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The reason is, in such a case, your family is dependent solely on your income, and nobody wants their loved ones to suffer due to loss of income in case of sudden death.
Moreover, there are many life cover policies that are designed to cater the requirements of the individuals in their sunset years.The same Sum Assured at the age of 50, will be available.In other words, younger the policyholder, the cheaper the premiums will.In comparison to countries like Australia, Malaysia, Africa, Singapore, etc.Online Payment Rebate Most individuals have never heard about the online payment rebate benefit, but its important to note that the payment mode chosen by an individual drastically affects the premium of a life insurance policy.Tax benefits Under section 80C of the Income Tax Act, any amount of life insurance premium paid by a policyholder is eligible for a tax rebate, irrespective of the fact if its for oneself, their spouse or their children (premium paid for parents and in-laws.You are given an option for automatic payment also where the amount of your premiums gets deducted from your linked bank account lineage 2 revolution quest scrolls rewards directly on monthly, quarterly, semi-annually or annually basis based on the mode of payment for premiums chosen by you.
Senior citizen plans allow insurance holders to save systematically and generate the much-needed corpus to make the autumn days more contented.
Endowment Plans An endowment policy is a combination of insurance and savings, which invests a particular amount in a life insurance cover and the remaining amount is invested by the provider.This extra amount of money is invested in the insureds preferred fund and consequently acts as a savings tool.One can go for term plan with a monthly income option.Financial Cushion - It provides much-needed financial support to insureds family by compensating for the loss of income.Typically, the company will offer various alternatives insurance solutions to the policyholder.The death benefit is paid to the beneficiary on your demise.Number of dependents: If the applicant is married and has children, chances are s/he will be offered family floater plans, wherein one can avail a lower premium amount.Unit Linked Plans A unit-linked insurance plan or ulip is a perfect blend of insurance investment components.