An Established Industry
The Life insurance sector has gained immense experience in learning the needs of the investors. The learning has paved the way for more innovative products. There is an increased awareness and demand for life insurance products in India. The demand is due to the rising uncertainty that is currently prevailing.
Secure and Safe Plans
The life insurance plans in India provide long-term financial security to its investors. It covers many risks that can take place in the future. It goes beyond taking care of its customers and their family. All these benefits are offered with a flexible premium.
The customer invests his wealth as a premium amount. The family is assured to be secure in case of his death.
To purchase the life insurance plans in India, let us explore its actual advantages.
The annuity plans can buck the falling interest rates in India. It can also be an income source post-retirement.
Tax exemptions to both premium as well as maturity amount. This is applicable under Section 80C and Section 10(10D) of the Income Tax Act of India.
Opt for endowment plans that assure guaranteed returns.
Loan against the policy to meet your debts, if any.
A basic life insurance policy supports you from a financial crisis. It is indeed the best financial backup for family needs. The funds cover the expenses for education, marriage, or purchase of a new house.
Regular Flow of Cash
The flexible payment and payout options have made it much convenient for all its members. Calculate the affordable premium amounts you can chip in towards the life insurance plans. You can then choose the best plan that is offered.
If the insured passes away during the term, the beneficiary can receive the sum assured. Investors can have a look if their policy covers all their needs. If not, they can go for additional protection through riders. Various rider benefits such as disability, critical illness, and accidental death are available.
Simple Process of Purchasing Plans
- Purchasing a life insurance product in India requires simple steps.
- Choose the best rider
- Choose a suitable plan that gives you maximum returns and bonuses
- Calculate your premium with the help of an insurance expert. Choose your premium
- Fill in all your personal and medical details
- Mode of payment of your choice
- Submit all requisite documents
Better Savings for future
Tax savings in life insurance are as follows.
- Applicable to premiums paid up to Rs. 1.5 lakh.
- Applicable to maturity amount if the premium paid is less than 10% of the lump sum assured. If above 10% of the lump sum assured, then the amount equivalent to 10% of the sum assured can be tax deducted.
- Tax-free death benefits
A nominee can earn all the benefits upon the demise of the insured. The insured can receive the sum upon the survival of the policy.
Stay Informed of the Plan
A life insured should understand the inclusions and exclusions of the plan. Claim settlement can be processed quickly upon submission of documents. The investor should also ensure that there are no premiums left unpaid. Investors can benefit from the inclusion of the loan against the policy.
The plan cannot be claimed for the following reasons:
- Death by accidents caused by adventure trips
- Death caused due to alcohol or drugs
- Medical conditions that are not listed in the policy document.
- Suicide committed within 12 months from the starting of the policy
- Self-inflicted deaths
A Trusted and Safe Brand
Review all the products in detail to determine your needs. Licensed life insurance experts can help you recommend an affordable plan. Life insurance plans in India have a wider network. They can be reached through their customer support or by visiting the official website. All life insurance products in India have proven their excellence in their services. The products have won awards at national levels.