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A Life insurance policy is a legal contract between an insurance policy holder and an insurance company, where the insurance company promises to pay a pre-defined sum of money in exchange for a premium which is deposited with the insurance company, upon the maturity of the policy or death of an insured person. The policy premium is deposited for a specific term specified in contract. This Life insurance policy secures your family and relatives for future by paying a lump sum amount in case of an unfortunate event. Some policies make you eligible for an amount called Maturity Benefit at the end of the policy terms.
Life insurance cover helps your family in meeting their critical necessities for a comfortable life. The insurer pays a specific amount to the beneficiary of the policy after death or maturity period. Life insurance is considered as one of the most essential insurance policies to become part of savings and investment portfolio.
If a family has a single earner, they can face financial instability in case of earner’s death. Life insurance policy ensures financial stability and ability of family to meet basic needs like education, food during such phases of life.
Income Tax Benefits
Life insurance policies are eligible for tax deductions under section 80C of the IT Act. This life insurance policy offer tax deductions on premium payments of the applicant.
Life insurance can also be used as a safe investment option. There are various kinds of insurance policies you can invest. These are retirement plans, child insurance plans, whole life insurance plans, term life insurance plans etc.
GSB Taxation is one of the leading financial services firm in Delhi NCR, India to compare and buy various life insurance plans such as Max Bupa Life Insurance, Bharti-AXA Insurance, Tata AIG Life Insurance, Apollo Munich Life Insurance, Star Health Life Insurance. We help you in deciding the best life insurance policy which will suit your future goals and expectations from the investment policy. Whether you want to secure your family’s future or you want to save for some future event or you just want to invest for tax benefits, we have expert financial advisors to help you devise your financial investment strategy.