- Protection to loved ones.
- Goal based planning.
- Build fund reservoir.
- Tax Benefit under section 80C and 10(10D).
- Options to obtain a loan in lieu of the same as a guarantee against non-payment.
Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured.