Insurance Benefits: People get many types of benefits through insurance. Once the insurance is done, it can be seen as a long term investment. Along with this, people also get different benefits through insurance. Let’s know about it…
Life Insurance Policy: People get many types of benefits through life insurance policy. Buying life insurance protects your spouse and children against potentially catastrophic financial losses. There are also many types of benefits of life insurance policy. It not only provides financial security, but also helps in repaying the loan. Helps pay for living expenses and helps pay for any medical or final expenses. In such a situation, let us know what are the benefits of life insurance policy.
Security guarantee
Life insurance benefits act as a financial safety net if you have family, business or others dependent on you. In the event of death, this will provide a lump sum payment to the family beneficiaries, provided all premiums have been paid and there is no outstanding loan. It is essential security that you can trust to be financially there for your loved ones when the need arises.
Tetirement fund
Imagine what would happen if your income stopped? What will happen to your family? In such a situation, a life insurance policy can help in ensuring that your loved ones have the necessary funds to support them. Also, when your income stops after retirement, then retirement fund can also be made from it. In this case it is also an investment.
Tax benefit
The benefit of life insurance policy is also available on filing income tax return. Under Section 80C of the Income Tax Act, tax benefit can be availed from the premium paid on the life insurance policy. Under 80C, the benefit of Rs 1.5 lakh can be availed in a financial year.
Maturity benefit
Life insurance policy is taken for a period. After the end of that period, the policyholder gets the maturity benefit and the premium deposited in the life insurance policy along with bonus according to the period.
