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A life insurance policy is a type of contract between an insurance company and the policyholder, which provides financial protection to the individual’s family in case of an unfortunate eventuality. The policyholder has to make premium payments as per the terms and conditions of the policy to receive the death benefit as specified in the policy. To put it simply, the policyholder pays a certain amount of premium for the policy, and in the event of his/her death, the beneficiaries receive a fixed amount.
Life insurance remains one of the most popular modes of securing financial protection for an individual’s family. This is revealed by the fact that despite inflationary trends coupled with an economic slowdown, the insurance sector registered a growth rate of around 15-16% in 2019. According to industry experts, along with expansion in the sector, there was a considerable decrease in the number of complaints pertaining to settlement of insurance claims. Also, more women from Tier II and Tier III cities purchased life insurance policies in 2019.
There are manifold benefits of a life insurance policy; the foremost being the mental peace it brings to the policyholder. With insurance companies diversifying the scope and reach of the policies, you can select an insurance policy to suit your unique requirements. Some of the benefits of life insurance as as follows:
Thus, with the diversification of life insurance plans, there is a wide range of policies that you can select from. Some of the insurance policies are:
Conclusion: Considering the uncertainty of life, it is a must for every individual to have a life insurance policy which would provide financial security to the policyholder’s family in the case of any unfortunate event. In addition to life cover, insurance companies now offer a host of other advantages which not only provide financial security, but also allow for wealth creation, savings and retirement planning.
You can zero in on the iSelect Smart360 Term Plan from Canara HSBC, which provides comprehensive security for you and your family. This online plan provides a plethora of benefits, including tax benefits, spouse cover, increasing, decreasing and level coverage options and optional in-built protection like accidental death and accidental disability covers.
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