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If you think you bought a wrong insurance policy and want to discontinue the same. In such scenario, you can either surrender the policy or make it paid up. Now the question... Read more »
Nowadays taking life insurance policy has become a need for everyone. But till date average man assumes that life insurance and life assurance are names for the same form of insurance. So... Read more »
Life insurance is a contract signed between the policyholder and the insurer or the assurer in which the insurer/assurer promises to pay the beneficiary a predefined sum of money on the occurrence of insured individual’s death.
The insurer promises this death benefit in exchange for premium payment made by the policyholder either as one lump sum amount or at regular intervals. As per the terms laid out in the contract, payment can be triggered in other events like critical illness or terminal illness.
A life insurance policy may also cover other associated costs such as funeral expenses. Except for death benefits, a life insurance policy also offers maturity benefits. This means that if the policyholder survives the entire term of the policy, he stands to receive a lump sum payment at maturity.
Life insurance schemes also have tax benefits associated to them under section 80C of the Income Tax Act 1961.