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Life insurance

Life insurance is an investment contract that offers a lump sum payout in case of the death of the policyholder. This is done in exchange for periodical premium payments.thttps://www.sbilife.co.in/<br>

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Life insurance

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  1. Life Insurance

  2. What is Life Insurance? Life insurance is an investment contract that offers a lump sum payout in case of the death of the policyholder. This is done in exchange for periodical premium payments. Term insurance offers coverage for a particular timeframe, while whole life insurance offers lifetime benefits. Salient Features • Financial support to your loved ones after your demise • Premium waiver in case of terminal/critical illness • Seamless online process for application • Easy payout on diagnosis of critical illnesses • Fixed benefits at maturity

  3. Why Opt for Life Insurance • Peace of mind and emotional support, since your family is financially secure. • Offers relief from liabilities, with various plan options. • Affordable method, which is beneficial to all. • Simple and quick application process. • Two to three rider options available via different products. • Consistent income source after retirement. • Caters to emergencies or sudden lifestyle needs.

  4. Types of Life Insurance • Term Plan: The premium is payable for a fixed number of years. If the policyholder meets with untimely death, a lump sum amount is paid to the nominee. The policy holder can receive a maturity benefit if they survive the term. • Permanent Policy: Life-time coverage, with sum assured paid to the nominee on the policy holder’s death. You can also get a loan against the savings component. • Unit Linked Insurance Plan: A mix of investment and insurance, where you can choose whether you want to invest in equity or debt. The ratio can also be chosen to ensure higher returns. • Endowment Policy: A combination of coverage and savings, this policy pays the sum assured to the nominee, ipon regular payment of premiums.

  5. Benefits of Life Insurance • Allows you to protect your family even in your absence. • While one part of the premium can be pooled towards debt or equity, another part goes into insurance. • Term insurance can ensure tax benefits under Section 80C of the Income Tax Act. • Can be used pay off loans and other liabilities after your demise. • Riders can improve coverage and offer protection against critical illnesses or accidental disabilities. • Acts as a replacement for lost income or for funds for children’s education.

  6. Tips to Apply for Life Insurance • Seek the help of a professional advisor. • Buy an insurance policy while you are still healthy and young. • Keep your current financial situation in mind. • Pick all-round comprehensive cover. • Keep checking and reviewing your policy. • Find ways to minimize your monthly premiums. • Understand which plan works for you the best and pick the most suitable one.

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