Most people think that buying Life Insurance in Pakistan is something challenging, but in contrast to that, it is just a matter of a few steps. It is a process in which you just need to choose a suitable plan for yourself along with making the decision of the premium amount that you can pay and listing the beneficiaries. It is the best option for making sure that after you, your family will not face any financial problem. To simplify more, it is an agreement between you and the insurance company in which you will get benefits or lump sum amount for the sake of the monthly or yearly premium that you will pay. The beneficiaries listed in documents can take the price after the death of the policyholder. It also includes many other benefits and features—the ideal age for buying Life Insurance in Pakistan in 18.
Types of Life Insurance Plan:
There are two main types of Life Insurance Plan
- Whole Life Insurance
- Term Life Insurance
Whole life insurance is a plan with no limit of time, but the term life insurance plan is renewable because it is valid for a particular time.
Term Life Insurance:
This Life Insurance plan in Pakistan provides coverage for a particular period, for example, ten years or twenty years. This type of life insurance is renewable, and you have to renew it after the expiry date. When the plan ends the company gives money to the policyholder, or if the policyholder is dead, the amount is given to the beneficiaries listed in the documents. A complete procedure is followed for this purpose. These types of policies are more affordable and considerable. It is also considered a reliable way of saving money. Never forget to ask for the details in case of any accidental death of the policyholder. Based on coverage Best Life Insurance Company in Pakistan offers a large number of plans like Education Plan, Retirement Plan, and Marriage Plan.
Key Benefits of Term Life Insurance Plan:
- You can get the amount of money up to 1.5M
- The premium amount that you have to pay is smaller
- You can get the lump-sum amount as promised and mentioned in the policy
- You can get a wide range for plans to choose from
Some exclusions are
- Suicidal death
- Death caused by pre-existing conditions
Some factors that affect Term Insurance premium:
Factors that can affect the premium amount of Term Life Insurance policy are as follow
- Age
- Sum
- Gender
- Medical History
- Family History
- Lifestyle Habits
- Physical Build
- Plan Tenure
- Premium paying tenure and frequency
Some Tips that can help in reducing the premium amount:
- Try to buy a plan when you are young and healthy: The amount of premium definitely depends upon the age and your health so buy a plan at an early age for paying less premium amount
- Always maintain good health and lifestyle: Maintaining good health will never increase the amount of premium that you are paying, so it is also an essential factor to keep a check on.
- Choose a longer tenure: Choose a plan with more extended time coverage it can help in paying small installments because of the time duration
- Try to pay premium regularly and in annual mode: Never miss the premium it will increase the burden which will automatically make you stress full
- Choose the correct sum assured; Always choose the plan that suits you the best by checking the premium amount and the coverage it provides. There are many plans available in the market that can give good coverage in less amount. So choose according to your budget
- Always start with essential covers: Start your Insurance policy with crucial and most needed cover rather than choosing every single unwanted thing. Choose according to your need
- Compare several quotes before buying: It is best to shop around and look fo what is best for you so always compare several plans before buying
- Check on discounts: There are times when companies are offering plans with deals. Never miss the opportunity and buy car insurance for your safety
Types of Term Life Insurance:
The three basic types of term life insurance are as follow
- Level term, or level-premium, policies
- Yearly renewable term (YRT) Policies
- Decreasing term policies
How to File an Insurance Claim in Pakistan?
Some essentials that are needed for filing a claim are as follow
- Copies of claimant’s CNIC
- Claimant’s statement form
- Medical records of the deceased
- Copy of FIR or Post-mortem report in-case of Accident
- Hospital death certificate
- NADRA death certificate
After all, these documents complete the procedure and give details to your insurer.
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