Having chosen a life partner and settling down to a secure job, one would normally be enjoying a happy and contented life. Soon a new life between the two may propel them ahead with a wonderful bonding. However, often in solitude or even in the midst of celebrations he may start worrying about how to protect the future of his loved ones from any unforeseen event. Quite naturally, the bread earner starts looking for some kind of financial protection. He starts exploring for a life insurance policy. But buying a life insurance policy is not a simple transaction.
Plenty of choice
In India, there are 24 life insurance companies. Here, no company is involved in selling life insurance to particular segments of the population as specialists. Hence, for any prospective buyer, all the insurers are prospective life insurance providers.
Life insurance is not bought every year. A policy is generally bought for a very long tenure, normally up to the age one is expected to earn for himself and his family. It is also not easy to exit a life insurance contract midway. One has to incur substantial loss for premature exit. Hence the decision to buy a policy must follow thorough understanding of the products and information about the competence and reputation of the service provider.
