Life insurance, as the name suggests, is a type of insurance that provides financial aid to the policyholder’s family, in case he/she dies. The policy not only offers protection benefits but offers several other benefits too. Besides, if you are planning to buy a life insurance anytime soon, then here are certain facts about life insurance that you need to know, have a look –
Contents
Life insurance is a tax saving tool. You can get tax benefits on premium paid towards life insurance. Also, you can claim a tax deduction of up to Rs. 1.5 Lakh as per the section 80C of the Income Tax Act, 1961.
This is also one of the most important things that you need to know about life insurance. Life insurance also comes with investment options. Products such as ULIPS offer the advantages of both an insurance cover as well as investment option in the markets.
A life insurance policy also helps you in generating wealth through accumulated gains. An insurance plan not just offers protection from unforeseen events but also helps in gradually creating wealth so that you meet your future financial goals.
Life insurance products incentivize savings and restrict consumption expenditure. So, investment-linked insurance plans augment personal savings along with providing life insurance cover.
This is yet another best way that helps you meet your financial goals. As it gives you the benefit of taking loans against policy. You can take loan from an insurance company. The interest rate charged by the insurance company basically depends upon the time when a policyholder asks for a loan.
Life insurance provides stability and certainty to your future plans. It guarantees not just a safety cover for unexpected events but also assures a considerable sum in savings as you retire. These savings can be converted into annuity so that one could enjoy pension benefits.
Life insurance policy is fairly inexpensive. Thus, you can easily buy an adequate life insurance policy online at a reasonable rate. Given its multiple benefits like term insurance cover, investment, and tax benefits, life insurance is the most reasonably priced financial instrument.
The amount of premium depends on your age and health. Thus, the earlier you’ll buy a life insurance policy, the better it will be. Also, since one can’t predict unforeseen events like death or accident, it is always advisable for responsible people to keep a life insurance cover for the future of their loved ones.
Before buying a life insurance policy, you must know it inside out, so that you are well prepared to buy an insurance that best suits your needs. Besides, if you’re looking to buy a life insurance policy online, then go for Aegon Life; it offers high quality insurance plans at affordable prices.
One of the most asked questions is why do seasoned developers such as ourselves stress…
When you’re shopping for auto parts, what matters most are their quality, fit, performance and…
Mark had always been a die-hard WWE fan. Growing up, he watched the likes of…
For centuries, flowers have been a source of inspiration, enchanting everyone with its beauty. Like…
Are you ready to tantalize your taste buds with a delectable and creamy dish? Look…
If someone had told us we would be as dependable on mobile apps as we…