Benefits of Life Insurance

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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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