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Benefits of Life Insurance
Life is full of uncertainties, and misfortunes mostly come unannounced. Certain events can have an irreversible impact on your life and leave your loved ones bereaved.
Life insurance is a crucial form of investment that will help your family meet their essential needs even when you are not around.
At the time of claim dispersal of a Life insurance policy, the sum assured is passed on to the beneficiary or nominee on the death of the policy-holder.
Steady Investment Option
A life insurance plan is not just a plain instrument that offers replacement for the loss of income, but it is also an investment instrument that offers significant returns on the amount of premium paid during the tenure of the policy.
Several life insurance plans offer considerable returns at the time of maturity, thereby helping you meet your dual needs of achieving investment goal and protecting your loved ones against sudden income loss.
Low cost, High benefits
For a small amount of premium, insurance companies offer significant payouts,. For instance, a term insurance plan offers extensive coverage, which is also more than 10 times the amount of premium paid, for a small amount of premium.
No other financial instrument in the market is priced this low.
Assured Income through Annuities
When it comes to retirement planning, life insurance is one of the best instruments that offer steady pay-outs in the form of annuities.
Thus, it will act as a source of pension when you retire.
Life insurance policy can be used as an important tax planning tool, as the policy holder is eligible to avail tax benefits under the Income Tax Act of 1961. Deductions towards policy premium qualify for tax benefits under section 10, 80C and 80 CCC of the Income Tax Act.
You are requested to thoroughly read the detailed sales brochure of the life insurance plan intended to be purchased carefully before concluding a sale.
This is true only in case of term plan and not in all savings and growth plans. And coverage may change with higher age.