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Life Insurance
Life insurance policy carries a simple agreement between an insurance company & a policy holder where the company guarantees to pay a certain amount to the nominated beneficiary in the unfortunate event of the insured person demise during the term of the plan/policy.
Life insurance is generally a legally binding contract which is enforceable as per the information disclosed for the insured’s past and current health conditions. The policyholder must pay a single premium up front or pay regular premiums over time.
Quick Benefits of Life Insurance
– Death Benefit
It means that your family must have adequate benefit cover to run the daily household expenses.
– Investment benefits
An insurance policy is like an investment which you can use at the end of the tenure.
– Tax exemptions
Life Insurance policy offers tax deductions under Section 80C of the Income Tax Act, 1961, subject to existing tax laws.
– Critical illnesses cover
The policyholder generally receives a lump sum if he or she is diagnosed with any critical health conditions as outlined by the rider.