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Life Insurance is an agreement between an insurance company and policyholder, where the life insurance company pays a lump sum amount to the beneficiary in exchange for insurance premium paid after a certain period or upon the insured’s death.
What is Life Insurance Policy?
A life insurance policy is an agreement between an insurance company & a policyholder that offers financial coverage under which the insurance company guarantees to pay a certain amount to the nominated beneficiary in the unfortunate event of the insured person’s demise during the term of life insurance plans. In exchange, the policyholder agrees to pay a predefined amount of money as a premium either on a regular basis or as a single premium. If covered by the policy, coverage will be provided for critical illness as well. Since it provides enhanced insurance coverage, it attracts an enhanced life insurance premium.
Online Life Insurance Plans
True to its name, online life insurance plans are available exclusively online. An online life insurance plan also offers death benefits in the form of a high sum assured at a low premium. Moreover, online life insurance plans also offer several tax benefits under Section 80C of the Income Tax Act, 1961.
What is Life Insurance Premium?
A life insurance premium is a payment that is to be paid to enjoy the life insurance benefits. The life insurance premium is paid annually; however, the mode of premium payment can be selected from monthly or half-yearly also. This premium also helps to grow the cash value of life insurance. The insurance company determines the premium payable by the policyholder to the insurance company. Having said that, the insurance buyer gets to select the term of the policy and the sum assured. In order to calculate the sum assured of a life insurance policy, the insurer takes various factors such as your lifestyle, occupation, number of dependents, finances, the sum assured, etc. into consideration. Note- There is no premium calculator that can calculate the worth of human life.
Benefits of Life Insurance Plans
The perks of buying a life insurance policy are beyond protecting policyholder’s families in tough times. Undoubtedly, it is a necessity for a breadwinner to safeguard their dependents in case of their unfortunate and untimely demise, accident, or physical disabilities that lead to a loss of income. Having said that, there is a long list of other benefits that make life insurance plans a must-have. Sadly, most people are not aware of the many benefits offered by a life plan. All they care about are the death and disability benefits. However, there is plenty of other benefits offered by life policies such as maturity benefits, tax benefits, etc.
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