Health insurance and life insurance are two completely different things with their own set of benefits. While health insurance policies are designed to take care of an individual’s medical expenses during his lifetime, life insurance provides financial protection to one’s family members, in case of his/her untimely demise.

The cost of a life insurance plan can vary significantly from one policyholder to another. It mainly depends on factors like the type of life insurance policy, coverage amount, policyholder’s age, etc. Other than this, the medical history and lifestyle habits of an individual are also among the key determinants of life insurance’s cost. Those with pre-existing medical conditions or risky lifestyles might have to pay a higher premium.

There are several terms used in the context of life insurance. Some of these include:

The process for filing a life insurance claim can slightly vary from one insurer to another, but basic steps always remain the same. Generally, the nominee/beneficiary needs to raise a claim request and submit all the relevant documents along with the claim form. These documents include death certificate of the insured and policy documents. Once the verification is done, the beneficiary can get the claim amount.

Mainly, there are two different types of life insurance policies: pure protection and protection & saving. Pure protection life insurance plans, as the name suggests, are designed to protect a policyholder’s family from any financial hardships. In case of the policyholder’s sudden demise, a lump sum amount is given to the family members. Protection & Saving plans, on the other hand, offer savings benefits as well as life cover. These policies offer decent returns upon maturity and can help in achieving certain long-term goals.

While buying a life insurance policy, there are several things that you need to keep in mind. Some of these include the coverage amount, monthly/annual premium amount, type of policy, etc. It is always recommended to get a life insurance plan that provides enough coverage, and the premium amount should not be too high. Other than these, you should also focus on policy terms & conditions as well as the insurer’s claim settlement process.

Life insurance and term insurance are two different types of policies that offer financial protection to an individual’s family members. While life insurance provides coverage for the entire lifetime, term insurance plans are valid for a certain period, which is decided initially. Apart from this, life insurance plans also include a cash value component and offer some returns. Term insurance, on the other hand, does not offer any such saving benefits.

Yes, you can buy life insurance online through Muthoot Finance. We offer a variety of life insurance policies that are designed to cater to the diverse needs of individuals. You can explore all the options online, select a policy that suits you the best and reach out to our team for further assistance.

The minimum age requirement for getting a life insurance policy in India is 18 years. However, this age limit can vary sometimes from one insurer to another. Some of them have a slightly higher age requirement, such as 21 or 25 years. While selecting a life insurance policy, it is best to check the eligibility requirements of your preferred insurer and then proceed with the purchase.

Although you can purchase a life insurance policy at any age between 18 and 65 years, the ideal time to get it is as soon as you enter your 20s. The biggest advantage is that you’ll get better coverage at lower premiums. Generally, the younger an individual is, the less expensive his/her life insurance policy will be.