2006-08-20 12:18:35 · 9 answers · asked by sgoel 1 in Business & Finance ➔ Insurance
HI goel, taking insurance policy is a good decision to protect life aganest risk. Basically we can devide life insurance policies into 3 ways. One is Term Policies, second Endowment Policies and third Money back policies. Term Policies covers risk only, it wont give any interest or bonus to you. Endowment policies give your amout after maturity period along with bonus. Money back policy gives you money on particular intervels. Based on your need you can opt among these policies. LIC, ICICI, Bajaj Allianz, Birla Sun Life, HDFC Standard life are the some major companies in india in this domain. Based on sum assured premium will be differ. Here you have a chance of selecting premium payment intervel like 1year, half yearly, quaterly and monthly. Before taking policy plz go through the full details of coverage, rider and about claim settlement. All the best.
2006-08-21 23:26:16 · answer #1 · answered by chindu 2 · 0⤊ 0⤋
You have gotten some good advice from some of the answers before me. Liquidating debt before having a good soldi plan to stay out of debt in the future is not a good idea. You may have very good intentions initially, but without a written spending plan that you have followed for several months it will not work. My suggestion is to first establish a monthly spending plan that you can follow for at least 3 months or more. Once you find that you can do that, then think about liquidating current debts. You question has to do with liquidating a currenty fully paid-up policy in order to pay current debts. The question is whether you want to keep this poliyc at all. I believe we should not leave family members saddled with our debts, but that is my thought. You must come to your own conclusion. The policies you have at work are group policies and they will not stay with you for the long term. If you do decide to take them with you upon retirement, you will pay a lot of money for the privilege to do so. As has pointed out several times before, the cash value is probably not 10k.....it is probably something in the area of 4 to 6k. I say that because if your grandparents bought it and paid for it little by little and it is now paid off, it is probably a pretty old policy and the cash values have probably grown through the years. The ex-NY life agent that gave such a disturbing picture of insurance agents is telling me exactly why he is no longer with the company. Only the truly committed agents that believe in the products and the well-being of their customers will stick it out when the going gets tough. In conclusion.....if you can live on a budget for 3 months or more and not go further into debt then I would say decide if you want to keep the policy long term for the death benefits. If you decide that you can do without the death benefit, then by all means cash it in. Be sure to pick another small death benefits whole life policy up in your future....when you can afford to protect those you leave behind. Thands for the question.....good questions. Many factors to consider. There is no right answer for everyone....we all have our own "right" answers.
2016-03-26 23:18:58 · answer #2 · answered by Marilyn 4 · 0⤊ 0⤋
Insurance is based on 6 month premiums. When you take out a policy and your yearly premium is say $600.00 you would pay every 6 months $300.00 unless you set up a pay plan for a monthly payment. Then you would take the 6 month premium $300.00 and divide by 6. Now this premium may change based on your driving record. You will be paying a higher installment if you were to get a ticket for speeding. The points on your insurance would show up at your next renewal period.
2006-08-20 12:28:27 · answer #3 · answered by swomedicineman 4 · 0⤊ 0⤋
insurance policy only can through agent only. just call any insurance agent and he will describe you all the formality about buy an insurance policy . payment will be selected by your policy term, sum insured and by your age group. the amount will be paid in monthly,quarterly,half yearly,yearly or single time payment.
2006-08-20 13:00:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can call/visit a broker, or go online.
You usually pay one or two months in advance to start out the policy.
2006-08-20 12:24:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Visit Gieco.com
2006-08-20 12:32:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋
hi,
my name is santhosh working for a well known insurance company as a sales manager.please call me or give your number.my number is 9842680028.
2006-08-21 02:34:48 · answer #7 · answered by santhosh 1 · 0⤊ 0⤋
Better check online first
2006-08-22 11:19:10 · answer #8 · answered by efrenchinkrungthep 1 · 0⤊ 0⤋
Maybe they will help you, I take their plans always,
"http://www.dpbolvw.net/email-1961891-10425133"
2006-08-21 18:25:50 · answer #9 · answered by Anonymous · 0⤊ 0⤋