Life Insurance: What It Is, Type Benefit:2024

Today in this article we will talk about life insurance. What is life insurance and how is it useful in our life?We will discuss about it in detail, how many types of life insurance are there, why is it useful in our life and why do we need it.We will also discuss some basic questions. If you have any confusion, please write it in the comment box.

 

Artical points 

1. What is life insurance?

2. How many types of life insurance are there?

3. What are the benefits of life insurance

4. Why is life insurance necessary?

5. How to claim life insurance after the death of the insured person.

6. Conclusion of life insurance.

1. What is life insurance? 

Life insurance is a policy in which financial security of our life is provided.In this, the premium plan amount given by you is received after your death or in a certain manner. So that you and your family can be protected.

                 

                 In this the benefit of your death is given exclusively to your family.So that your family can get some help after your sudden death.Due to which the burden of security for you and your family may be reduced.This is called live coverage.

2. Types of life insurance.

There are many types of life insurance, but only two types have been explained by big companies.We will identify them below.

(i)  Tarm life insurance 

(ii) Stable Life Insurance 

(i) Tarm life insurance 

This life insurance is for an unstable period.Its age is now between 10 to 35 years.If the insured person dies during this period, you will inform him that the amount is given in lump sum.

                               If there is no sudden death and coverage is still available then you do not take any payment for it.There are some rules on this type of border policy.

(ii) Stable life insurance 

This life insurance is for the entire life.Its policy has not been included yet.But this term Life insurance is more expensive than life insurance.

                         With this insurance, financial security is provided to the entire life.In this, after the death of the insurance holder, the insurance holder gets the benefit of death.And that is why the future of the amount invested expands with time.

Types of Stable Life insurance

Various options are available for those who choose permanent insurance, choose the right one

(a) Hol life insurance 

Hole life insurance provides insurance coverage for complete life.This is the insurance that should be used the most.In this, the religious person can withdraw his insurance in cash by taking an insurance loan.

            In this case, if the death of the insurance holder occurs before the required period.His nominees get the benefit of death.

(b) Veriebal Life insurance

Veriebal Life insurance There is a change in the insurance policy.This comes under the stable insurance policy.In this, the major beneficiary after the death of the insurance holder .

               It also provides security to the insurance holder in investment.Due to this the cash amount increases.

(C) Universal life insurance

That is a type of stable insurance policy.This is a different use of any insurance policy The reason for this is its flexibility.

    

This is to collect your prime payment and fulfill your needs.Death gives permission for the occurrence of an incident by increasing the amount of profit.Through this you can borrow money.

     

3.Benefits of Life Insurance

There are some benefits of life insurance and it becomes necessary for everyone to get life insurance.This fulfills our needs.We will talk about some benefits from these.

(a) Financial Security

In life insurance, protection is provided to the family of the insured.If the insured person suddenly dies, then his family is given the benefit of death. With this the economic condition can be improved.

(b) help in paying off debt 

If the family of the insurance company has any debt or loan So he gets help in repaying his debt or loan from the money he gets from the insurance.

(c) Retirement income

We use life insurance as retirement income in old age And from this I keep getting monthly salary.

(d) Money transfer

The money received through life insurance can be transferred from one generation to another generation.

(e) Tax benefits 

In any type of insurance scheme, a deduction of 5% is claimed in tax on the release of a policy of up to Rs 1.5 lakh every year under 80c by the tax department.

4.Why is life insurance necessary?

There is such a strategy in which you are provided with financial security.In which if you agree to make the prime payment then you are given a great amount in return.Which is provided to you and your family in case of your sudden death or completion of the insurance policy

Life insurance is especially useful when your family is facing a huge crisis. Your financial situation can be improved with the money you get from insurance.

Life Insurance: When the parents of a child have got his life insurance done.If by chance something happens to them.So that child is looked after from death onwards.

Although it does not fulfill any benefit to his poetry but it can improve his financial condition.

5. How to claim life insurance after the death of the policy holder

Or the insurance holder dies an untimely death.So the amount received from the insurance company is provided to the patient associated with the insurance company.

                 What is a nomination? It is like a nomination, hence it remains attached to the insurance holder till the eternal death of the insurance holder.The money matching with the insurance policy is provided to the depositor.

6. Disclaimer 

Life insurance is a very useful and beneficial policy for our life.This is important for our life Everyone should get my life insurance done.Through this we get financial security.

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Relative Question

Question:- In which company should life insurance be taken?

Answer:-There are many companies available for life insurance.Every company has different rules and policies. For your life insurance, first do research on the companies and then get life insurance done.Some companies like LIC, policybazaar.com, etc.

Question:- At what age should life insurance be done?

Answer:-Life insurance happens at the age of 18 plus.Life insurance should be done either by taking a monthly premium plan or a yearly plan.