Life Insurance
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Apparently, there is nothing that cannot happen today – Mark Twain Wait no longer and protect your income – for your family and other dependents. Policy Market offers the right life insurance for your specific needs.
What is Life Insurance?
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Life insurance policy is a contract between an insurance holder and an insurance company. In this contract, the insurance company/insurer promises a lump-sum payment to a nominated beneficiary upon the death of the insurance holder. As per the contract, the policyholder agrees to pay a premium either on a regular basis or as a lump sum. Contingencies such as terminal illness or critical illness can also generate the payment of benefit. The insurance policyholder may also add funeral expenses as a benefit in the insurance agreement.

Apart from death benefits, a life insurance plan also offers maturity benefits. These benefits are paid as a payout when the insured individual survives the entire term of the policy. Opting for a life insurance plan with maturity benefits not only saves the premium amount if you stay alive but also provides various additional benefits. A life insurance policy also provides a range of tax benefits under section 80C of the Income Tax Act, 1961.

The premium amount paid by the policyholder is determined by the insurance company. Each company considers different factors while determining the premium amount for every individual. But, the policyholder gets an option to pick the term of the policy and the sum assured.

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Need for Life Insurance
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Other important benefits attached to a life insurance plan are: -
  • Debt Payment – Other than covering the living expenses of your loved ones, a life insurance plan will also help them in paying your long-term debts such as home loan, car loan, personal loan, etc.
  • Low Cost, High Returns – Insurance companies provide a significant payout in exchange for small premium amounts. There are several life insurance plans wherein the payout is ten times more than the overall premium amount paid by an individual.
  • Meets Retirement Goals – A life insurance plan also lets you achieve your retirement goals. It acts as a pension plan and provides a steady payout every month after retirement.
  • Tax Benefits – Since policyholders are eligible to avail tax benefits under the Income Tax Act of 1961, they can make use of the life insurance plan as a tax planning tool.
  • Peace of Mind – Assured financial future of your family or loved ones results in mental peace. Thus, having a life insurance plan removes worries and lets you attain a sense of satisfaction.
  • So what are you waiting for? Secure yours and your family’s future at once by applying for a life insurance plan. Policy Market offers affordable life insurance options to suit your needs as well as budget.

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