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Caught up in today's fast-paced lifestyles Wesley Sneijder Netherland Jersey , quite a many among us seldom find time to reflect on the uncertainties in our daily lives, until faced with an unexpected misfortune that may come in the form of an untimely death, which leaves a huge void in the deceased person's family. These are circumstances which highlight the importance of life insurance plans which can fill up that void to a great extent in respect to the family's financial straits.

Life Insurance is a contract between an individual and an insurer, wherein, against a premium paid by the individual Virgil van Dijk Netherland Jersey , the insurer promises a guaranteed payment of a lumpsum (sum assured) in the event of death or at the end of the pre-determined policy term.


One of the primary benefits of insurance policies is that they provide peace of mind to the policyholder who worries about his loved ones facing financial crises in the event of an unfortunate occurrence. For such persons, a simple Term Insurance Policy is available at the lowest among all premiums, but with maximum coverage. This policy provides the sum assured to the nominee if the policyholder dies while the policy is in place. Other than a few variants, this policy does not have a maturity value on survival.


An individual with a mind for savings may opt for plans that bring in additional income during his lifetime in the form of returns linked to the market, or bonuses on maturity. Premiums Vincent Janssen Netherland Jersey , though being high, Endowment Policies and Unit-Linked Policies are two such life insurance plans, which, apart from death benefits, are instruments that help to multiply investments too. A Money-Back Policy is a similar protection cum saving plan with regular benefits to the policyholder but Tonny Vilhena Netherland Jersey , in comparison, comes at much affordable premiums. A Whole-Life Policy not only provides death benefits but also maturity benefits coupled with bonuses when the policyholder reaches an advanced age.


Life after retirement, for most people, is a major worry when a lack of a steady sustainable source of income causes severe financial insecurity, which Tim Krul Netherland Jersey , once again, underlines the importance of life insurance. Here, a PensionAnnuity Policy pledges a regular income post-retirement. Mostly requiring a one-time payment, premiums are moderately priced. This policy does not extend maturity benefits, though Steven Berghuis Netherland Jersey , in some cases, the invested amount is returnable to the policyholder.


Life insurance plans contribute to tax benefits too. Sec 80C of the Income Tax Act allows benefits and rebates to both individuals and Hindu Undivided Families, while Sec 10(10)D provides tax benefits for the amount received on the death of the policyholder. In matters of tax, it is also advisable to call on a tax consultant.


Other than agents, one can safely buy life insurance online too Stefan de Vrij Netherland Jersey , provided, of course, such websites have approval of IRDAI, but there is absolutely no risk when purchasing a policy from the official website of the insurer. In conclusion, the primary purpose of a life insurance is to protect the insured's family finances Ron Vlaar Netherland Jersey , but recent surveys reveal that it covers just 2.72 % of the population, which further reinforces the need for more awareness with regard to life's uncertainties.


Author bio:
Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about life insurances. Through her work, she explains the in detail about the same.

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