LIFE INSURANCE
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum.
Retirment Solution or Pention Plan
Planning for the old age when the ability to earn diminishes while the expenses to live a dignified and healthy life start rising is of utmost importance. Pension plan is an investment tool that helps you to save money for your post-retirement life. In these plans, insurance company pays you monthly income for a pre-decided period of time to meet your financial requirements apart from paying a substantial amount as lump sum. This ensures you have a steady income flow even during your old age and you will never be dependent on others for your monetary needs. Investing in a pension plan is to give yourself a gift in the old age: a gift in the form of money that will help you to meet routine expenses as well as manage any medical emergencies with your head held high! We are here to help you choose the best pension plan!
Benefits of Pensions Plans:-
Income Guarantee After Retirement: These plans offer you guaranteed income post retirement, when your salary is not available to you. You can avail this income either monthly/quarterly/half-yearly or annually depending on your requirements. Whether you buy deferred annuity plans or immediate annuity plans, the income is secure and guaranteed.
Takes Care of Your Family With Death Benefits: Not only a pension plan pays you regular income when you’re alive, it also ensures that your nominee receives death benefits in case you pass away. These benefits can also include any bonuses, if applicable. Your family can use the lump sum death benefit pay-out for many major expenses.
Avail Tax Benefits: These plans bring with them an array of tax benefits. While the premiums paid towards life insurance policies are covered under Section 80C of Income Tax Act, the maturity/death proceeds are also tax-free under Section 10(10D).
Important Note: - The contents available on this site is for General awareness/Knowledge only. The actual canvases depend upon the cover opted for and subject to terms and condition of the policy issued by respective Insurance Companies.
