Benefits of Life Insurance
Risk Coverage
Insurance provides risk coverage to the insured family in form of monetary compensation in lieu of premium paid.
Difference plans for different uses
Insurance companies offer a different type of plan to the insured depending on his need for insurance. More benefits come with the more premium.
Cover for Health Expenses
These policies also cover hospitalization expenses and critical illness treatment.
Promotes Savings/ Helps in Wealth creation
Insurance policies also come with the saving plan i.e. they invest your money in profitable ventures.
Guaranteed Income
Insurance policies come with the guaranteed sum assured amount which is payable on happening of the event.
Loan Facility
Insurance companies provide the option to the insured that they can borrow a certain sum of amount. This option is available on selected policies only.
Tax Benefits
Insurance premium is tax deductible under section 80C of the income tax Act, 1961.
Term insurance plan is a form of life cover, it provides coverage for defined period of time, and if the insured expires during the term of the policy then death benefit is payable to nominee. Term plans are specifically designed to secure your family needs in case of death or uncertainty. Term insurance plan are those plan that is purchased for a fixed period of time, say 10, 20 or 30 years. As these policies don’t carry any cash value their policies do not carry any maturity benefits, hence their policies are cheaper as compared to other policies.