Life Insurance is defined as a contract between the policyholder and the insurer, whereupon the insurer promises to pay a sum of moneyas compensation to the beneficiary of the policyholder when he/she dies.
The life insurance provides the support for future financial obligations of the deceased family members, which is the core reason to buy the life insurance- as it provides the death benefit to the family members.
Insurance proceeds can funds various expenses:
- Immediate Expenses– Funeral costs, medical expenses, taxes, estate settlement costs etc.
- On-going Expenses– Food, Housing, Utilities, Transportation etc.
- Future Expenses– Child future education, Retirement, Home Loan etc.
It is prudent to secure your dependents by providing financial stability thereby they can live their life without having to compromise on their current lifestyle.
Benefits of Life Insurance
Financial Security to Family: In case of sudden death, the insurer pays to the beneficiary a lump sum amount.
Tax Benefits: All premium paid are tax exempted under section 80C of Income Tax Act, 1961. The maturity benefits are also tax free as per section 10(10D) of the IT Act 1961.
Helps to build other financial goals (Long term and short term) without worries, that will give peace of mind to the insuree.
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