Life Insurance plan benefits and
Life Insurance plan benefits and reviews for analyzing the best life cover and better returns. Many fear going for Life insurance plans. But the truth is more than 90% of Insurance plans mature and give good returns to the policyholder. Normally, life insurance plan benefits are paid when the policyholder has died. Nominees provide relevant papers like death certificates, hospital discharge summaries, nominee details etc., In other words, Life Insurance companies collect money under a particular fund and invest. When the fund performs, distributes profit and whenever any member is lost their families would be compensated.
Life Insurance plans are of two kinds. They are :
- Returns-based insurance plans – Endowment plans
- Pure Life insurance plans – Term Insurance plans
Endowment plans give life insurance coverage as well as guaranteed returns at the end of the term. There are many endowment mix plans which give dual benefits under one plan.
Endowment plans
The returns may be the same in Endowment plans, but the benefits differ in each plan. We have plans to suit all your celebrations like Birthdays, Children’s education, Higher education, the start of work, Marriage, Home loan cover, pension, and senior citizen investments, etc., Each Marriage is a celebration in an Indian house. LIC had planned at least one plan for each occasion.
Term Insurance plans
These plans are pure life cover plans, aimed to be cost-effective and provide the best cover. Most of the proposers don’t want to mix insurance and investments. For them, this plan gives wonderful options on insurance coverage, Critical Illness, Accident Benefits, and premium waiver benefits in case of permanent disablement.
For HNIs, Professionals, Big businessmen, sports personalities, and Film Artists this plan may help to a grant extend to cover their life fully. This plan may not give any returns on maturity but till that time proposer would be having the highest insurance coverage.
Both plans as given above save tax on all premiums paid under section 80C, and all payments from Life Insurance companies are also tax-free under section 10 (10 D) of the Income Tax Act.,