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Life insurance plans are helpful because they secure our life.
Life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Such plan not only gives you better return but also offers great benefits for you and your family. To buy Life insurance is a necessary part in financial planning for life.
Life insurance sees through that your financials are secured if you are not around. There are various plans under this i.e. saving plan, term insurance, retirement plan, child plan etc where you need to pay the life insurance premium at intervals and you get return after it. I will recommend you to check out the IRDA site as you will get details about each plans.
Life is full of surprises - both the good and the bad. Life insurance is a contract between an insured (insurance policy holder) and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the benefits. The advantage for the policy owner is "peace of mind", in knowing that the death of the insured person will not result in financial hardship for loved ones and lenders. It is possible for life insurance plan payouts to be made in order to help supplement retirement benefits.
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