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6 Life Insurance Myths: Trust Facts not Stories

Life insurance policies are an important instrument to safeguard your family after you are gone. Yet it is surrounded by many myths and misconceptions. These myths stop a person from making smart decisions and can give him unnecessary stress, especially while dealing with complexities such as lapsed insurance policies or any other insurance claim-related issues.

But what if we tell you, you don’t need to ever face these issues alone? Subject matter experts like Bima Seva Kendra bring SEVA to your fingertips.

And as such, here are expert opinions on 6 prevalent myths.

Myth 1: Life Insurance Is Too Expensive

There are multiple insurance companies in the market that offer extensive life and health coverage. If you think it's too expensive, you will be surprised to know that it starts with just rs. 20/day.

In fact, you can also contact these insurance providers and customize your life insurance plan as per your suitability.

Myth 2: Youngsters don't need Life Insurance Policy

As per WHO, about 4500 young people die every day. The stats highlight that there is no certain age of death and it's unpredictable. So taking life insurance at a younger age is not just beneficial it is also pocket-friendly– lower premiums and higher coverage. Ensuring your family is always covered even after you.

Myth 3: Claim Settlement Takes Forever

Insurance is taken to ease you financially during a crisis- the fundamental rule of insurance. However, you must check the claim settlement ratio (CSR) of your insurance provider. It should not be less than 95%, which shows that 95 cases out of 100 were settled successfully. If you still face Insurance claim-related issues, Bima Seva Kendra is always by your side. Feel free to contact us for lapsed Insurance policies, claim settlement issues or anything related to insurance.

Myth 4: Employer-Provided Life Insurance Is Sufficient

Yes, having life insurance provided by the employer is an added benefit but is not sufficient. Generally, the insured amount is only 1-2X of your income which is not sufficient considering inflation, family needs and more.

You should at least have 10X amount insured of your annual income. Additionally, it is also important to know that employer-provided life insurance gets terminated after your employment with the company is over.

Myth 5: Life Insurance Payouts Are Taxable

As per the Income Tax Act 1961, money received from life insurance is not taxable. However, it's important to note that this law is only applicable if the nominee receives no added interest on the payout.

Only the interest received on the insurance claim is taxable and not the insurance amount.

Conclusion

The importance of life insurance cannot be emphasized enough. These are some of the common myths around life insurance and knowing facts is crucial to make a smart decision.

Do not fall for these myths and research thoroughly before purchasing life insurance.

If you face any issues with Claim settlement, Insurance claim-related issues, claim rejection services, or lapsed Insurance policy, Bima Seva Kendra is your solution. With 100+ years of cumulative insurance experience, we have a 75% success rate.


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