Life Insurance

Life insurance is a contract signed between an individual and a life insurance company. The individual pays a certain premium at fixed intervals. In contrast, the insurance company pays the beneficiaries the insured amount on the occurrence of the insured event like death/disability or defined benefit of the product on maturity.The insurance company will calculate the premium amount you need to pay based on this amount. You will pay this premium amount, the insured, either in instalments or a lump sum. Do note that the premiums need to be paid for a predefined tenure set by the insurance company or as opted by you at the policy's inception.

Life insurance offers many benefits, which is why is it considered to be one of the most important financial tools for an individual. It gives you a chance to build wealth and provides your loved ones with financial security in your absence.Benefits of life Insurance

1.Financial Security : Money from a life insurance can act as cushion and ensure family life goal’s are not effected.

2.Secure your child future : Life insurance can give your child the best education possible and fulfil their dreams as you want.

3.Prevent loan burden : Loans can be repaid without the risk of your family losing an assets or stressing about arranging fund.

4.Retirement Planning : With annuity-based life insurance plans that give monthly pension on maturity,You can plan for a secured retirement.

5.Tax benefits : You can avail annual tax deductions upto Rs.1.5 Lac under Section 80C for life insurance premium paid.

Life Insurance also offers you different opportunities to invest while taking care of your requirement needs.

 Term Insurance : Term insurance plans provide life cover to protect your loved ones at most affordable rates. This is the simplest form of life insurance. Term plans offer financial security to your loved ones’ future even in your absence.

 Endowment Plan: Traditional savings insurance plans are risk-free investment plans that also offer insurance shield. Better known as endowment and money back policies, traditional plan returns are not linked to the stock market, and hence carry lower risk. Traditional insurance plans offer bonus, such as reversionary bonus and terminal bonus, for staying invested, which enhances the maturity sum

Savings Plan: Savings Plans are life insurance plans that combine the benefits of a life insurance cover and investment. So, in addition to securing yourself and your family, you also create a corpus to meet your financial goals at every life stage. Most protection and savings plans usually offer you a fixed amount as Maturity Benefit when the policy ends, but some specific plans also help you create a regular stream of income throughout your policy duration

Whole Life Insurance Plan: Whole Life Insurance Plan cover you up till 99 years of age. They are different from ordinary insurance policies which have a defined term of say 10, 20 or 30 years, and are of use when you have financial dependents for a relatively long period, possibly your entire life

Retirement and Pension Plan: Retirement insurance plans offer ways to build your own pension income. You can either choose to accumulate your retirement corpus as per your risk appetite, or get guaranteed immediate income for life by investing a lump sum.

Several factors play a key role in the type of life insurance you can purchase and the value of the insurance premium. These include -Age,Gender,Health & Ailments,Family health records etc.

 With Life Insurance, you can ensure the following

Safe Guard your family against unforseen circumstances

Get Financial Protection

Get return on your invested amount

Save on Income Tax