Life Insurance is an arrangement between the Insurance company/Government which guarantees of compensation for loss of life in return for payment of a specified premium. In Life Insurance, the beneficiary whose name has been mentioned in the contract receives the specified sum, from the insurer in case of happening of the event i.e. Loss of Life. The life insurance policy provides with the much-needed cover against risk and offers you opportunities to grow your savings It is also an effective tool that enables you to save for future expenses that may occur, such as the higher education or marriage of children.
Life insurance has meaning especially for those with minor children, children with special needs, those who wish to secure the financial future of their family or wish to build savings over the long term.
It is best to buy a policy early, since the premium amount rises with age and if the individual is a smoker or has pre-existing medical conditions
Benefits of Life Insurance
Risk mitigation and coverage
Difference plans for different uses
Cover for Health Expenses
Promotes Savings/ Helps in Wealth creation
Guarantee of fix returns
Loan Facility
Tax Benefits
Types of Life Insurance:
Term insurance plan
Endowment policy
Unit Linked Insurance Plan
Money Back Policy
Annuity/Pension Plan
Whole Life Insurance
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