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Life Insurance is an agreement between the insurance company and the life insured in which the insurance company promises to offer compensation for loss of life against premium payments made by the insured. Here is how life insurance can prove to be useful:

1. Risk Cover: Life insurance offers risk cover to the life insured’s family as monetary compensation in return for the premium paid.

2. Various Plans: Insurance companies provide different types of plans depending on an individual’s need for life insurance. Additional benefits can be availed with extra premium.

3. Encourages Savings/ Wealth creation: Insurance policies are like a saving plan since they invest the premium paid in various profitable ventures. This promotes savings habits among investors.

4. Guaranteed Income:  In life insurance cover, a guaranteed sum assured is payable on the occurrence of an event as stated in the policy document.

5.  Loan Facility: Insurance companies allow the life insured to borrow a certain pre-decided amount. Only select policies have this option.

6. Tax Benefits: Insurance premium payments can be considered for deduction under section 80C of the income tax Act, 1961.

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