Life insurance is a type of written agreement between the policy owner and the insurer. It deals in making policy that individuals buy from a life insurance company and generate financial stability in their future. Life insurance provides a way to restore the loss of income that arises when someone dies. It also covers the new costs that occur after the taxes, probate costs and facilitate many useful plans for your future. Life insurance involves sum assured, which is the amount guaranteed to be paid or allocated in the case of a loss. The plans offered by the life insurance corporation provide a definite amount of money to the insurer in case of life insured dies or becomes disabled due to any accidental case. It only involves paying premium on time and also helps in achieving short term financial needs like mortgages etc.
Benefits of Having Life Insurance:
1. Life insurance guarantees to offer a good amount of money or sum in any risk cover uncertainties .
2. You can gain secure and money-making long term investment by the plans offered by life insurance.
3. The main benefit of these plans is they offer assured income through allowances.
4. Insurance perform as an efficient tool to cover mortgages and loans taken by the policyholders.
5. Life insurance is advantageous in retaining your trade from the loss of a key employee.
6. Insurance provides the best deductions on income tax by offering a way of premium for life insurance focus on the income tax rates.
Life insurance protects your family from any type of circumstances like loss of income etc. In general insurance is defined in terms of cash value . In this type of insurance policies are used to pay for the cost of insurance and a portion is linked with investments that develop over time. The time period for surrendering the policy depends on that the policy must be in power for three years or more. The core benefit of cash value is its ability to provide coverage for the whole life of the policyholder. These values can be borrowed against or can be withdrawn from during the life of policy. Any types of taxes on any interest are not required to cash value accounts.
Life insurance provides various plans:
1. Endowment plus.
2. Children plans.
3. Plans for handicapped persons.
4. Endowment assurance plan.
5. Money back plan.
6. Term assurance plan.
7. Whole life plans.
8. Joint life plans.
9. Special money back plan for women.
10. Bima account plans.
Life insurance also provides a particular plan which is a pension plan that is the individual’s plan, which offers you financial firmness during your retirement age. This plan offers policies which are most suited for senior citizens and those planning for secure future. LIC’s Pension Plus is a unit linked deferred pension plan, which provides you a minimum guarantee on the gross premiums paid. This plan further includes sub plans like Jeevan Nidhi, Jeevan Akshay-VI, New Jeevan Dhara-I and New Jeevan Suraksha-I.
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