What is Life Insurance?
It is a contract between the insurer and the insurance company. As per this agreement, the insurance company pays the amount assured to the policyholder’s family members or beneficiaries at maturity or in the event of the policyholder’s death. The dependents or beneficiaries are entitled to get all the financial benefits of the policy.
Types of Life Insurance
- Term insurance
- Endowment plans
- Moneyback policy
- Whole life insurance
- Child Insurance Plans
- Retirement Plans
- Term insurance with return of premium
- Unit Linked Insurance Plans (ULIP)
Why Do You Need Life Insurance?
Life is beautiful but it is also uncertain. Nothing can replace a person. But if there is anything that can protect our loved ones even in our absence, it is life insurance. It brings peace of mind by providing an assurance that the families and children will be taken care of when we are not around.
Death Benefits
Life insurance gives the power to your family to be self-reliant in your absence. It helps the individual’s family get the pre-determined amount in case of death. While nothing can replace the loss of life, timely financial aid during grief can bail families out of difficult situations financially as well as socially if not emotionally.
Financial Stability
If you are the sole breadwinner of your family, you should certainly consider buying a life insurance policy that meets your needs. Providing a guaranteed income, it helps your family be financially stable even in your absence.
Meets Children’s Long-term Expenses
Tax Benefits
Getting your life insured entitles you to avail tax benefits as per Section 80C of the Income Tax Act 1961. The amount paid for the purchase of a new life insurance policy or the premiums paid for renewing the policy is deductible up to Rs 1.5 lac from the taxable income.
Riders
One of the most important benefits of life insurance is the availability of riders. Riders are add-ons that provide additional coverage options to your existing policy. The riders allow you to customize the plans according to your specific needs. You can avail accidental death benefits; permanent disability benefits and terminal illness benefits as well.
Peaceful Retirement
Apart from death benefits, life insurance policies help to enjoy golden years with the best things in life. With accumulating cash value, they provide opportunities to get a steady income or lump sum after retirement. Helping you to buy a new house or a brand-new car and meet other expenses, lets you lead a comfortable and worry-free life after retirement.
Maturity Benefits
Life insurance policies can be an excellent option for savings. Once the policy matures, the insurance company pays majority benefits which are tax-free.
How We Help You!
Choosing the right plan can be confusing. Approaching a good insurance advisor helps to avoid purchasing the wrong policy.
For quick suggestions, call us at +919311183344