Life Insurance
Life Insurance is a contract between an insurance policyholder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium after a set period or upon The death of an insured person.
Life Insurance acts as financial protection For your family in case of your death or a payment made to you on Surviving the policy term. In return for this payment, you make periodic Fixed payments to the life insurance company. In certain types of policies, there is an option to get critical illness benefits or create Additional protection For your family if you pass away from an accident.
Why do I need Life Insurance?
Illness Protection: As you Head towards retirement, life insurance policies that cover Critical illnesses become important. Some life insurance policies offer You features that cover you from severe ailments like heart attacks And cancer. Buying these types of policies can protect you from some of The world’s most deadly diseases.
Family Support: If you have a spouse and kids, the need to build a safety net for Them becomes important. You would want to protect them from Financial hardship in case of your untimely demise. You can also get good Returns with life insurance by investing in some policies.
Debt: We Often take large loans in our working life, especially when it comes to Buying a house. An untimely death while the loan is still due can have Grave economic consequences for our families. In such a scenario, Life insurance money can be used to pay off the loan.
Savings Growth: In your early years of working, some life insurance plans can be A useful way to save and invest your money.
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