10 SECRETS BEHIND LIFE INSURANCE POLICIES TAKEN IN INDIA
People are afraid for any unforeseen event will take place in their lives. This played a major role in rise of many life insurance companies in India offering life insurance. People are confused, regarding the various life insurance policies available in India.
At this stage, Moneymindz is offering free personalized financial advice to our valuable customers in India.
Secrets Involved Behind Life Insurance Policies In India:
1. More Fees: Insurance companies in India are very good in charging a huge amount for their policies as their customer gets older. Hence a theory, develops that you will pay more fees in order to have life insurance. This forced people to take the life insurance at young age.
2. Anybody Relies On You, Life Insurance Is Key:
Most of the situations in India, if you are eldest son/daughter in the family, then you will go for life insurance. Simply, because of the fact that, any unforeseen incident in your life cannot be handled. Life insurance is a strategic financial tool to protect your family in India.
3. Peaceful Mind: life insurance policy is offering complete peace of mind to the customers in India. Since, it is offering protection from uncertain situations; life insurance is the runaway hit in India.
4. Hastened Death Benefits: Insurance companies in India offer the life insurance to the customers with faster processing of death benefits. This plays a major role in obtaining cash advances, against death benefits.
5. Secure Your Future: The fantastic way to secure your future is life insurance. Main aim revolves around protecting the family of the individual, during the death of the breadwinner. Life Insurance is major savings people can benefit, during the tax season.
6. Spectacular Contracts: A contract between the Life Insurance Company and person is known as life insurance. Insurance company gathers premium of the policyholders and offers death benefits to the relative of the policyholder.
7. Four Super Players: Certain players are playing a major role in the life insurance. Insurer is the insurance company, responsible for payment of the claims. Owner is responsible for offering premium payments to insurance company. Insured is the person, upon whom the policy is made. Beneficiary is the person receiving the insurance claim/death benefit, in case the policyholder dies.
8. Tax Free: Taking the life insurance is good in avoiding taxes in India. A good life insurance makes sure benefits reach your near ones, if policyholder dies. Furthermore, benefits to your family will be income tax free. No other financial instrument present is offering good tax treatment in India.
9. Change Beneficiaries: Policyholders can change the benefits as per their requirements in a logical fashion. You can distribute percentage of premium to be divided among various individuals. You can also order/decide percentage, each person likes to obtain.
For example: Mr. Khan allotted 100% of his insurance policy to his wife (beneficiary). After some years, he changes beneficiary distribution between wife and kid on a 50-50 basis.
10. Giving The Inheritance: Life insurance policy taken is the asset and gets transferred to dear ones. You named them as beneficiaries and offers sound financial future.
So, one can say that life insurance is an effective financial tool to protect against any danger.
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