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STD 3 GUJARATI Unit test Preparation video December 2020

STD 3 GUJARATI Unit test Preparation video December 2020

1. Life Risk Cover
Life insurance provides you with a high life risk cover that keeps you and your family protected in case of an unfortunate event.

2. Death Benefit
Investing in life insurance gives you and your family a secure future. In case of any untoward happening to the insured, the insurer pays up the entire amount i.e. the sum assured plus the bonus to the bereaved family. Life insurance also safeguards the interest of people who have diminishing incomes with advancing age, people who meet with accidents or for retired people. There are numerous policies available and you can choose the policy that will best suit your requirements.

3. Return on Investment
Life insurance schemes yield better when compared to other investment alternatives. Most of the life insurance schemes offer bonuses that no other investment scheme can offer. The money invested in life insurance is safe and covers risks. The money invested will fetch good returns and will be returned fully as sum assured either after the completion of the term or after the demise of the insured. Both ways the money invested and the returns are safely paid back.

4. Tax Benefits
Section 80C of the Income Tax Act is an effective way for the salaried person to reduce tax liability. Under this section, investments made in the specified instruments are subject to rebate. Currently, the amount available for rebate under section 80C is Rs. 100,000 which can be invested in life insurance premiums, pension superannuation fund, employee provident fund, equity linked mutual fund schemes, National Savings Certificates and public provident fund (maximum Rs 70,000). The amount invested in these instruments is eligible for rebate through deduction of the amount from gross taxable income.


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5. Loan Options
Life insurance provides you the advantage of taking a policy loan in case you are in desperate need of money. The loan amount that can be taken in a percentage of the cash value or sum assured under policy depending on the policy provisions.

6. Life Stage Planning
Life insurance aids you in life stage planning where you can plan your life’s financial goals as per your convenience. It helps you plan for your life stage needs. Life Insurance not only provides for financial support in the event of untimely death but also acts as a long term investment. You can meet your goals, be it your children's education, their marriage, building your dream home or planning a relaxed retired life, according to your life stage and risk appetite.

7. Assured Income Benefits
Your family stays secured due to the assured income they receive on regular intervals. This income aids in paying for all rents, loans and other expenses like house rent, telephone and electricity bills, Child education etc. This income compensates for the income that discontinues after the loss of the earning member.

8. Riders
Riders are the additional benefits that can be bought and added to a basic insurance policy. These options allow you to increase your insurance coverage. Riders cover risks that are beyond the scope of the main life policy, resulting in a more comprehensive protection. The riders may cover critical illness, personal accident, family income benefit and waiver of premium benefit). This additional cover steps in during situations where the main life insurance policy may not come into play. They also provide tax benefits and make you eligible for deductions in line with life and health covers. For instance, if you opt for an accidental death rider, you can claim deductions under section 80 C on premiums paid; for critical illness, the relevant section will be 80 D.

Verdict

It goes without saying that life Insurance is an absolute necessity. It is a risk minimization and protection tool that must be purchased without any thought or choice. After all it is the question of a life that supports a considerable number of people. Hence, realize the significance of life insurance and compulsorily sign yourself up for it.

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