Key Features & Benefits of Life Insurance

Life insurance is the best way to create wealth & secure family’s future in the event of unfortunate death of the policyholder

• The primary benefit of a life insurance policy is that it provides long time financial stability to the policyholder’s family in case of any unfortunate event.
• In case of any unfortunate event with the policyholder, the insurer provides financial protection in form of a death payout. The appointed nominee receives the entire sum assured plus the bonus accumulated over a time
• When the policy matures, some life insurance plans offer the policyholder the full premium amount paid during the policy term.
• 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.
• Life insurance Savings plans such as ULIPs offer wealth creation benefits also. In such plans, you can invest your premium amount in different funds based on the risk appetite. These life insurance policies are good wealth-makers in the long run
• Policyholders can avail of tax savings benefit up to Rs. 1.5 Lakhs u/s 80C of the Income Tax Act, 1961, for life insurance premium amount paid. Also, the payout received from an insurer is exempt from tax u/s 10(10D) of ITA and the premium amount paid for riders such as critical illness can be claimed u/s 80D.
• Riders such as critical illness, waiver of premium, etc. are add-ons to your current base plan, which help customize the policy according to your specific needs.
• Annuity-based life insurance plans give a monthly pension to the policyholder on maturity and help plan a secured retirement.
• Certain life insurance plans provide the option of a loan and allow to borrow some percentage of plan value or the sum assured depending on the policy T&Cs.