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Understanding the Concept of Life Insurance

A life insurance gives a great boost to your financial immunity. It is done in exchange for regular monthly premiums. <br><br>https://www.sbilife.co.in/

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Understanding the Concept of Life Insurance

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  1. Understanding the Concept of Life Insurance

  2. What is Life Insurance? It is a contract between your insurance company and you. A lump sum death benefit is paid to the beneficiaries in the unfortunate event of your death. It can also be paid out after a set period. A life insurance gives a great boost to your financial immunity. It is done in exchange for regular monthly premiums.

  3. Why to Have a Life Insurance Life insurance is a safe and effective tool to offer financial support to your loved ones. This is especially important after your demise. It acts an a steady income stream to help your child fulfil their dreams and other family members to live a comfortable life without compromising on their needs. A lump sum amount at maturity can also help plan a happy retirement.

  4. Types of Life Insurance • Arogya Shield: Standard term insurance online with multiple payments online. • SBI Life: Saral Jeevan Beema : Simple terms and conditions with premiums starting at ₹1415. • SBI Life Poorna Suraksha: Premium waiver benefits on critical illness diagnosis. • SBI Life Sampoorn Cancer Suraksha: Easy Payout on Diagnosis and option to opt for monthly income. • SBI Life Smart Shield: Plan options to offer relief from liabilities with two rider options.

  5. Why YOU Should Have Term Life Insurance? If you have an idea of what is term insurance, it is a good idea to know the benefits. It helps your loved ones meet their daily expenses and fulfil long-term goals. Term insurance lets you can choose the specific number of years for which you require protection. The premiums are usually affordable. You can enjoy tax benefits on premiums under Section 80C of the Income Tax Act, 1961.

  6. How Much Life Cover Should be Purchased? The thumb rule says that the sum assured must be 10 times your annual income. This will help support your family’s financial needs in your absence. Use a term insurance premium calculator to know the monthly instalments for the desired insurance and plan the finances accurately. Pick an efficient term insurance calculator which can also help you understand the total coverage for an informed choice.

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