Life insurance is a deal in which a person pledges money to a person, which he choose so in case of any misshaping, all the money goes to that nominated person.
The payment of the insured amount handover in these situations such as the date of maturity, given date or time frame and on the death of the insured man in case it occurs earlier.
Life insurance policies are well known throughout the world and liked by the people because these policies become a helping hand for their family in the situation if something happened to the policyholder.
This contract is civilized solution of the problems caused by death for the family of that insured person. The contract is useful at the extreme level of life and death such as if a person die then his payment is given to his family on the other hand if the person become old and cannot do any thing for his earning then the contract come forward and helped the person.
The contract is also a long term investment in which person can save his money for his old age in spite of any mishap. The method of saving money is very simple and easy because company gives you the option of installment call as premium and this money for insurance is invest on monthly, quarterly, half-yearly or yearly basis.
There is a simple example of salary saving scheme in which each month a little amount will deducted from one’s salary for paying the premium of the scheme. This is the ideal scheme for everybody who wants to do something for himself and for his family after his sudden death.
There is another good thing, which is hidden beneath the policy that is the tax deduction because if you pay a premium for the life policy the govt of India gives you the relief from income tax and wealth tax.
This is the best policy because you can uses your money in case of some emergency and hour of need such as you need money for the admission of your child in college, or the wedding of your child and some other basic need.
Otherwise, the money will handover to you at the old age or the age of your retirement, therefore you can spend your old life happily. Everybody can avail this opportunity and buy the policy who has money for premium, you can also insured your child and any other family member also by paying the premium from them. This contract also covers your medical examination.
