LIFE INSURANCE

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It’s a contract between an individual and an insurance provider, in which the insurance company gives financial protection to the policyholder in exchange for a consideration which, is known as premium.

Based on the terms and conditions of the contract, in the event of the death of the policyholder or, if the policy matures, the insurance provider shall pay the person or his family a lump sum amount, after a certain amount of time. There are different types of life insurance policies to suit the individual needs and requirements of the policy buyers.

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Key Benefits :

  • Financial Security
    Life is unpredictable and can be full of uncertainties. It is difficult to reduce the possibility of an unfortunate event like death. In such a scenario, the family faces financial constraints arising from the lack of a steady income.

    Investing in a life insurance policy early on in life acts as a safety blanket during such eventuality. The life insurance provider is obliged to pay the nominee or beneficiary the pre-defined sum assured. As a result, even in the policyholder's absence, his family stays protected.

  • Long-Term Savings
    If one wants to make long-term investments, it's important to think about life insurance. Such insurance plans help you make systematic savings and create a corpus, which can be used for several reasons, such as building a new home, financing quality schooling for your child, and funding a child's marriage expenses.

    Some life insurance policies offer monthly pay-outs in the form of annuities, which can be one of the methods support and achieve retirement goals.

  • Investment Options
    Life insurance providers offer Traditional (plans that invest in IRDAI approved debt instruments) and Unit-Linked Investment Plans (ULIPs). ULIPs, are mainly investment instruments based on market linked returns. Both these plans come with a built-in life cover. Each of these options have their own pros and cons. You can consider both after a fair assessment of your personal needs.

  • Tax Benefits
    With life insurance plans, you also get tax benefits under prevailing laws as per Income Tax Act, 1961. The life insurance premium paid can be availed as a tax deduction under Section 80C of the Income Tax Act, 1961. You can avail deduction up to Rs.1.5 lakh under Section 80C.

Types Of Life Insurance:

  • Term Life Insurance Plans – Pure risk covers
  • Unit linked insurance plan (ULIP) – Insurance as well as Investment opportunities
  • Endowment Plan – Insurance and Savings
  • Money-Back – Periodic returns alongside insurance cover
  • Whole Life Insurance – Whole life coverage to the life assured
  • Child's Plan – For achieving your child's life goals like education and marriage