Life Insurance

Life Insurance

Life insurance provides invaluable protection and peace of mind to individuals and their loved ones. This type of insurance offers financial security by providing a lump sum payment, known as a death benefit, to beneficiaries in the event of the insured’s death. This benefit can be used to cover funeral expenses, outstanding debts, mortgage payments, and other financial obligations, ensuring that the family’s financial stability is maintained during a difficult time.

Life insurance comes in various forms, including term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years, and is often more affordable than other options. Whole life insurance offers lifelong coverage with a cash value component that accumulates over time. Universal life insurance combines a death benefit with a flexible savings component, allowing policyholders to adjust their premiums and coverage as needed.

Term insurance for NRIs is defined as term life insurance plans designed for NRIs (Non-Resident Indians), OCI cardholders, PIOs, and their families to cater to the financial needs of NRIs and their families. These plans provide financial security and a death benefit to the family if something happens to the policyholder, no matter where they live abroad. NRIs can buy term plans from Indian insurance companies, ensuring their family has important financial protection even if they are in another country.

NRI term insurance plans offer a wide range of coverage options and policy terms to choose from and can be purchased online or offline. 

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Key Features & Benefits of Life Insurance Policy

Financial Security

The primary benefit of a life insurance policy is that it offers long term financial protection to the policyholder’s family in case of an eventuality.

Death Benefit

In case of any unfortunate event with the policyholder, the insurer provides financial benefit in the form of a death payout. The appointed nominee receives the entire sum assured plus the bonus accumulated over time

Maturity Benefits

Depending on the type of life insurance policy, insurers may offer the applicable benefit amount as maturity benefit at the end of the policy term.

Guaranteed Returns

Life insurance plans guarantee that you receive a fixed amount after a specific term. The return you get can help in paying the loan, child’s higher education, and other expenses

Wealth Creation

Certain types of life insurance policy plans, such as ULIP, endowment, or savings plans offer wealth creation benefits along with protection benefits. You can choose the types of plans based on your risk appetite and build a corpus for your future goals

Tax Benefits

Policyholders can claim tax benefits on the premiums paid under sections 80C and 80D. They can also claim tax exemptions under section 10(10D) as per the prevailing tax laws.