In the view of life’s uncertainties, very few would say that life insurance is not an essential need in terms of the financial security it can provide to your loved ones, if you are no longer there. Given the importance of life insurance, it is definitely important to choose your insurance provider very wisely. While there are various factors such as claim settlement ratio, your prior experience with the insurers, etc. that can help make this choice, one relatively less considered factor is the solvency ratio of an insurance company.

In this blog, we discuss the definition of solvency ratio, the ideal solvency ratio and its role in life insurance.

In life, you always protect your family members and everything else that is yours – you secure your parents’ health and protect your car and house. There are times, however, when you tend to forget about protecting an essential asset of your life—yourself.

As you grow up, get married, start a family, begin a business or join an office, you realize that you are the nucleus of your family. Without you, it becomes difficult for your loved ones to go on with their lives smoothly. Things may not go as planned, when you are the sole breadwinner of your family and something happens to you. In any such scenario, your family will not only have to deal with the unbearable emotional loss but also may have to tackle financial strife.

It is here that you need to secure yourself first with a life insurance policy so that you can work towards providing cover for your family. Overall, not only is life insurance indispensable, it is also crucial for your family’s financial stability and your financial planning.

Overall, buying life insurance policy is easier than you may think it is. All you must do is be disciplined and careful while deciding on an insurance coverage provided by life insurance companies in India. At Axis Max Life, we are committed to deliver a hassle-free life insurance buying experience.

An insurance policy is one of the most valuable instruments that allow us to enjoy such benefits. It is crucial to realize the importance of insurance and understand how they can positively impact our lives. Depending on your life stage and financial profile, the purpose of insurance may vary. You must understand the importance of insurance and its relevance to you in particular. Let us discuss the role and importance of insurance in detail to have a better understanding.

"Hello Mr. Varun, I am calling from the IRDAI. We have a new insurance plan for you. You will have to return your existing policy so that we can send you a new one with more benefits. Let me take you through the process." said the caller. Luckily Varun was aware that IRDAI doesn't sell insurance and never calls policyholders. He knew that IRDAI only regulates the insurance industry. He reported this call to the police. However, most policyholders are not aware of these things and fall into this trap. They either end up divulging critical financial information or get duped into buying an additional insurance policy.

Life insurance is the only financial tool that offers the triple advantage of risk coverage, long term savings, and tax benefit. It offers financial protection to an individual after taking into account the present and future value of his assets and liabilities. However, consumers need to develop a better understanding of the life insurance products that they buy.

There are a number of things that you must understand regarding your life insurance policy and this document is a guide to help you check the same.

In this blog, we have mentioned below the key parameters to weigh once you receive the policy document.