Life Insurance Plans – Don’t be Mislead

For all parents, their children are definitely the most important part of their lives, in There are many major changes being introduced in the life insurance schemes, which may not be disclosed to you by your agents. Life insurance is a major insurance policy that most of the people rely on, so being definitely not misled from wrong information or hidden information is very important.

Though there are plenty of information, totally updated, available on the internet, most of the life insurance policy holders rely on their insurance agents. May be because of the limited internet usage by the senior age groups and tend to rely too much on the agents. When that being the case, choosing the right agents and taking right guidance on life insurance plans is totally your responsibility. Always have the habit of questioning more to your agents, so you can get to know the insurance plan details, in depth.

Service Taxes in LIC Premium

Recently, Government has introduced service taxes of 3% in LIC Policy premium which has to be paid in addition with your policy amount. Initially, Government took this 3% amount from the premium payment, which might seem burden less to the investors, but the fact was that the amount bonus amount policy holders get in return was lessened. So, now when the amount is paid separately, the bonus amount customers withdraw will be wholesome.

Decrease in LIC Premium

Yes, you heard it right! There can be a possible decrease in your premium amount, as the mortality rates has been revised to give more margin on the premium amount for the policy holders.

Learn the act of regulation related to all insurance policies you have purchased and cross check with your agent to get the factual details. It is a sole responsibility of an investor.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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