Benefits of Life Insurance
1. Risk Coverage: Insurance provides risk coverage to the
insured family in form of monetary compensation in lieu of premium paid.
2. Difference plans for different uses: Insurance companies offer a different type of
plan to the insured depending on his need for insurance. More benefits come
with the more premium.
3. Cover for Health Expenses: These policies also cover hospitalization
expenses and critical illness treatment.
4. Promotes Savings/ Helps in Wealth creation: Insurance policies also come with the saving
plan i.e. they invest your money in profitable ventures.
5. Guaranteed Income:
Insurance policies come with the guaranteed sum assured amount which is
payable on happening of the event.
6. Loan
Facility: Insurance companies
provide the option to the insured that they can borrow a certain sum of amount.
This option is available on selected policies only.
7. Tax Benefits: Insurance premium is tax deductible under
section 80C of the income tax Act, 1961.
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