Top 3 Reasons About Why to Start Life Insurance Early

Insurance is not an interesting topic of discussion when you are young and have just joined employment.When you have no responsibilities of a family, children’s education or dependents, you might not feel the need to start a life insurance policy.

But, today more and more young people, as early as in their 20’s, are looking to invest in insurance. It has become a part of the savings portfolio for young people. When you start life insurance early, you save on the premium amount, and also on taxes. Any financial advisor will tell you to plan early for your retirement.

The old trend of investing in life insurance when you are in your 30’s is no longer applicable or advisable. With changing lifestyles and habits, younger people are dealing with chronic health conditions. It provides financial security at the time of an unexpected tragedy.

The reasons for starting Life Insurance early are:

Insurance premiums are low when you are young- Numerous factors contribute towards determining the amount of premium to be paid. If you buy an insurance policy at a young age, you will be paying a far lesser amount in premiums than at a later age. The reason for this is that the negative risk factors are lower as most young people are healthy and health issues arise only at a much later age.

The maximum payout for an insurance company is when they have to pay at the death of an applicant, in case of life policies,insurance companies spread the premium amount in such a way that you pay the same amount for the tenure of the policy instead of paying less when you are younger and more as you grow older. But when you start young, the same policy will come at a lower price because you will be paying less, but for a more extended period.

Only a basic check-up is required to take an insurance policy which varies from age & sum assured desired.. Insurance companies do not insist on a thorough health check-up when you are young and healthy, but they expect you do a complete health check if you are older. The policy terms and package will change depending on your health condition.

Helps you save taxes- If you hold insurance and are paying a premium for it, you are eligible for tax benefits. Under Section 80C of the Income Tax Act, premiums paid for life insurance qualify for tax deduction.

The conditions for claiming tax deductions are: –

  • Only Individuals/HUF can claim the benefits even if the person is a non-resident
  • The policy can be in the name of an individual, spouse, and children
  • The maximum amount under this section is ₹1,50,000/-
  • In case the policyholder surrenders the policy before the prescribed amount of time, the tax deduction can be reversed

Acts as a source of income for your family- If you have dependents, be it your parents, spouse, children or siblings, an insurance policy acts as a safety net in case of a tragedy. It provides them with financial security when it is most needed. At the time of crisis, life insurance replaces the income of the breadwinner.

Conclusion

When you take a life insurance policy at an early age, you are not only securing your future but are also securing the future of your loved ones. To opt for an affordable life insurance policy, one can visit the Payworld outlet.

You can also become an Insurance POS with Payworld & offer Life, Health & General insurance to your customers under one roof. Visit http://bit.ly/PW-IPOS to register now.

*Insurance is the subject matter of solicitation.

**Sugal & Damani Utility Services Pvt. Ltd. is a Registered Composite Corporate Agent with License no.CA-0171.

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Life, Health and General Insurance – Under One Roof

Payworld is an Indian multimode payment solutions company that has been catering to businesses and general customers for quite some time now. Now, we have also set foot in the insurance sector with the aim of providing customers with the best value for money insurance plans they can get. Currently, in India, insurance is a luxury that not everyone can afford. And we at Payworld hope to change the status quo by enabling people who could not afford insurance before to be able to actually avail insurance policies. Insurance is a necessity, and we truly recognize this fact.

Types of Insurance at Payworld

Payworld offers all three types of insurance policies through Insurance POS (Point Of Sale),i.e., Health, General, and Life. All your insurance needs, under one roof.

How and Why Payworld is a one-stop place for all your insurance needs?

When a person decides to buy multiple insurances policies, one has to go through different insurance agencies. It is because it is rare for an insurance agency to provide all the three types of insurances under one roof. Not only is this tiresome, but it also a waste of a lot of time, and in the modern world, time is one of the most precious things you can find.

When you buy different types of insurance policies from different agencies, the chances are that you may end up biting more than you can chew in terms of making premium payments. The reason for this is, going to different agencies means that they will probably not consider the other insurance policies that you have already undertaken, and will most likely offer you a plan that you just cannot afford. But, when you buy both your Health and Life Insurance policies or any other General Insurance policy for that matter from the same agency, you will benefit from the fact that the agency already knows about your existing burden, and will consider that while offering you plans.

Payworld Insurance POS is a one-stop shop that can serve all your insurance needs. So, you can always be assured of getting the best plans possible, without wasting your time going through the myriad number of insurance agencies currently operating.

Special Low-Cost Insurance Plans

As mentioned already, Payworld is a company which believes that Insurance is a necessity and every person in the world needs to be able to avail an insurance policy. And that is why we have come up with special low-cost insurance plans for those people who cannot afford to pay the premiums for the other insurance plans available in the market right now. Our low-costplans provide customers with the best value for money, not only do you get to secure your life, but you also get to feel a sense of satisfaction about getting the right value for the money you spend.

Healthcare is an expensive, and in a country like India where most often than not, the government hospitals are just not adequate, people are forced to turn to private hospitals for treatment. And treatment in private hospitals does not come cheap. The only way to pay the bills of these big private hospitals is by availing Health Insurance, but Health Insurance is not cheap either, and a lot of people cannot afford to buy one. But that is not the case anymore, Health Insurance plans offered through Payworld are some of the most affordable ones around, it means those who could not afford proper Healthcare before, can afford it now.

Good News! You can even become an Insurance POS with us! Check out what’s in it for you!

Becoming a retailer with Payworld is as easy as 1,2,3. All you have to do is to click on the link.

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Payworld Insurance POS – An Overview

Introduction

As per a report released by the Insurance Regulatory and Development Authority of India ( IRDAI ), the penetration of life insurance in India is as low as 3.9% as against the world average of 6.3%. (Here the value of premiums is expressed as a percentage of the national GDP). Unfortunately, only about 20% of the insurable population of the nation has actually invested in one or more life insurance policies. And while the government along with the public and private sector insurance companies are taking numerous steps, they are not nearly enough.

Why aren’t Indians insured?

As is the case with many other things, Indians do not take insurance as a serious matter. Only the higher strata of the society invests considerably in insurance policies, that too, primarily as a way of getting tax rebates. The lower strata of the social-economic classes, do not always have the disposable income required to pay insurance premiums, and hence, end up staying uninsured.

What does this situation entail?

Unfortunately, the situation is graver than it appears to be. The lower-middle and the lower class involves families which are essentially dependent on the income of one earning member. Moreover, these socioeconomic classes, do not have any significant assets such as property, gold or even savings. This implies, that in case, the earning member passes away in an unforeseen manner, there is little to no chances of the family recovering from the impact.

In order to rectify the situation, the only alternative that the people can and should turn to is Life Insurance. No matter the extent of coverage or the benefits, once insured, a person can always rest assured of the fact that his/her family will have at least some financial support so that they can recover from the impact in an effortless manner.

 

Payworld Insurance POS to the rescue

Payworld is a Composite Corporate Agent and is hence authorized to offer insurance solutions pertaining to Life, Health, and General, all across India. Owing to its motto of ‘Financial Inclusion amongst Tier 2 and Tier 3 cities in India’, the company has designed certain specialized products for customers who cannot afford high premiums.

In order to make these insurance products readily available to the end customers, Payworld relies on its incredible network of over 1 lakh retailers across India, some of which act as the Insurance Point of Sale or Insurance POS.

Look for a nearest Payworld retailer or ask us about your nearest Insurance POS and get insured. Payworld also urges people who are reading this blog to create awareness about the offerings among people who are in need of such policies.

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