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.