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“Trustable and safe lic life insurance”
Nowadays insurance is must to secure our future from financially crises.there are lot of companies which is deals in life insurance but very small no of companies are trustable.lic life insurance is Best One.i have lic life insurance.i get insured five years ago.it is a 20 Years plan.there are no of plans in lic to get insurance.claim settlement and service support are very fast and quick in lic.there so many options to pay our premium in installments like monthly, quaterly, half yearly, and yearly it's your choice how you prefer to premium.staff attitude towards their customers is very positive.over all lic life insurance is Best and secure to get insured.
Tushar mahajan
Stages of life
and every stages you must get a future planning
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2
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Whatever your age –
Whatever your age – 20s, 30s, 40s or more – it is always a good idea to get insured. But yes, younger policyholders pay less for life cover and covers for critical illnesses or disability. So, it would be good to get yourself insured before you turn 35.
If you are in your 20s
Twenties are the best time to take a life insurance policy because you get additional benefits, such as, lower premium rates, bigger corpus, early development of saving habits (God knows how many of us really need this!), and more room to experiment with higher risk investments.
If you are in your 30s
By now you would probably have begun a family of your own, or be planning one. The financial security of your family and the future of your children gain prominence. Life insurance should be a part of your financial planning now; there is the plain term plan, but the money-back and child plans are also good options.
If you are in your 40s
This is the time when you will get serious about life insurance: because your income is contributing to your family’s income, you need to manage your dependent parents and their medical expenses, and your children’s educational expenses. Experts advocate a plain term plan at this age, or debt-oriented funds for insurance-cum-investment plans. You should also start planning for your retirement.
If you are in your 50s
Why get insured now? At this age, you may have outstanding debts and mortgage or your daily expenses can eat up your life savings post-retirement. A retirement plan at this stage will help you amass a sound corpus by the time you retire.
If you are in your 60s
It is never too late to get insured for the reasons already mentioned: financially securing your loved ones, making up for lost income, paying off outstanding loans. So, despite the high premiums, it makes sense to have insurance even at this age.
What is Life Insurance?
Life insurance is an arrangement wherein you (the policyholder) purchase in financial protection (insurance policy) from the insurer (insurance company) by paying the insurer small amounts (premium) at regular intervals.
This ‘protection’ is in the form of a pre-agreed amount that we’ll call ‘life cover’ or ‘sum assured’. This protection kicks in either after a certain amount of time (i.e. maturity period) or if something untoward happens to you during a set period.
By investing in a life insurance plan today, you are securing your family’s tomorrow. Plus, life insurance plans are affordable, which means you are preparing for life’s contingencies without disturbing your current financial goals. In this way, you can rest assured that your loved ones can continue to maintain the lifestyle you have worked so hard to give them, no matter what.
Life is all about the little moments that we enjoy with our loved ones. But these moments can be interrupted with an unforeseen event, leaving your family high and dry. That’s why, getting a life insurance is the first step towards creating a safe and secure future for your loved ones.
Why should I buy
life insurance?
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Benefits of
life insurance?
Types of Life Insurance
Just like every family has a unique story. Let’s look at the type of insurances and their benefits in details :
Concept Discription
Child plan
This is a life insurance product designed to save for your child’s higher education expenses. In case the parachute doesn’t open when you skydive, it takes care of your child’s education. You can begin by making small investments for a short tenure and start receiving regular pay-outs for a fixed period, and by the time your child wants to switch from an engineering to a DJing course, you’ll have the money already ready.
Retirement plan
An insurance plan that protects your loved ones in case something unfortunate happens to you, and covers your retirement plans when you don’t, what’s not to love? Life insurance can be used as a retirement savings vehicle, a tool to supplement other specific retirement plans to meet your retirement goals, or as an investment option that offers dual benefits of life cover as well as growing your wealth.
Savings & Investment
Life insurance can also be considered a great savings and investment tool, especially if you have set some definite goals. Endowment plans are good savings and investment options. Similarly, if you want to improve your financial condition, investment plans offer good returns as they are linked to the market. Compare various plans to see which ones offer maximum returns.
