LIFE INSURANCE

Types of Life Insurance Plans

Key Features of Life Insurance Policies

1

Long Term Saving

Life insurance helps you in saving and building your wealth. It is a systematic way to safeguard you financially and take care of your future plans like a child’s education, marriage, retirement etc. Therefore, you get the dual benefits of savings as well as protection.

2

Life Stage Specific Planning

Life insurance companies offer plans customized for different stages of life. Every family has certain goals which require thorough planning. These goals may include planning for your kid’s education, buying a house, retirement planning, etc.

3

Life Cover

The primary and the most important advantage of a life insurance policy is providing a life cover. The insurance company is liable to pay the life cover to your nominee in case of any unfortunate event. This life cover ensures to keep you and your family secured always in an unfortunate event.

4

Tax Saving

The premiums that you pay for your life insurance plan makes you eligible for tax deduction of up to Rs. 1.5 lakh under Section 80C, 80CC, 80CCE of the Income Tax Act, 1961. It also saves you from taxes payable on maturity and death benefits as per Section 10 (10D) of the Income Tax Act, 1961. You can also avail tax exemptions of up to Rs. 25,000 (up to Rs. 50,000 for senior citizens) under Section 80D of the Income Tax Act, 1961.

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