Life Insurance Policy Benefits| Reasons Why You Need for Life Insurance

Life Insurance Policy Benefits

Life insurance policy is an agreement that promises payment of an amount to the person assured (or his nominee) on the occurrence of the event insured against. From here viewers may check Life Insurance Policy Benefits and reason Why You Need for Life Insurance.

Life insurance policy furnish to meet one`s monetary needs. Many Organizations provides life Insurance as it’s a basic need in today’s lifestyle. Different life insurance policies have several benefits which are available in market as competition among companies becomes cutthroat.

Why You Need for Life Insurance

• Life Insurance is the answer of many questions that comes in mind of one`s like as Who will take care of one`s family if tomorrow something unpredictable occurred to him.
• Under any situation, the detriment of a loved one is a painful encounter. But, if one`s family is also left with absence of money they will have to struggle with a financial turning point at the same time.
• A Life Insurance plan guarantee that your family is pecuniary secure even if tomorrow unpredictable occurred.

Best Insurance Policy for Senior Citizens and Children

Life Insurance Policy Offers Available

For customer satisfaction, many competitors provide different offers to customers.

Life Insurance Policy Benefits

Some of the life insurance types and benefits

Term Insurance Policy

• A term insurance policy is a pure hazard cover policy that protects the person insured for a specific period of time.
• In such type of a life insurance policy, exact money called the sum assured is given to the family. The securities paid by customer are exempted from tax.

Whole Life Policy

• A whole life policy covers an insured against extinction, throughout his life. The advantage of this policy is that it has no validity hence the individual enjoys the life cover throughout his or her life.
• Under this policy, the insured pays regular premiums until his extinction upon which the interest is paid to the family. Premiums paid under the whole life policies are tax exempt.

Endowment Policy

• Combining risk cover with financial savings, endowment policies are most popular life insurance policies. Customer gets benefit in two ways from a pure endowment insurance policy. In case of death during the process, the nominee gets the sum assured. If the customer endures the policy time, he gets back the premiums paid with interest and benefits like bonuses.
• The premiums paid and their ULIP variants are tax exempt.

Importance of Health Insurance

Money Back Policy

• In this Life Insurance a portion of the sum is paid out at usual intervals. If the customer continue to live the term, he gets the balance sum assured.
• In case of death, the nominee gets the full sum assured.
• The premiums paid and ULIP variants are tax exempt.

ULIPs

• ULIPs are market based life insurance offer that provide a chord of life cover and wealth creation options.
• ULIPs may be practical for achieving various financial goals such as planning for retirement, child’s education, marriage etc.

Annuities and Pension

• In this life insurance policies, the customer give consent to pay the insured money periodically. The purpose of this policy is to protect against financial risks as well as provide money in the form of pension at regular intervals.

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