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Life Insurance

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COMPLETE PROTECTION FOR YOUR LOVED ONES

Life insurance is a contract between a policyholder and a life insurance company, wherein the insurance company offers financial coverage, in exchange for the life insurance premium paid during the policy term. Premium paid gets tax benefits under Section 80C and 10D of the Income Tax Act, 1961

What is Life Insurance Policy?

A life insurance policy is an agreement between an insurance company & a policyholder that offers financial coverage under which the insurance company guarantees to pay a certain amount to the nominated beneficiary in the unfortunate event of the insured person demise during the term of life insurance plans.

In exchange, the policyholder agrees to pay a predefined amount of money as premium either on a regular basis or as a single premium. If covered by the policy, coverage will be provided for critical illness as well.

BENEFITS OF LIFE INSURANCE

  • Death Benefit: In the unfortunate event of death of life insured during policy term, the nominee shall receive the Total Payout as a Lump sum amount or a combination of Lump sum & Monthly amount.
  • Lump sum amount to take care of immediate financial liabilities.
    Monthly income to sustain the family lifestyle.
  • Tax Benefit: The premiums paid for Term Life Insurance are Tax free under section 80(C) up to an amount of Rs 1,50,000.
  • Rider Benefits: Riders are an important addition to the basic plan offering & provide an option to customize the coverage to the life insured.
  • Accidental Death Benefit rider offers an additional sum assured over the base plan offering in case death occurs due to an accident.
  • Accidental Disability rider offers an immediate lump sum payment on occurrence of any disability due to an accident.
  • Critical Illness rider offers an additional sum assured over the base plan offering if the life insured is diagnosed with one of the critical illnesses mentioned in the rider.
  • Waiver of Premium rider offers the waiver of all policy premiums in case the life insured is diagnosed permanent disability or critical illness.
  • Option to increase Death benefit: Certain plans have offerings where the life insured can increase the life cover at key stages in life like marriage , birth of child.

WHY IT IS IMPORTANT TO BUY LIFE INSURANCE POLICY?

  • A life insurance policy acts as a financial net in case of eventuality linked with human life, such as disability, accident, death, etc.
  • In case of sudden demise of the primary breadwinner of a family, apart from the emotional trauma, his/her family will be at the risk of a financial crunch due to loss of income.
  • In order to make sure that one’s family doesn’t have to make any compromises due to financial crunch, one should buy a suitable life coverage plan. It will help his/her family to sail through the tough times with dignity.
  • Once the insurance buyer knows what they want, the next step is to shop around and compare life insurance plans that fulfill their insurance requirement. The best life insurance policy is the one that fulfills the needs of the insurance buyer.

KEY TERMS WHEN COMPARING TERM LIFE INSURANCE PLANS

  • Total Payout of each plan
  • Premium amount paid for desired Total Payout
  • Policy term offered
  • High claim settlement ratio
  • Riders offered with the plan

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