Need and Benefits of Buying Life Insurance Plan

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Need and Benefits of Buying Life Insurance Plan

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What is better than life insurance with the maximum return on investment? Go for Alankit’s wholesome best life insurance plans for a stable future. Enjoy your life freely. Alankit’s life insurance plan will take care of everything else. Invest in a good life insurance plan after thoroughly investigating all your options. Alankit will give you all the details you need so that you can make an informed decision. – PowerPoint PPT presentation

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Title: Need and Benefits of Buying Life Insurance Plan


1
Need and Benefits of Buying Life Insurance Plan
2
  • A life insurance plan is not a liability or
    even a mere investment option. It is a crucial
    support system and a way to give financial
    protection and stability to an individuals
    family or dependents in the event of his or her
    accident, illness, death, etc. The concept of
    life insurance has been there since ancient
    times. Today, there has been a growing awareness
    among people about the importance of choosing the
    best life insurance policy that suits their
    personal needs.

3
  • Under a life insurance plan, the insurance
    company pays a lump sum amount to the
    beneficiaries of the policy holder. Life
    insurance policies are promoted as investment or
    saving schemes and the best life insurance plans
    also promise a gamut of benefits for the insured.

4
How one can gain from life insurance plan?
  • Tax Benefits An insured person can avail
    additional benefits in terms of tax exemption, up
    to Rs 1.5 lakh, for the premium paid as part of
    the policy, under the section 80C of the Income
    Tax Act 1961. There are certain policies that
    provide benefits on maturity which are also
    entitled to offer tax deductions on the maturity
    earnings, under the section 10 (10D).
  •  
  • Investment and returns The best life insurance
    policies prove to be effective financial planning
    tools for individuals and bring long-term
    benefits. They help in better money management
    and often considered as a perfect plans to fulfil
    ones retirement goals. Besides retirement
    planning, they also serve investment tools to
    support other stages of life such as education,
    marriage of child, building home, etc. With the
    underlining feature of better returns on
    investment, life insurance plans ensure security
    of ones finances and lower risks.

5
  • Emotional and Financial support Insurance
    companies promote their best life insurance plans
    with the primary objective of guaranteeing not
    only financial support for the beneficiaries
    during loss of income, but also psychological
    support when a family is going through difficult
    times.
  •  
  • Availing loan against policy When choosing the
    best life insurance, an individual should know if
    the policy provides a provision which lets the
    policy holder avail loan in case of urgency, to
    take the amount of loan either in the percentage
    of the insured sum or as the cash value. The loan
    can be secured from the insurance company or
    through any non-banking financial company (NBFC),
    at competitive rates much better than other
    modes.

6
How it works to benefit the insured?
  • A life insurance is an insurance policy or
    basically an agreement between an insurer and the
    policy holder by which a designated sum of money
    will be given to the beneficiaries by the
    insurer. The payment, done in exchange for a
    premium amount paid regularly or as lump sum, is
    executed in the event of death of the insured
    person. Sometimes, cases such as terminal illness
    or critical illness are also considered. On
    approaching the insurance company, individuals
    looking to buy life insurance plans are required
    to follow certain simple steps involving
    application submission for availing the policy.
    By thoroughly reading the terms and conditions,
    potential policy holders get a clear
    understanding of the benefits they would be
    having and also about the generic exclusions, for
    instance, pre-existing medical condition,
    suicide, etc.
  •  

7
  • In order to get the maximum advantage from
    an insurance policy, individuals should compare
    the various policies in the market and choose the
    best life insurance plans among the many. They
    should keep in mind some points such as the scope
    of policy cover for the set amount or the claim
    settlement ratio. Companies with the best
    insurance plans make it a point to ensure speedy
    and hassle-free claim settlement. Moreover, the
    flexibility of customising a plan is another
    factor basis which life insurance plans are
    compared. Since different individuals have
    different needs, the option of customization
    becomes a necessity and not a luxury. The extent
    and number of deductibles by the company can be
    regarded as another important factor for
    comparison.
  • Keeping in view the above points and the
    host of benefits offered by life insurance plans,
    people should realise why having a life insurance
    plan is a must in todays times, especially when
    it comes to securing a familys future.
  •  
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