Reasons For Taking Life Insurance
Life coverage
Life insurance offers financial protection to the policyholder by covering the risks of unforeseen events such as death, critical illness, or partial and total disability. It serves as a safety net to safeguard loved ones against adverse financial consequences.
Death benefits
Life insurance ensures a secure future for the policyholder’s family in the event of an untimely death. Upon the policyholder’s passing, the insurance company provides the beneficiary with the assured sum along with any applicable bonuses.
Tax benefits
under section 80 C of Income Tax Act, life insurance amount up to the limit of Rs. 100000.
Bonus on investment
Most insurance policies provide a bonus in addition to the assured amount at the time of maturity. This bonus is often substantial, offering a unique benefit not typically found in other forms of investment.