Life #Insurance as we know is an old trade which dates back to 2000 BC when it all started in china as well as it was in babylon in 1750 BC. So life insurance history is quite old.
What is life insurance?
Life insurance (or commonly final expense insurance or life assurance, is a contract between an insured (insurance #policy holder person) and an insurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of the insured person. Depending on the contract, other factors like terminal illness or critical illness can also trigger payment.
Who needs life insurance in india?
Life insurance is a great method that helps your family in meeting their important needs and lead a good life even when you are not around. This is because the Insurer will pay the Beneficiary of the policy done a good sum of money after your death. It could also be given if you get into a critical illness. Life insurance is therefore the most important insurance Policy that you can have in your savings and investment plans. So a young indian n who is the single earner in his/her family should definitely go for life insurance.It has many more benefits that are outlines below :
- Loans and Expenses Repayment – We can pay our loans at emergency situations if we have a life insurance plan early in life.
- Loans Against Insurance – We can take a loan against out insured amount easily.
- Tax Benefits – Under Section 80C of the IT Act, many insurance schemes in India like LIC, Metlife, sbi life insurance offer tax deductions on payments.
How to get online life insurance in india?
Online life insurance has become very easy to avail in india now. Companies like metlife, LIC, Max life, bajaj allianz and many more are offering plan online. This way anyone who need life insurance can book it online from the websites of these companies.In India many companies like sbi, max life, lic, HDFC, Bajaj Allianz etc are offering many policies for online life insurance.Lets compare their Term insurance policies :