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Life insurance is a benefit in itself. Here are some most common and popular overall benefits of owning a life insurance policy.
- Life coverage - This is the biggest benefit of a life insurance plan. The premiums the policyholder pays offer life coverage. Meaning, if the policyholder dies unexpectedly during the policy term, the nominee(s) are offered a huge sum assured.
- Loan facility - Loan facility is provided on certain policies for a certain sum of amount.
- Promotes savings - Certain policies have a savings component. A part of the premium is invested in profitable ventures.
- Policies according to your needs - There are a variety of policies to choose from according to your needs.
- Guaranteed income - You will get a guaranteed amount on policy maturity for certain types of plans like endowment plans, annuity plans, etc.
- Tax benefits - Insurance premium is tax deductible under section 80C of the income tax Act, 1961.