What you didn’t know about Life Insurance?
Life Insurance policy in a layman’s language is an insurance coverage that provides financial assistance to the beneficiaries of the policyholder on their death. It is the main objective of a life insurance policy but there are several other benefits and perks offered under different life insurance in India which you might not know of.
You can read this article to know about the several other benefits that different life insurance in India offer:
Provides financial assistance while alive:
You can consider buying a critical illness rider along with your existing life insurance policy which provides financial assistance during hard times like disability, heart attacks, cancer, stroke, etc which provides a safety net against the loss of income or paying the cost of treatments while being alive.
Regular income after Retirement:
Retirement planning is an important aspect in every individual’s life as they may not have a source of earning anymore and would rely completely on the savings. One can opt for Retirement Plans which are a form of life insurance policy that provides regular income post retirement along with a life cover.
Maturity and Survival Benefits:
There are some life Insurance in India that provide maturity benefits to policyholders if they survive during the policy period, for example there are options of opting return of premiums paid towards life insurance if the policyholder survives the policy period. You can purchase Endowment plans that offer lump sum payouts on maturity. You can buy a MoneyBack plan that offers a certain percentage of the total sum insured at regular intervals as a survival benefit and the remaining sum assured would be given on maturity of the policy.
Investing option:
You can buy ULIPs, a type of life insurance policy that offers investing options. A percentage of your total sum insured is used for paying the cost for life cover and the other portion is invested in equity funds, debt funds or other securities.
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Get collateral loans on your life insurance policy:
You can get loans by keeping your life insurance policy as a collateral. This feature is available for all types of life insurance in India except term insurance.
Tax savings:
You can save taxes on your premiums and maturity benefits under section 80C, 80 CCC, 80D and 10(10D) of the Income Tax Act.
Conclusion:
Buying a Life Insurance policy is a complex task due to several types of insurance policies available in the market along with several terms and conditions. It is best to consult a IRDA Approved Insurance Advisor before buying a life insurance policy that matches your insurance and investment needs.
