If you consider insurance as rocket science, it isn’t! Find out how?

Let insurance be your safety suit in life to provide for you and your family financially.

Partnered July 18, 2019 13:23:50 IST
If you consider insurance as rocket science, it isn’t! Find out how?

The Tsiolkovsky rocket equation, or ideal rocket equation, describes the motion of vehicles that follow the basic principle of a rocket: a device that can apply acceleration to itself using thrust by expelling part of its mass with high velocity and thereby move due to the conservation of momentum.

 Although some can master this equation, for most, this feels like language from outer space. Rocket science may be a blast for some to study, but it is not everyone’s cup of tea. What should be and is everyone’s hot morning cuppa is insurance

Astronauts put their life at risk for the sake of science, but you don’t. Insurance is not rocket science that it’ll take eons to learn about. It is easy to understand, simple to execute and essential to have. Regardless of what your profession is, you are not immune (yet) to the contingencies life throws your way. Let insurance be your safety suit in life to provide for you and your family financially.

How do you go about securing your family’s financial future? You plan(et) 😉

Rest assured that Insurance is not Rocket Science. Buying insurance is no more a daunting task or a tedious process. At Aegon Life, you can purchase an insurance policy online in the matter of a few minutes. However, before you go out to purchase a life insurance policy, here are some principles of insurance you should be aware of:

Premiums – The most crucial and imperative aspects of an insurance policy is your premium amount. It is the money charged by insurance companies for the coverage provided. Today, you can use an online premium calculator to determine your premium amount. This will require you to put in your age, income, required insurance coverage and specify whether you are a smoker or not.

Nominees – When you buy an insurance policy, you will have to allot nominees. These nominees should preferably be family members who will receive the stipulated corpus amount in case the insured person passes away. This amount should protect your family financially.

Sum Assured – Speaking of nominees, sum assured is the technical term for money that they are guaranteed to receive from the insurance company. This is also known as the coverage amount or the total amount you are insured for.  This ensures that if the policyholder passes away, his/her family’s financial future is still secure.

Death Benefits – In case of the death of the term insurance policy holder during the term of the policy, the nominee can claim the death benefit from the insurance company. The death benefit is usually payable to the nominee who is a family member. You can choose to get a lump sum amount of monthly instalments or a combination of both. This is essential for risky professions like those of astronauts specifically!

Tax Benefits –Under the Income Tax Act of 1961, there are multiple sections under which insurance holders can receive tax benefits. Aegon Life offers various tax benefits under Sections 80D, 80C and 10D.

Insurance is for one and all, thus Aegon Life has simplified the process of getting an insurance policy. No complicated formulas or overpowering jargon, just plain and simple financial security!

You can watch Aegon Life’s latest videos on ‘Insurance is not a rocket science’ here.

This is a partnered post.

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