportunity, we also need to consider some factors that should be kept in mind while we pick a Life insurance policy.

Factors:

  • Premium amount

  • Time Duration of Payment

  • Type of insurance opted for

  • Your requirements as a policy holder

Premium amount:

While you go for the option of life insurance, always make sure that you absolutely know about the premiums that you are paying.

How much will I be paying per month?

Will this Premium amount stay fixed or will it change?

These are some of the sample questions that you should ask your insurance representative, while you are buying a Life insurance Policy. You may ask more questions, according to your curiosity.

Time Duration of Payments:

Knowing the time duration of your premium payments, is of utmost importance as it would help shield your capital and help you to plan out your payments more diligently. Being thorough with your premium payment period is a big YES.

Type of Insurance:

Knowing about what kind of plan you want to go for, goes a long way. Once you have a clear idea of what kind of Life insurance you would like to go for, it makes it so much easier to dig in deeper and find a plan that is more suitable to your specific needs.

Requirements as a policy holder:

Being clear with what your needs are with the Life insurance policy, is more than 50% of the work done. For example, If a young working professional, who has his parents as dependants on him should look into investment into a TERMplan. Why you ask? As he may want to look for different plans of insurance for investment but as of now his primary need is a life cover, so that if unfortunately something happens to him, his parents should be covered.

Similarly, it is of utmost importance that we plan ahead and decide as to what we want from a Life insurance policy and what we expect back from it.

Written By Priyansh Koul (HDFC Life)

ARN: ED/07/19/14722

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Why Is Insurance Necessary?

Why Is Insurance Necessary?

Learn the essentials of what is insurance, its types, benefits, and how it protects your finances. Get insights into life and general insurance policies today.

How to Take a Loan Against Life Insurance Policy?

Who is the Insurer and Insured?

Blue Chip Fund

"Blue chip fund invests in stocks / shares of well-established companies with credible financial performance, market capitalization & steady payout of dividends."

Blue Chip Fund
Guaranteed Return Investment Plans Can Safeguard Your Financial Future – Here’s How Previous
Type and Benefits of Insurance Riders Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches