Skip to main content

Life Insurance for low incomes

Life Insurance for low incomes

04/12/19

Life Insurance for low incomes

No matter where you come from, what you do and how much you earn, Life Insurance is a must for you. It protects your family's future and their well-being in your absence. Your income should not stop you from buying Life Insurance; in fact, it becomes all the more crucial for you and your family.

 

Policy premiums as low as Rs. 500

Here is something you should know - there are a lot of affordable Life Insurance policies with premiums starting as low as Rs. 500, that come with sufficient family coverage. Speak to an Insurance provider to help you properly analyse and help you find the most suitable Life Insurance policy.

 

Know about Micro-insurance

Micro-insurance is one of the most suitable options for you. Micro-insurance plans are very affordable and provide a cover of Rs 50,000 or less. The untimely passing away of the sole earning member could be a huge loss to your family – in such times of crisis, micro-insurance plans work well as a sufficient financial protection plan for your family.

 

Heard of sachet insurance?

Sachet insurance are ticket-sized insurance plans meant to cover for a very specific need; they therefore come with low premiums and low coverage. These insurance plans are tailored to focus on a particular risk or a specific requirement. To give you an example, you can buy a small bite-sized insurance plan that offers to you protection for a short duration towards vector-borne diseases such as dengue and malaria.

 

Something for everyone

Even if you have no formal income proof, or have a really low salary, there’s still a Life Insurance plan for you! Some insurance plans offered come under an ‘affinity’ group cover. What this means is as part of an ‘affinity group’, people who share non-employer-employee associations such as being borrowers or depositors of a bank, professional societies, etc. can get affordable Life Insurance plans.

 

You decide when to pay

Pay according to your convenience! There are multiple Life Insurance plans that allow you to pay whenever you want to. As the premium amount usually increases as one reduces the frequency of payment, paying at your convenience is advisable as it allows you to save ahead of time and pay whenever you are able to.

 

Choose the coverage that suits you best

You may have a varying income level, but everyone has dreams and aspirations for themselves and their families. Look for insurance companies with multiple value and payment amount options in their Insurance policies. These options help people from different income brackets take up Life Insurance and thus have enough funds to see through any emergencies.

 

Plan for the long term

Every family comes with a set of necessary life goals such as buying a house, marriage, retirement and children’s education. These expenses call for Life Insurance so that you and your family achieves your set life goals. As a responsible earning member of the family, it’s important for you to realise the need and value of protecting your family sufficiently.

 

Pay as per your convenience

 

You can also choose to pay according to your convenience! There are multiple Life Insurance plans that allow you to pay whenever you want to. As the premium amount usually increases as one reduces the frequency of payment, paying at your convenience is advisable as it allows you to save ahead of time and pay whenever you are able to.

 

 

What you need to keep in mind is no matter how much you earn, Life Insurance is a must for you and your family. While the reason to choose Life Insurance may be different for different people, the need to have Life Insurance remains the same.

 

Related Posts

Can an NRI or a PIO buy a Life Insurance policy in India?

07/09/20

If you are of Indian origin or a resident living abroad with your family living in India, you are surely eligible to invest in a Life Insurance policy that protects your loved ones. It does not matter…Read More