Free life insurance

Heard of a life insurance where you need not pay anything, yet certain aspects of your life such as education of your child till certain age is paid by the insurance companies, in case you die before they can even complete their education. In addition, all these facilities are for you without paying any premium amount. Yes, this amazing insurance is often popular as free life insurance. The name of the policy, free life insurance, has become popular because the insurance holder need not pay anything to the company. Rather the entire insurance functions through some trusts. Since the concept of free life insurance is quite new, so before deciding on taking this policy one should just get carried away with the free concept rather than look after long-term benefits.

In free life insurance depending on one’s yearly income, insurance companies offers policy to the to the policy seeker for a fixed period. The amount of the policy depends on either your salary or the duration of the policy. However, the irony of this otherwise excellent insurance plan is that within fixed duration if you die then only the company gives your family that insurance amount.

To avail this insurance policy one needs to qualify minimum salary level per annum. This minimum amount differs with different companies and as per different company rules and regulations. For example if you are earning a per annum salary of say Rs.5 lakh ,then the insurance company will provide you a free insurance worth Rs.1 lakh or so for say a period of 25 years to cover the educational expenses of your child. In case if you die within a period of 25 years, your children can use up to Rs.1 lakh till 25 years.


However, the insurance seems quite easy but actually, you need to understand the policy in a much better way than any other policy. Mainly because life and death is not in our hands so what if one does not decease within that period, what will be the consequences, where the insurance amount will go and to whom, so many similar questions arises in mind. Hence before finally saying yes to your insurance agent get the smallest details regarding the insurance policy.

Careful selection of insurance policy not only helps you to relax without any pressure about the sudden changes in life but also gives you confidence regarding the future of your family and their stability

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