What is Life Insurance?
Life insurance is like a promise between you and an insurance company. You pay them money regularly, called premiums, and in return, they promise to give a certain amount of money to your family if something happens to you. The person buying the insurance is called the policyholder.
Life insurance assures lump sum amount for the family if the person with the insurance unexpectedly passes away. While money can't replace the person, it helps make sure the family doesn't have money problems after losing the main provider.
Types of Life Insurance
Whole Life Insurance Plan
Endowment Insurance Plan
Term Insurance Plan
Money Back Insurance
Retirement Insurance Plan
Child Insurance Plan
Group Insurance Plan
Features & Benefits
Insurance Protection
Policyholders are covered against the risk of premature demise throughout the policy tenure.
Create Savings
The Life Insurance Plans help you build a safe savings fund over time, and it stays protected from changes in the market ups and downs.
Policy Loan
Policyholders can take a loan against a savings once it acquires a surrender value.
Tax Benefits
You can get tax benefits on the money you pay for insurance. Moreover, the plan benefits are also tax-free subject to specified conditions.
Maturity Benefit
Assured returns, which is the fund value during maturity.
Accumulation of Assets
Life insurance plans help with the gradual growth of wealth and the establishment of savings.
Understanding Life Insurance
Life insurance is a money tool that helps protect your family or you from financial problems if something happens—either passing away unexpectedly or living a really long time. It gives money, called a 'death benefit' or 'pension/annuity,' to cover any financial loss. It comes with these cool benefits:
- Financial Stability
- Retirement Planning
- Structured investment
- Accumulation of Assets
Why Should You Buy a Life insurance Policy?
Life insurance keeps your family safe if something happens to you. It gives a certain amount of money to your loved ones when you're not here. Having this coverage means your family can feel calm about their money in the future.
Life insurance is a good way to save money for later. You can choose a plan with savings and investment options to make a financial plan for when you retire and don't get a regular paycheck anymore.
Life insurance gives you options to pick what works best for you. You can choose how much money you want, how long you want the policy, and how often you want to pay. There are also choices for how the money gets paid out. It's all about what fits your needs.
Everyday expenses and school costs are getting more expensive. Good education costs a lot, especially at top schools where fees keep going up. The money you get from life insurance can be used to help pay for your child's education.
Get tax benefits on what you pay for insurance and the money your family gets if something happens to you, as per Section 80C and Section 10(10D) of the Income Tax 1961.
Life insurance is something you can afford. The price depends on your age, health, and how you live. If you're young and healthy, you might get a policy that doesn't cost a lot.
If something happens to the person covered by the life insurance or when the insurance period ends, the money from the policy goes to the person you choose (the nominee or the person with the insurance). Sometimes, you can even decide to get the money every month, which can be like having a steady income for a long time.
If you borrowed money, life insurance helps make sure your family doesn't have to pay back the loan if something happens to you. The insurance money can cover their financial needs and clear any remaining loans if you can't.
