Life Insurance
Life insurance is a contract between you and an insurance company where, in exchange for regular payments (called premiums), the insurer promises to pay a lump sum amount (sum assured) to your family or nominee if you pass away during the policy term.
- Death Benefits - Lump sum given to nominee upon policyholder's death.
- Maturity benefits - Some plans return money if the insured survives the policy term
- Tax Benefits - Premiums are deductible under Section 80C; payouts may be tax-free under Section 10(10D).
- Child's Future Security - Funds their education or marriage in your absence.
- Bonus/ Additions - Participating policies may earn bonuses or loyalty additions over time.
