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Life insurance is basically a contract between the insured (the policy owner) and the insurer to provide protection in case of death, terminal illness of the insured or payment of the sum assured after the policy expires against the payment of a fixed sum of money to the insurer (insurance company) once or at regular intervals called the premium. Life insurance basically helps an individual to protect one’s family by providing proper risk coverage and thus helping an individual to have a tension free life. There are various types of life insurance policies available in the market like term assurance policies, endowment assurance plans, money back plans, ULIP plans, child insurance plans etc. each with its own unique features.

A life insurance policy comes with a host of benefits. Some of them have been mentioned below:

  • The life insurance policy provides financial assistance to the family members in the case of the untimely death of the insured, thus ensuring that the loved one’s of the insured continue to enjoy a good life even in his/her absence.
  • A life insurance policy inculcates the habit of saving. This habit of saving can help an individual to fulfil his /her dreams of having an own house, child education, marriage .
  • Life insurance policies may also cover debts like home loans, car loans, mortgage based loans etc. Thus ensuring the insured that his/her family would not suffer from any financial burden in case of any unforeseen incident.
  • These policies also provide financial assistance in case of any critical illness of the insured.
  • The policies enable an individual to have a peaceful retired life without being financially dependent on anyone.
  • The money being invested in these policies is utilized in the economic development of the nation thus in turn promoting our own development.
  • Loans can be taken by providing the life insurance policies as a collateral. It does not affect the benefit of the policy.
  • One can also avail tax deduction for the payments made towards the life insurance policy under Section 80 C of the Income Act, 1961.

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