Life Insurance Renewal

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Life Insurance Renewal

Life Insurance Renewal

When a customer buys a Life Insurance Policy, he/she is required to pay a certain amount of premium on a regular basis in order to continue with the policy. It can be done on a monthly, quarterly, half yearly or annual basis. In case the customer fails to pay the premium on a regular intervals, the policy will be relapsed which the policy holder or the nominee will have to face.

Following are the benefits of Life Insurance Renewal:

  • Death Benefit: In case something unfortunate happens to the insured due to which the family loses its income source, then the insurance company provides with a certain amount of compensation in the form of death benefit. The appointed nominee receives the full sum assured plus the bonus accrued over a period.
  • Valuable Return on Investment: Various financial advisors in India suggest that one should always invest in a life insurance policy not only because it provides financial protection to your family when you are not around but also because it helps in gaining valuable returns from the investment.
  • Tax benefit: One of the many advantages of life insurance is that it provides many tax benefits. If you are a salaried employee and have purchased a life insurance policy, you can claim deduction under Section 80C. Currently, under this section, you can get a maximum tax deduction of Rs.1,50,000.

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