What is Life Insurance? Benefits of Life Insurance

what is life insurance
what is life insurance

What is Life Insurance: Life insurance is an agreement or contract between the person insured and the insurance company. According to this contract, if the person insured dies in an accident, the nominee (family member) is paid a certain amount by the insurance company. However, for this, the insured has to pay money in the form of regular premiums for a certain period of time, which acts as financial security for the insured’s next of kin.

Those people who want that their families do not have to face financial problems after them, then they should definitely get their life insurance. Apart from financial security, a life insurance policy also helps in saving tax. If you are also thinking of getting your life insurance, then first of all, what is life insurance or life insurance (What Is Life Insurance In Hindi), and what are the benefits of getting life insurance, etc.

What is Life Insurance?

Life insurance is a contract or agreement between the policyholder and the insurance provider. If there is an accident with the policyholder and he dies, then the life insurance company provides that amount to the family of that person according to the life insurance policy made by that person. So that even after the death of the earning person, his family members can be helped. It comes in handy to help the family financially. If you have any type of loan or you live in a rented house, then you must get life insurance.

How To Get Life Insurance

There are many insurance companies in India from where you can get life insurance. You can also get insurance by visiting these companies and you can also apply online if you want. On applying online, an agent from the insurance company comes to you so that you can get the insurance done online. You can also send a request for life insurance on the company’s Toll-Free Number. For this, you have to fulfill some of their conditions like your age should be between 20 to 60 years. You should not be suffering from any kind of deadly disease and at the same time be mentally healthy.

What is SBI Life Insurance?

SBI Life Insurance Company, one of the most trusted life insurance companies in India, was incorporated as Life Insurance Companies of India in October 2000 and registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001 Gone. It provides life insurance, pension plans, child plans, investment, and savings plans, etc. to its customers. The user can take any plan as per his convenience, offline or online by contacting its official website.

Life Insurance Companies

Next, you have been told the names of some popular life insurance companies from where you can take life insurance.

  • SBI Life Insurance 
  • Aviva Life Insurance
  • Bajaj Allianz Life Insurance
  • Bharti AXA Life Insurance
  • Canara HSBC OBC Life Insurance
  • PNB MetLife Insurance
  • Reliance Life Insurance
  • Kotak Life Insurance
  • Life Insurance Corporation of India (LIC)

Type of Life Insurance

Keeping in mind the needs and preferences of the users, many types of life insurance plans have been created, some of which types of Life Insurance have been told to you below.

1) Term Insurance

Term insurance policy provides life cover for a period of time. In the event of the death of the insured during the term of the insurance policy, the sum assured is given to the nominee of his family. In this policy, you get cover for the period you choose.

2) Endowment Policy

This policy is for the whole life. After the death of the policyholder, the beneficiary gets the full amount. If a person takes this policy, then he gets two types of benefits, the first benefit of insurance and the second benefit of investment.

3)Money Back Life Insurance

In a money back policy, a fixed part of the sum assured is paid to the insured during the policy period itself. In the event of the death of the policyholder, the full sum assured along with life benefits is paid to the nominee.

4)Unit Linked Insurance Plan

In this, both your insurance and investment needs are met. The premium paid by you is deducted from the insurance and management expenses and charges and the balance amount is invested.

Benefits of life insurance

If you have taken life insurance, then we are telling you what benefits you would get from it.

  1. The biggest advantage of life insurance is that it provides financial security to your family.
  2. This can give regular income to your family. It also helps in health and healing.
  3. Tax benefit is also available on premium payments under section 80ccc, 80c, and 80d of the Life Insurance Policy Act, 1961.
  4. Long term savings can be made.
  5. It is essential in the education of children.

Conclusion

So friends, I hope you like our article ‘What is Life Insurance? Benefits of Life Insurance Would have liked. And if you liked our article, then you can also share it with your friends and relatives and if you have got some good information from our article, then you can definitely tell us by commenting. Thank you…

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