Everything About Life Insurance
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This is a mind map about life insurance. Life insurance is a contract between you and an insurance company. Essentially, in exchange for your premium payments, the insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death. Your beneficiaries can use the money for whatever purpose they choose.
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Key Questions
#1
Do you have a Life insurance ?
#2
What is your Cover (Sum Assured) ?
#3
What is your annual Premium ?
#4
Why do you bought Life Insurance ?
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Types of Insurance
Health
Life
Asset
What is Life Insurance Policy
Is a contract
Between policy holder & Insurance Company
where insurance company promises to pay
SUM ASSURED to policy holder
In case of death
& Policy holder promises to pay PREMIUMS
Monthly/Quarterly/Yearly
What it is not ?
It is not an Investment Product
Benefits
Income Replacement
Financial Goal Protection
Tax Deductions

Term Plan
For a specific Term
Whole life plan
Till death or 99 Years
Endowment Plan
Insurance + Saving
MoneyBack Plan
pays a % of the assured sum regularly
Unit Linked Insurance Plan
Insurance + Investments
Child Insurance Plan
Insurance + Savings for Children
Retirement Plan
Insurance + Pension
Riders (Add Ons)

Thumbrule
20 times of annual salary
Accurate Calculation
Insurance Calculator Excel Sheet

Health Habits
Smoking
Diabetes
Age

Claim Settlement Ratio
Number of claims cleared / Total number of Claims Recieved
Claim Intimation Ratio
Amount of claims cleared / Total Amount of Claims Recieved

Provide TRUE information
Insurance is not investment
Ensure the form is properly filled
Keep your near ones informed
Start Early for best results
INSURANCE IS A MUST