Life insurance is an agreement that guarantees compensation for the loss of Life in return for the amount of a specified premium. In life insurance, the beneficiary mentioned in the contract receives the sum of the money. The insurance provides risk coverage. Life Insurance is given to the insured family in the form of monetary compensation. There are different plans for different uses. It depends on the need for insurance. In short, it means more benefits with more premiums. Many of the hospitalization expenses and the treatment for the illness are critical. They invest the money in profitable ventures; hence, it also comes with a saving plan. The life insurance scheme is tax-deductible under Section 80C of the income tax Act 1961. The Life insurance policy has a guaranteed sum payable at the event. Purchasing insurance is like agreeing with the company and the individual.
Hence, the whole process should be termed by faith by providing all relevant details. Thus, the terms and conditions must be carefully observed and understood regarding the particular policy. Hence life insurance is inevitable and a prime need.
