Life Insurance And Its Benefits?

Life Insurance Everyone knows how precious our life is and no one knows what will happen when. As vehicles move very fast on the roads, there is news of one or the other accident every day, in such a situation it becomes very important to have life insurance.

Insuring your valuables is one of the best ways to deal with an accident-prone life. Now if you want to help your family even after your death then this is the best way.

What is Life Insurance

let’s talk about life insurance. If you meet with an accident and you die So the insurance company provides that amount to his family as per the insurance policy done by him.

So that even after the death of the earning person, his family can be helped. It is useful for the financial help of the family. If you have a loan on someone or live in a rented house, then it is mandatory for you to get this insurance.

How To Get A Life Insurance?

There are many insurance companies in India where you can get life Policy. You can get life insurance by going directly to these companies and you can also apply online. On applying online an insurance agent comes to you so that you can apply online.

You can also contact the toll-free number of the company to apply for insurance. Certain conditions apply to apply for life policy such as you must be between 20 to 60 years of age. You are not suffering from any kind of life-threatening disease and your mental condition is absolutely normal. Many other conditions apply to apply for life insurance, which differs from company to company.

How Much Insurance Should Be Taken

It depends on how much life insurance is right, how much is your annual income, how much is your routine, and how many people are there in your family, which depends on your income. You should take a life policy cover of at least 10 to 15 times your annual income.

That’s why you keep in mind that whenever you take life insurance, it should be so much that it is 10 to 15 times your family income, then you and your family will get a lot of help.

Types Of Life Insurance

Term Life Insurance Term insurance policy provides life cover for a period of time. If the policyholder dies during the term of the policy, the sum assured is paid to the nominee. You get coverage only till the term you choose in this insurance policy.

Endowment Policy This policy is for the whole life. After the death of the policyholder, the beneficiary receives the full amount. If a person takes this policy, then he gets two types of benefits, the first benefit is insurance, and the second benefit is an investment.

Money Back Life Policy A fixed part of the sum assured of the money-back policy is given to the policyholder for a certain period during the term itself. In case of the death of the policyholder, the nominee is paid.

Unit Linked Insurance Plan It caters to both your insurance and investment needs. The premium paid by you, after deducting the insurance and management expenses, invests the remaining amount.

Benefits Of Insurance

The biggest advantage of life policy is that it protects your family after your death. It can be a regular income for your family. Helps in health and medicine.

Tax benefits are also available on the premium paid under sections 80ccc, 80c, and 80d. Long-term savings can be made Can also prove beneficial in children’s education expenses.

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