Life Insurance Benefits
It is often seen that people ignore the idea of taking an insurance policy because they feel that they do not need it.
You don’t know anything about the future. No one is aware of what is going to happen in the future. You may meet with an accident in the future, which may result in death or serious injury. Nobody knows about what may happen to you in the future. If you die accidentally and you are the sole earner of your household, your family may face financial problems. This may include house rent, loan, EMI, child expenses and other liabilities.
No one would want his family to face financial problems in his absence. Therefore, you should seriously consider buying life insurance. Because future calamities do not come by telling anyone and by making any discrimination. It can come upon anyone, at any age. You can easily provide financial security to yourself and your family through a life insurance policy.
Now we will discuss in detail about the benefits of life insurance in gym. We will try to know what are the benefits you can enjoy after getting a life insurance policy.
- Life Risk Cover:
A life insurance policy provides high life risk cover to its policyholder. A life insurance policy can easily meet your financial needs in case you die or get seriously injured in an accident. In the event of an accident, you are given financial assistance if you are injured and if you die in an accident, financial assistance is provided in the form of death benefit to your nominee.
- Death Benefit:
The biggest advantage of life insurance is the death benefit it provides. If the policyholder dies due to an accident, the death benefit is provided to the person nominated by the policyholder at the time of taking the insurance. This death benefit can be in lump sum or in monthly instalments. Policyholders can choose it as per their convenience at the time of taking the policy.
- Return on Investment:
A life insurance policy also provides a good investment option to the policyholder. Presently most of the life insurance policies also provide bonus to the policyholder. The money invested as premium in a life insurance policy is returned to the policyholder on maturity and if the policyholder dies in an accident, this benefit is passed on to the nominee as death benefit. Is. So in both the cases the money invested by the policyholder is paid back to him.
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- Tax Benefits:
If you take a life insurance policy, you are also provided with tax benefits under the Income Tax Act. It offers tax benefits under section 80C of the Income Tax Act on the premium paid for the life insurance policy. Along with this, tax exemption is also provided under Section 10D of the Income Tax Act on the profit received on the maturity period of the life insurance policy.
- Loan Option:
Life insurance policies also provide you the option of taking a loan after paying the premium for a certain period. If you are in need of money, you can easily get a loan through your life insurance policy. This can be taken as a percentage of the sum insured as a cash value under the loan insurance policy.
- Life Stage Planning:
A life insurance policy also helps you in planning your life stage. You can easily make a plan for your financial needs for the future through a life insurance policy as per your requirement. You can choose it keeping in mind the needs of your standard of living in future. Even if you get injured or die in an accident in future, you or your family will be able to maintain the standard of living. A life insurance policy provides support.
- Assured Income Benefit:
A life insurance policy also provides an assured income benefit to its policyholder. If the policyholder survives to the maturity period of the life insurance policy, the money paid by him as premium is returned along with the maturity benefit and if the policyholder dies in an accident, the death benefit is paid to the nominee of the policyholder. Income is provided in the form of a lump sum amount or in the form of monthly instalments. Through which the everyday needs of the family can be easily met.
A life insurance policy also gives you the option of adding riders. You can add these riders to your life insurance policy as per your requirement. Through this you can easily increase your insurance coverage. These riders include critical illness riders, personal accident riders, family income riders, waiver of premium benefits riders, etc. However, you have to pay an additional premium to add these riders. But through this you can increase your insurance coverage as per your requirement as per your wish which provides you a financial safety net in future.