know about what is life insurance

what is life insurance

LIFE INSURANCE

Life insurance sometimes referred to as life assurance, provides for payment of a sum of money upon the death of the insured. Life Insurance is insurance that provides financial remuneration for the premature death of the policyholder. As in all insurance, the insured transfers risk to the insurer, receiving a policy and paying a premium in exchange. The risk assumed by the insurer is the risk of death of the insured.

Life Insurance – History

Life insurance started in India 100 years ago. It’s a contract payment of an amount to the person or his nominee on miss-happening. Or provides full protection against the risk of death of the sever. It eliminates ‘risk’ associated with uncertainty and the family in the unfortunate event of death.

Life Insurance - History

Life insurance provides for the payment of benefits upon the death, whether by accident or otherwise, of the life insured. It allows long-term savings and easy installment facility payment for insurance is monthly, quarterly, half-yearly, or yearly. Life Insurance is also the best way to enjoy tax deductions on income tax and wealth tax. It can be used as an investment or saving also.

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Life insurance provides the Flexibility in means of deciding how much life insurance you need — and subject to certain requirements and limitations, you can adjust the death benefit and premium payments according to your needs. It also provides Security as means of protecting our loved ones against possible financial hardship in the event of the insured’s death.

ax-Free death benefit

Under current tax laws governing individual life insurance, it precedes generally income tax-free to the beneficiary. Our policy’s Account Value earns interest at the company’s current interest rate. The current interest rate is guaranteed to be at least 4% a year.