In the event of your demise during the policy term, life insurance pays your nominees a lump sum amount, thereby, helping them to stay on the road to financial security.

Thus, it is more than worth to take time off to understand clearly why life insurance is so important and how much protected your family is and what is better than International Insurance Awareness Day (June 28) to evaluate your insurance needs.

When it comes to understanding ‘how protected your family is?’ you first need to evaluate your ‘Protection Quotient.’

The ‘Protection Quotient’ is the degree to which you feel protected on a scale of 0 to 100. It measures your level of preparedness, awareness, preference, and ownership of life insurance plans.

To help you understand your protection quotient, Axis Max Life Insurance has launched a unique tool called 'My Protection Quotient (MyPQ). MyPQ aims to gauge your preparedness for your life goals and protection against unexpected eventualities of life. So, on this National Insurance Awareness Day, use this tool to analyze your protection quotient and know where you stand.

The results of the final output of your quotient can be read as follows:

After evaluating your protection quotient, the next step is to ensure that you have the right amount of life cover to help you achieve your life goals and cover your loved ones with risk protection. Buying a suitable life insurance plan is the right move in this direction.

However, when you are looking to purchase a life insurance plan, it is vital that you are equipped with the correct information. This will not only simplify the decision-making process but also help you to arrive at the right plan. In order to consider protecting your loved ones, therefore, we have a few interesting facts that will help you in selecting the right plan for your family.

While you might know about the advantages that term insurance offers, you may not know that you can buy term insurance not only as early as in your 20s but also as late as in your 50s and get coverage up to 85 years of age.

Nowadays, individuals tend to work even after retirement, sometimes up to their late 60s. Therefore, insurance plans that provide coverage as long as 85 years prove to be beneficial for such individuals. And considering the life expectancy in India, which is almost 68 years, the plan with 85 years long term literally acts like your whole life insurance plan.

A Unit-linked insurance plan or a ULIP is a type of life insurance product that offers dual benefits of insurance protection and higher returns. ULIPs also offer an array of fund options to meet the requirements of policyholders with different risk appetite.

Not only this, ULIPs come with the ‘Switch Fund Option’ that allows investors to switch from one fund to another, thereby instantly balancing their portfolio during changing market conditions. The primary objective of the switching option is to allow investors to leverage from funds that are performing well. T&C Apply