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Life Insurance

Life insurance policy provides you assurance that your family will get financial security and support even when you are not around. This is the best way where the insured person can save his family from financial crisis at the time of any miss happening or after death.

With a population of over one Billion, only 35 million people in India are covered with life insurance. There are so many reasons behind this low penetration of life insurance. Undoubtedly, ignorance about insurance, lack of knowledge about facilities and cost efficiency of insurance - are some of the reasons. That is the reason Loan Clinic will be of much help for all those who are looking for effective life insurance solutions.

Life Insurance Basics:

Life insurance is an agreement between two parties i.e. insured and insurer where in insurer agrees to indemnify insured in event of any contingency leading to death and injuries.

Types of Life Insurance

There are various types of life insurance available to an individual depending upon the sole motive of insurance in order to meet contingencies. Below are types of life insurance options available to an individual:

1. Term Life Insurance:

Term life insurance plans provide insurance to an individual for a fixed tenure. It is the pure and cheapest form of life insurance for an individual. This type of policy is suitable for people who are unable to pay high insurance in order to buy endowment policies.

2. Whole Life insurance:

Whole life policies are totally opposite to term life plans. A whole life insurance policy covers risk to an individual for their whole life and generally no pay backs are provided under these types of policies.

3. Endowment Life Insurance policy:

Endowment life insurance policies are referred as traditional policies as well. Endowment policies covers risk to an individual for a specific period of time as per the opted policy and it also pay backs sum assured and promised bonuses at time of maturity as well.

4. Money Back Insurance policy:

Money back insurance policy is a type of life insurance under which money is paid to an individual at different stages of life yet covering their risk for a specific period of time.

5. Unit Linked Insurance Plan:

Unit linked insurance plans are the modern form of insurance. In addition to insurance cover provided by the provider, money is also invested in various avenues therefore providing opportunity to derive good returns as well. So, it serves as an insurance policy and investment plan.

6. Retirement Plans:

These policies are specially meant to provide steady income to an individual after their retirement. These kinds of policies enable a person to be independent maintaining good lifestyle.

7. Savings and investment plans:

These plans help you to save money and also provide you investment opportunity to grow your money.

8. Child Insurance policy:

These types of policies are meant especially for children. The basic motive of these policies is to provide financial assistance to a child at various stages of their education and thus making their bright future.

Life Insurance Claims

Life insurance claims are differentiated into two different forms as below:

1. Death claims:

Death claims are made by nominees of the individual in the event of death of the insured. There are few formalities to be provided to the insurance company like policyholder’s death certificate, original policy contract, a duly filled claim form and proof of identity of the beneficiary.

2. Maturity claims:

Maturity claims are made by the individual when policy term gets completed and to avail this benefit insured has to furbish original policy bond and duly filled maturity claim form.

Tax Benefits under Life Insurance:

One of the key factors while buying insurance is tax. In India, tax rebate is provided to an individual for the sum invested in insurance policies. The amount invested in life insurance is eligible for deduction of the amount from taxable income.

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