Importance of Life Insurance
Life insurance is the backbone of financial security for millions of Indians, safeguarding families against the uncertainties of life. The life insurance sector in India has evolved significantly over the past few decades, with private and public companies playing crucial roles in enhancing awareness and offering innovative solutions.
In this article, we delve into the responsibilities and contributions of the top 10 life insurance companies in India: ICICI Prudential Life, HDFC Life, Max Life Insurance, TATA AIA, Bajaj Allianz, PnB MetLife, Canara HSBC Life Insurance, Aditya Birla Sun Life Insurance, SBI Life, and the Life Insurance Corporation of India (LIC).
A Guide to Pension Plans
Planning for old age is crucial because as people age, their ability to earn income decreases while living expenses, especially for a healthy and dignified life, tend to increase. A pension plan is a financial product designed to help individuals save money for their retirement. With these plans, an insurance company provides a monthly income for a specified period, in addition to a lump sum payment. This arrangement ensures a consistent income during retirement, allowing individuals to be financially independent. Investing in a pension plan is essentially giving yourself a financial gift for your later years, helping you cover daily expenses and manage medical emergencies with confidence. We are here to assist you in selecting the best pension plan for your needs!
Benefits of Pension Plan
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).
Notion Insurance Broker Pvt. Ltd. delivers customized insurance solutions designed to meet the diverse needs of businesses and individuals.