Life Insurance : An Aids to life .....


Life Insurance : 

Life Insurance refers to an Insurance whereby the policyholder can ensure the financial freedom for his/her family members after death. Suppose you are the sole earning member in your family, supporting your spouse and children. In such case, your death would financially devastate the whole family. Life insurance policies ensure that such a thing does not happen by providing financial assistance to your family in the event of your passing.

Types of Life Insurance Policies :

Term Plans – In this policy , the death benefit from a term plan is only available for a specified period, for example : 40 years from the date of policy purchase

Endowment Plans – An Endowment plans are the life insurance policies where a portion of your premiums go toward the death benefit, while the remaining is invested by the insurance provider. Maturity benefits, Death benefit and Periodic bonuses are some types of assistance from Endowment policies.

Unit Linked Insurance Plans or ULIPs -  This policy is similar to Endowment plans, in which a part of your insurance premiums go toward mutual fund investments, while the remaining goes toward the death benefit.

Whole Life Insurance - As the name suggests, such policies offer the life cover for the whole life of an Individual, instead of a specified term. Some insurers may restrict the whole life insurance tenure to 100 years.

Child’s Plan - Investment cum insurance policy, which provides the financial aid for your children throughout their lives. In this policy, the death benefit is available as a lump-sum payment after the death of parents.

Money-Back - Such policies pay a certain percentage of the plan’s sum assured after regular intervals. This policy is also known as Survival benefit.

Retirement Plan - Policy also known as Pension plans, these policies are a fusion of Investment and Insurance.In this policy, a portion of the premiums goes toward creating a retirement body for the policyholder. This policy is available as a lump-sum or monthly payment after the policyholder retires.

Benefits of Life Insurance :

         Tax Benefits - If you pay life insurance premiums, you are eligible for tax benefits in India, under Section 80(C) and 10(10D) of the Income Tax Act. Thus, you can save a substantial sum of money as taxes by opting for a life insurance plan.


         Encourages Saving Habit - Since you need to pay policy premiums, buying such an insurance policy promotes the habit of saving money.


         Secures Family’s Financial Future - The policy ensures your family’s financial independence is maintained even after your demise.


      Helps Plan Your Retirement - Certain life insurance policies also act as investment options. For instance, pension plans offer a lump-sum payout as soon as you retire, helping you to fund your retirement.


Comments

Post a Comment

Popular posts from this blog

Friendship .... A bond of love and sacrifice

Image
  Friendship aka Dosti is a word with unlimited love , sacrifices , emotions sometimes cry and sometimes celebrate.  Friendship means familiar and liking of each other's mind . People who are friends talk to each other and spend time together. They trust one another and also help each other when they are in trouble or are hurt. Friends are people that can be looked up to and trusted. Usually friends have the similar interests. A friend is one who admires a person's skill and helps or encourages them to make the right choices and do not get into any trouble at all. The strength of the bond of friendship between the two people can be vary with each other. If the bond is very strong, they are called Best friends. This can usually be achieved by possessing the elements of friendship, by being kind, generous, loyal, honest and by having fun. With these qualities you can truly enjoy the bliss of friendship. There are expectations, demands and complaints in ...
Read more

cowin.gov.in - Vaccine Certificate for 1st and 2nd Dose

Image
  Every Individual who has got Covid-19 vaccination whether it is Covaxin or Covishield you will get Covid-19 Vaccination Certificate after that vaccination. The Cowin vaccination certificate is being given to the individual after the 1st dose and 2nd dose. Earlier it was seen that the individuals had registered for the first dose from a registered number and the same individual registered for the second dose from the another number. The Certificate Verification is an important in terms of valid proof for vaccination. It’s really important to download Covid-19 Vaccination certificate from cowin.gov.in. After getting the first dose of vaccination, you will be allotted with the provisional Covid Vaccine Certificate. Thus after getting  the second dose of Covishield or Covaxin, you will get the Final certificate of Covid-19. Many individuals who are still confused need to check the steps for Covid-19 Final Vaccination certificate verify for authentication.Free vaccine to above ...
Read more

Mobile Insurance : Where Security is a priority, not an option.

Image
  Mobile Security   is the protection of smart phones, tablets, and laptops from threats associated with wireless computing .  It has become increasingly important in mobile computing . More and more users and businesses man use smart phones to communicate, but also to plan and organize their users' work and also private life. Within the companies, these technologies are causing profound changes in the organization of information system and therefore they have become the source of new risks. Indeed, smart phones collect and compile an increasing amount of sensitive information to which access must be controlled to protect the privacy of the user and the intellectual property of the company. All smart phones, computers   are preferred as the targets of attacks. This is because these devices have family photos, pictures of loved ones, passwords, and many more. For attackers, these items are a digital passport to access everything they would need to ...
Read more