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The phrase life insurance in itself stands for safety and confidence. It gives you the peace of mind that even if things go wrong, your loved ones will be financially secure. You have the assurance that tomorrow if something happens to you, your family will not have to compromise on their dreams because of a financial crisis.
Planning to offer your loved ones the cover of a life insurance policy? You’re at the right place. At Jio Insurance Broking, we’ve transformed the process of buying life insurance into a hassle-free journey. Read on as we guide you through life insurance, its importance, types and how you can choose the right policy.
Life insurance is a contract between an insured individual and an insurance company. The insured pays a particular premium to the insurance company in exchange of which the insurance company guarantees compensation. In case the insured individual passes away, the insurance company pays compensation to the appointed nominee.
Apart from securing your family, life insurance can also play a key role in achieving your financial goals. Along with tax benefits, they can offer you a financial cushion during the policy period or a maturity benefit when your policy comes to an end.
Before we get into the benefits of a life insurance policy, let us explore the most popular kinds of life insurance policies that you can opt for in India.
Term insurance is not just the simplest form of life insurance but also the cheapest. A term plan is purchased for a specific period of time. If the insured passes away during this term, the nominee receives the sum assured, also called the death benefit. If the insured survives this term, the policy comes to an end, and nothing is payable
Bonus Insight: If you want a survival benefit, you can opt for TROP. Here, if the insured survives, the premiums paid so far can be paid back.
Did You Know? With Jio Insurance Broking, you can get a discount of up to 20% when you buy term insurance.
Having a life insurance policy is an easy and assured way to safeguard your and your family’s financial future. Most plans offer flexibility and can be tailor-made to your requirements. Here’s hoping that you understand the various elements of life insurance and can choose a policy that best suits your financial goals.
Everyone who has a family to support financially should have life insurance. If you are a parent, a spouse, or an entrepreneur or have family members who are dependent on you, life insurance becomes an essential step.
The premium that you pay towards the policy can get you an exemption of up to ₹1.5 lakhs under Section 80C of the Income Tax Act. The death benefit and the maturity benefit also offer tax benefits.