What are the benefits of buying a Life insurance policy?
A comprehensive health insurance plan in India comes with many advantages.
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Financial Security The primary benefit of a life insurance policy is that it offers long term financial protection to the policyholder’s family in case of an eventuality. 01
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Guaranteed Returns Life insurance plans guarantee that you receive a fixed amount after a specific term. The return you get can help in paying the loan, child’s higher education, and other expenses. 02
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Tax Benefits Policyholders can claim tax benefits on the premiums paid under sections 80C and 80D. They can also claim tax exemptions under section 10(10D) as per the prevailing tax laws. 03
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Loan Facility Certain life insurance plans provide the option of a loan and allow the policyholder to borrow some percentage of the plan value or the sum assured, depending on the policy T&Cs. 04
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Retirement Planning Certain life insurance policies accumulate cash value over time, offering a source of income in retirement. 05
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Maturity Benefits With maturity benefits, you can plan for your short-term and long-term financial goals, and help your family reach new milestones. 06
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Wealth Creation Certain types of life insurance policy plans, such as ULIP, endowment, or savings plans offer wealth creation benefits along with protection benefits. You can choose the types of plans based on your risk appetite and build a corpus for your future goals. 04
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Death Benefit In case of any unfortunate event with the policyholder, the insurer provides financial benefit in the form of a death payout. The appointed nominee receives the entire sum assured plus the bonus accumulated over time. 05
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Flexible premium payment option Policyholders can choose the frequency of premium payments as per their requirements. For example, you can choose to pay premiums as a lump sum amount for your life insurance policy plans, or you could pay them at periodic time periods like monthly, quarterly, half-yearly, or yearly. 06