A Life Insurance Policy is a legal contract with an insurance company. Against the premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. Typically, life insurance is chosen based on the needs and goals of the owner.
Life insurance is a great tool that will help your family in meeting their critical needs and lead a comfortable life even when you are not around. This is because the Insurer will pay the Beneficiary of your Policy a predetermined sum of money after your death. It could also be given if you are bedridden with a critical illness. Life insurance is therefore the most essential insurance Policy that you can have in your savings and investment portfolio.
Pay low for more care to protect your family with the best choice from various available plans
A number of riders are offered by the life insurance companies that adds more security to the future of your family.
Consistent support system during claims is provided to assist your family for quick claim settlement process.
Life insurance policies give financial security to you and your family in every critical aspect. For instance, you can get financial support for your child's education, marriage, even after retirement; also provide your family a financial security after you.
Some Life insurance policies such as unit-linked plans can be purchased for investment as well as insurance purpose. You can even choose the allocation of the investment in the financial market.
Apart from an insurance & investment purpose, you can also raise loans against some of the life insurance policies./p>
Most of the Life insurance policies give you the benefit of tax deduction on premium payment and Tax-Free sum assured under the Section 80 C and 10 (10) D of the Income Tax Act, 1961 respectively.
Life Insurance gives you a variety of options such as death benefits under term plan, finance for child education, regular income under pension plans, investment under the unit-linked plan, etc.
