The military is a dangerous job. It's not just the physical risks of combat. Many other dangers can happen to a person in the military, including accidents, natural disasters, and even terrorist attacks. It's for this reason that military personnel needs life insurance. This type of insurance will help provide financial support to their families if they die on duty or as a result of any of these other risks. In this article, we will talk about the different types of life insurance policies for defence personnel and their pros and cons. And also we will talk about the best defence life insurance plans, and how to choose the best defence life insurance policy online.
Importance of Life Insurance for Defence Personnel
Life insurance is an investment that will provide a financial safety net for the family in case of the death of the breadwinner. It can also be a good idea to get a life insurance policy if you have dependents and you are worried about what might happen to them if something happens to you.
A military life insurance policy is designed to provide coverage for members of the armed forces, veterans, and their families. Having life insurance is a must for defence personnel. The reason is that they are more vulnerable to death and injury than the general public. There are many reasons why this is so. One of the most important ones is that they are often deployed in war zones where there are greater risks of death and injury.
The other reason for higher risks of death and injury to defence personnel is the nature of their work. When they come home from deployment, they need to return to their military job which means a greater risk of accidents and injuries in peacetime too.
Different Types of Life Insurance Options for Defence Personnel
A life insurance policy can be taken by anyone who wants to protect their family from the financial burden in the event of their death. Life insurance includes many variants within itself. Different plans offer different services to you. Defence personnel needs to understand what type of life insurance they should take and how it can help them and their families. Below are the best life insurance options for Armed Forces Personnel.
Term Insurance Plan:
A term insurance plan is a type of life insurance policy that covers the insured for a specific period or term. Term insurance plans are generally cheaper than whole life insurance plans. It also offers you the option to add riders and other benefits. Insurance companies also have term insurance plans which will return your premium paid if you survive till the maturity of the term. As a defence personnel, you are unsure of your life any day. Term plans will ensure that your family's finances are covered at an affordable rate if anything should happen to you.
Unit Linked Insurance Plan:
Unit-linked life insurance plan is a type of life insurance policy where the company will pay a lump sum on the death of the insured person. ULIP plans offer dual benefits of investment and life cover in a single policy. As a defence personnel, you should be interested in investing in Unit-linked Insurance Plans for the following reasons
- You can get death benefits as well as maturity benefits.
- It also has options where you only have to pay premiums for a limited period.
- Premium funding benefit can make sure that the cost of your insurance premiums is taken care of and you can focus on achieving the goals that you set out in your plan.
Endowment Insurance Plan:
In the army, an essential part of investment strategy is looking after the safety of your funds. One way to protect your hard-earned money is with an Endowment Policy. Endowments come with the option of choosing how you want to structure your pot of money, including where and when it will be. An endowment life insurance policy can provide you with life cover as well as safe returns. Thus, it has dual benefits of safety and insurance in a single plan.
Retirement Insurance Plan:
A pension plan is a financial arrangement in which an individual saves money to provide a retirement income. The pension plan for Defence Personnel is a form of retirement saving plan that provides benefits to retired members of the armed forces and their families.
Best Life Insurance Plans for Defence Personnel
The best life insurance for defence personnel is the one that suits their needs. There are many different types of life insurance, and some of them can be more expensive than others. So compare different types of life insurance plans and choose the one which suits your requirement.
Aviva Suraksha
Aviva Suraksha’s plan is designed for the Armed Forces and aimed at providing financial solutions for their long and short-term needs and a secure future for their loved ones. It is a flexible plan that offers guaranteed monthly income. At Aviva, we recognize your efforts and hard work to provide your loved ones with a happy life. It is a savings-oriented insurance plan that assists you financially by returns in the form of regular monthly payouts. These regular payouts are given to your family in case of your absence.
Features & Benefits:
- Additional insurance cover
- Provide advice on life protection
- Savings and retirement solutions
- Simplified Claim Process
- Service Quality
HDFC Life Shaurya
HDFC Life Shaurya is a life cover designed specifically for military personnel as well as ex-servicemen in the country. This policy can be used for the long-term protection of army members, and it helps them with their different financial requirements. It also provides various financial saving solutions with tax benefits and a secured second innings career to our Ex-servicemen. In addition to members of the Indian Army, other service personnel including the Indian Navy, Paramilitary organizations, Border Security Force, Fire Services, employees of schools run by the Armed Forces, etc., may also avail of benefits under this policy.
Features & Benefits:
- Simplified issuance process
- Minimal documentation
- Savings and retirement solutions
- Excellent Claim services
- Service Quality and uniqueness
DHFL Pramerica Prahri
DHFL Pramerica Prahri is a life insurance cover available for military personnel who dedicate their lives to the welfare of the country. This policy is specially designed for the welfare of members of the Armed Forces in India. Military personnel and their families can gain peace of mind when they are provided with insurance that covers the cost of war. This coverage includes property damage, accident injuries, funeral costs, and more.
Features & Benefits:
- Protection for your Family Needs
- Annual Guaranteed Additions
- Savings and Retirement Solutions
- Excellent Claim Services
- Service Quality and Uniqueness
What to Look for in Defence Life Insurance Plan?
You need to find out if there are any exclusions or limitations on your coverage before buying this type of insurance policy. Here are the things you should look for to get the best life insurance plan.
- Ease of Claim Settlement: Defence work involves a lot of danger, making it important to ensure you are covered with a life insurance policy. It's worth considering a life insurance policy that involves faster settlement of claims. You should also make sure that there are fewer hassles involved. A policy that makes the maturity proceeds timely and easy to distribute is all you need.
- Personalized Service: Military service personnel often have different needs than the average person. The size of their team and dedication to understanding those who work with them is what sets them apart. So, paying particular attention to personnel needs is important.
- Good Service: As a defense worker, you often need to travel, so your insurance policy must be accessible and ready to purchase the moment you stop in different states. It often requires constant updates as well.
- Renewal Services: You should look for a policy that provides easy renewals and a flexible policy term. It also recommends finding policies that offer you the chance to choose your premium payment mode, renewal frequency, etc. So, look into purchasing an ideal policy that has the option for you to change your term or pay for it in several different ways.
How to Buy Life Insurance Policy Online?
For buying a life insurance plan online please visit our website Policybachat.com Following steps to compare the life insurance policy online in simple steps.
- Step 1: First, Enter the details such as Gender, Annual income from all sources, Alcohol consumption and tobacco consumption, type of occupation, and salary, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step 2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as coverage, term, premium payment method, mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- Step 3: The next step is to select the best life insurance plan and pay the premium to the insurance company via online payment mode.
Conclusion
Armed forces personnel play an important role in keeping the country safe. They are not generally covered by normal life insurance policies, but you can get tailored to your needs with these options. Currently on the market is high-quality standard life insurance for military personnel. These plans can provide coverage for deceased military personnel and ex-servicemen. So, compare the different life insurance plans with the best insurer to get the right life insurance policy.