Kathmandu. Dashain and Tihar are the great festivals of Nepal. During Dashain, all people make significant purchases from new clothes, food, salt to gold. During this time, people spend money on luxury items. But that amount can be saved by using the required amount. This amount can be invested in savings and an insurance plan can be purchased. Insurance covers the risk not only today but also in old age. If you can insure by cutting down on luxury expenses during Dashain, then you and your family can be safe.
But it is not just about life insurance. Life insurance should be done in such a way that it can be paid regularly in the future only if it is insured by combining your income capacity and daily expenses. Since the additional income in Dashain can be used as insurance, it is also appropriate to take life insurance for tomorrow.
One aspect of reducing the risk of the future after saving the insurance is to be able to pay the regular insurance premium. How much is the income of the person, then the way to save will be open. If there is a lot of money to spend and save, then he cannot adopt insurance, so the source of income of the insured should also be taken into consideration while insuring.
Choose a life insurance policy?
To buy an insurance policy, one must have knowledge about the insurance policy and the company of the insurance companies. The insurance policy can be done to all people below 65 years from the day the child is born. Every life insurance company has detailed information about its insurance policy on its website. Apart from this, information about the life insurance policy can also be obtained through the agent or directly by visiting the insurance company’s office.
The companies also specify the age limit, in every insurance policy, and clearly state whether or not there is a cover. Therefore, it is important to do a thorough study about the insurance policy you are going to choose. Life insurance provides financial security, investment and savings opportunities, as well as important benefits like capital formation, tax exemption, etc. Life insurance includes life insurance, term insurance, and term insurance.
Financial Capacity Needs to Be Understood
Insurance means a measure of financial security. While insuring, one should take into account one’s source of income, how much income you will earn in a month, and how much installment you can pay. If you are insured for a small amount, the purpose of insurance will not be fulfilled. If you are insured with a higher amount, then it is difficult to pay the insurance installment without financial capacity. Therefore, before choosing insurance, it is mandatory for a person who wants to take insurance to analyze his financial capacity.
Which policy is suitable for your income
There are different types of insurance policies in the Nepali insurance market. The insurance policy can be selected on the basis of cash availability. If someone’s income is not fixed, then it is advisable to take an advance payment insurance policy. Advance payment insurance is an insurance plan that the insurance company returns a part of the sum insured to the insured before the insurance matures.
There are insurance policies in the market that pay back a part of the insurance amount periodically and annually. Which policy is better to buy? Which policy will cover the risks in the future? It is advisable to take a policy only after understanding which policy is for how many years you can pay the premium.
There are many types of insurance policies in the market, if someone has a large amount of money in a lump sum and does not want to take the hassle of renewing insurance annually, then insurance policies with a single premium payment are suitable for such a person. In this way, a person who wants to take any insurance should make insurance on the basis of his family liability and financial capacity.
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The bonus rate is the return given by the life insurance companies to the insured. The companies distribute bonuses annually at the rate of one thousand rupees. The companies announce the bonus rate on the basis of profit. Out of the total annual profit earned by the company, 90 percent is distributed to the insured and 10 percent is distributed to the investors. Such bonus rates are declared annually by the companies after the end of the financial year. Therefore, the bonus rate is considered very important in life insurance.
The bonus rate is determined on the basis of the financial condition and managerial condition of the company. On the basis of the bonus rate, the amount that the insured will receive after the termination of his insurance plan is determined.
Microinsurance Suitable for Low Income Earners
Micro insurance is a program that aims to help reduce the potential risks in the daily life of the people living in rural areas who are not covered by the scope of insurance, who are living with low incomes. This program has been implemented by the Government of Nepal with the aim of providing insurance facilities to the people of rural areas, especially in rural areas.
