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  Some people compare life insurance with other saving instruments such as PPF as both can be saving avenues as well as allow one to reduce one's tax outgo. However, strictly speaking PPF and life insurance are actually two very different instruments with few features in common. Sound financial planning rests on the twin pillars of protection and savings. Protection always comes first because once you are fully insured even if something unfortunate happens to you, your family will be able to maintain its standard of living without any trouble. Only after ensuring financial protection can you think about saving for other goals such as your child's education, his/her marriage, your retirement etc. An example will bring out why the life risk element is the primary need in financial planning i.e. protection first, savings next: A person, aged 30 with good taxable income, wants to create a corpus for use after 15 years for the wedding of his daughter who is now 5...

Term Insurance or Health Insurance ?” - which is more important for you if you have limited money. Death is less probable compared to hospitalization One of the argument is that, there are far greater chances of getting hospitalized because of some reason then dying. So if you look at this problem from  probability point of view , you can be almost sure that in next 5-10 yrs, you or one of your family member will be hospitalized for some or the other reason – big or small. But meeting death is very less likely in comparison. So a lot of people argued that Health insurance is much more important than term plan, if you have limited money. Premiums are increasing fast in Health Insurance and its can be claim every year Another argument in favor of health insurance over a term plan was that, its a product where you can claim every year and protects your financial life from regular attacks of money sucking illnesses and accidents and anyways premiums are increasing very ...

what happens when the policyholder dies within the grace period provided after the due date of paying the premium.  Every life insurance company provide a grace period of 30 days for paying the premium after the due date is over. Companies send reminders on SMS and emails to make sure the customer pays their premiums on or before the due date. But if they forget to pay the premiums on time, still they get 30 days of grace period. If premium are not yet paid after the grace period, then the policy is considered to be LAPSED and no death benefits will be given if the death happens after the grace period. Do you get sum assured if death happens during grace period ? And the answer is YES. As per the rules, if the death of the policy holder occurs on the due date of the premium payment or during the grace period, still the policy is valid and the beneficiaries will get the sum assured. But after deducting the the unpaid premium for the current year.