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Life insurance is the safest way of securing self and family from all kinds of problems that happen in life. Once a person has taken out a life insurance policy, he can be sure that on his untimely death a specific sum of money is delivered to his family to continue with their life. To avail this policy a person has to pay a predefined sum of money in form of premiums on a lump sum or partly basis to the company. Once on demise of an individual an assured sum is handed to the family members.
There are times when an individual does not die, but still survives, and then in that case the company provides a maturity benefit along with Tax saving benefits. The entire assured sum of money is given to the individual so that it can be used.
It is an insurance plan, which provides financial coverage to the person insured for a certain period of time, it provides the person who has taken the term insurance an assured sum of money after the period of the policy expiries; In this case the person doesn’t have to a deceased. However if the person is deceased then the family gets an assured sum lump sum to take care of their needs in the years to come. Term plans are now the most sought after insurance plan by an individual, since it has a couple of advantages to it.
- It helps in clearing off loans and liabilities.
- It helps family to continue to live happily.
- The lump sum amount helps provide illness cover for all types of illness for the family.
- The plan has an addition rider; it provides additional money for accidental death.
- The plan is designed in such a way that in case of death or any uncertain case, the plan payout will ensure the family is secured.
These Insurance Plans are designed, in such a way that in case of death or uncertainty a family's core financial needs are taken care of. This helps a family to have sound financial independence, even if the ensured is not around, with tax benefits.