Best Insurance Advice

Everybody today knows of the benefits of buying a life insurance. But, the fact is very few people are aware that this insurance is of two types:

1. Where the sum assured is paid to the nominees or heirs of the policyholder on his or her death - this is called life insurance
2. In Term Life Insurance, where the sum assured is paid to the policyholder, on the condition, he or she survives beyond the date of the policy maturation.

Here are a few reasons why insurance is a safe option in the long run.

• You have been investing in the policy all your life, and you should be entitled to it at the time of maturation. As a policyholder, depending on the policy’s terms and conditions, you are entitled to the basic sum assured, accrued guarantees as well as termination bonus.
• The amount you get if you survive can be used to pay for surgeries, travel plans or to maintain a lifestyle.
• You can avail a tax benefit under Section 80C and tax exemption under Section 10D of the Indian Tax Act, subject to the amount not exceeding 10% of the total sum assured.

Leading NBFCs offer lucrative life insurance Maturity  benefit schemes  which you can discuss with your Relationship Manager at the time of buying. You can even apply for them online at the insurance provider’s website and directly get in touch with them to take informed decisions.