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Life Insurance

Life Insurance acts as financial protection for yourfamily in case of your deathor 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. Incertain types of policies, there is the option toget critical illness benefits orcreate additional protection for your family if youpass away from an accident.You can read about these features and types of life insurance policies below.

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 thesetypes of policie scan protect you from some of the world’s most deadly diseases.

Family Support: If you have a spouse and kids, buildinga safety net forthem becomes important. You would want to protect them from financial hardship in case of your untimely demise. You can also get good returnswith life insurance by investing in some policies.

Savings Growth: In your early years of working, some life insurance plans can be a useful way to save and invest your money. ULIPs or Unit Linked Life Insurance Policies allow you to investin equity and debtmarkets. Under current tax laws (which are subjectto future amendment), you also get tax benefits for investmentin life insurance policies and on the maturity amounts of such policies.

Debt: We often take large loans in our working life, especially when itcomes to buying a house. An untimely death while theloan is still duecan have grave economic consequences for our families.In such ascenario, life insurance money can be used to pay off the loan. Policies taken under the Married Women’s Property Act, 1874*are also immune from attachment by creditors.

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