New to buying life insurance? Learn how it works and what you need to understand to choose your coverage
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a payment, known as a death benefit, to a designated beneficiary upon the insured’s death.
Life insurance offers you risk coverage and takes care of monetary needs of your family after your death. Besides providing coverage against all sorts of risks, it also gives you an opportunity to grow your investments. It could also be viewed as a long-term investment tool that helps you to save for your child’s future expenses or your post retirement expenses.
Depending on the diversified needs of every individual, various insurance plans are available in the market. Such customized plans are made in such a way that they suit the likes of majority of customers. It’s important to note that death benefits from all types of life insurance are generally income tax-free.
Understanding non life insurance better!!!
With the growing society the nature of insurance is getting simplified day by day…
Now we can easily term the insurance as Life and Non Life. So lets uncomplicated this further by knowing what is non life insurance.
Non life insurance, as the word itself suggests, to secure financially almost everything except your life. It includes your wealth, buildings, offices, factories, shops, vehicles and foremost important health. Health insurance is the key product to unburden your pockets at the time of emergencies.