Money-back
Instead of getting paid all at once at the end of the term, you have the option of getting returns in intervals. The frequency and period of pay-outs differ from company to company and plan to plan. This policy could provide you with money at certain intervals that can help meet various financial goals (buying a house or car, children’s marriage, etc). Plus, it has a low risk element and guaranteed returns.
Term Insurance
Besides providing a safety cushion for your loved ones even when you are not around, the premiums paid on term insurance is exempt from tax under Section 80 C of the IT Act. Even the claim/maturity amount that you receive on outliving the policy is exempt under Section 10 (10D). However, smoking habits may affect the premiums you pay (more reason to quit!).
ULIP
An acronym for Unit-Linked Insurance Plan, ULIPs provide a life cover that protects your family and lets you invest in the equity market, so you can grow your money. The best ones to choose are those that include benefits such as fund switching options, income tax benefits, high returns in the long term, life cover, and loyalty additions. Note that you, as the investor, will have to bear the risk of the investment.
Whole life insurance
This form of insurance has two components –benefits to the loved ones in case something untoward happens to you and a savings portion called the cash value, which grows as interest accumulates. Interestingly, you don’t have to pay any tax on investment gains until the funds are withdrawn (also called ‘investment growth on a tax-deferred basis’). You can emit more payments than the scheduled premium, which will help you build your cash value. Further, you can reinvest dividends into the cash value and earn interest. If you wish, you can make a withdrawal or take a loan on interest. Withdrawals will not impact the death benefits.
Let us consider all the benefits that buying life insurance policy ensures
Risk Cover
As Mahesh Kumar's case highlights, life is full of uncertainties, and an insurance cover ensures a protective shield for your loved ones so they may continue to enjoy the quality of life they are used to in case of an unforeseen event.
Assured Income
Life Insurance is one of the best instruments for retirement planning and earning through annuities, as the money saved during a policyholder’s working life ensures a steady source of income after the person’s retirement.
Loan Facility
Policyholders have the option of taking loans against their policies without upsetting the policy benefits. This is another way by which a life insurance policy helps you meet unforeseen financial challenges.
Riskless Growth
Income from investment in life insurance products is distributed among policyholders through annual announcement of dividends/bonus. This allows them to participate in the economic growth of the company without making risky investments.
Wealth Creation
Wealth Creation Life insurance provides protection and savings over the long term as traditional policies are viewed as a long-term commitment, assuring policyholders financial protection as well as long-term wealth creation.
Savings Instrument
Insurance is a highly regulated sector, and the Insurance Regulatory and Development Authority of India (IRDAI) ensures the safety of the policyholder’s money deposited with life insurance companies. Life insurance is thus a long-term savings instrument
Investment Benefits
Except in the case of term plans, there are investment benefits as well: retirement plans, child insurance plans, whole life insurance plans, term life insurance plans etc. are all good life insurance policies with investment options. Traditional life insurance policies (endowment plans) also offer in-built guarantees and defined maturity benefits through a variety of product options such as money-back and guaranteed cash/maturity values.
Thrift Habit
This is something that is often glossed over – being a long-term contract, life insurance requires you as a policyholder to pay a fixed amount at defined intervals, thereby instilling a habit of long-term savings. It discourages policyholders from taking risky investment decisions for short-term gains. Diligent savings over many years helps to build a decent corpus needed to meet financial needs later.
Tax Benefits
According to the section 80C of the Income Tax Act, 1961 (of Indian penal code) premiums paid towards a valid life insurance policy can be exempted from the taxable income. Along with life insurance premium, section 80C allows exemption for other financial instruments such as Employee Provident Fund (EPF), Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), National Savings Certificate (NSC), health insurance premium are some of them. The total amount that can be exempted from the taxable income for section 80C is capped at a maximum of INR 150,000. The exemptions are eligible for individuals (Indian citizens) or Hindu Undivided Family (HUF).
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