Life Insurance

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Life Insurance
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What is Life Insurance ?

• Are you unsure of what is life insurance? A life
  insurance policy is simply a contract between a
  person and an insurance company, under which the
  firm agrees to pay a predetermined sum of money
  to the person's beneficiaries or family in
  exchange for a series of payments over time.
  These payments, which go by the name "premium,"
  are often made annually. The policy holder is the
  one who purchases the insurance.
• Life insurance guarantees a lump sum payment to
  the family in the event of an untimely death of
  the policyholder. Money cannot replace the loss,
  but it guarantees that the family won't face any
  financial difficulties even after the death of
  the breadwinner. The life insurance policy offers
  the essential protection.

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Benefits of Life Insurance

• The following are some benefits of life
  insurance
• Tax advantages Purchasing a life insurance
  policy might ensure tax advantages.Under Section
  80C of the Income Tax Act, the premiums you pay
  for the policy qualify you for tax exemptions of
  up to 1.5 lakhs of your taxable income. A full
  tax exemption is also granted for the death
  benefits under ITA Section 10(10)D.
• Fixed return guarantee Life insurance products
  promise that you will get a fixed sum of money at
  a fixed period. You must examine the structures
  of various life insurance packages. To select the
  life insurance plan that best meets your needs,
  carefully review the structure and terms and
  conditions of the various life insurance
  policies. You can chose whatever you want.
• Risk mitigation and coverage These plans offer
  the standard form of risk protection in the form
  of monetary rewards to reduce and cover hazards
  following the policyholder's passing. Enrolling
  in life insurance will shield your family from
  the financial dangers involved in the untimely
  death of the main breadwinner.
• Loan provision Some policies give the choice
  to borrow money and permit doing so this implies
  that you can use the life insurance policy as
  collateral if you need to take out a loan, say,
  to pay for a child's school or marriage.
• Health expense coverage The majority of these
  policies pay for potential medical and treatment
  costs should the policyholder become unwell. In
  order to secure your finances even while you are
  alive, you can add riders to the insurance policy
  to increase the coverage.

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