LIFE INSURANCE

C.GEETH PRIYA., B.COM., M.COM.,

Life insurance can be defined as a contract between an insurance policyholder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. A life insurance policy offers both death and maturity benefit to the insured.

                                    Life Insurance is like a parachute – If you don’t have it when you need it, you will never need it again!

BENEFITS OF LIFE INSURANCE:

Life insurance policy benefits can be used to help pay for final expenses after you pass away. This may include funeral or cremation costs, medical bills not covered by health insurance, estate settlement costs, and other unpaid obligations.

Life insurance can be an essential part of your financial strategy. That's because a life insurance policy can help ensure that your loved ones have a secure financial future after you pass away. Not only can life insurance help cover your final expenses — it can also provide your family with a financial safety net by helping to replace your income or serving as an inheritance for a loved one.

Different Types of Life Insurance Plans in India

1. Term Life Insurance Plan

2. Whole Life Insurance Plan

3. Unit Linked Insurance Plans

4. Endowment/ Saving Plans

5. Money Back Policy

6. Child Insurance Plan

7. Retirement Plans

DOES LIFE INSURANCE A GOOD INVESTMENT?

The importance of investing in life insurance cannot be stressed enough. Life insurance is designed to offer financial safeguards against the policyholder's death and works as a good investment plan, which helps you meet several life goals in turn.

 

 

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