LIFE INSURANCE MEANING
Life insurance that pays out a sum of money either on the death of the insured person or after a set period. A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. Typically, life insurance is chosen based on the needs and goals of the owner.
One of the very basic necessities of life is to ensure the financial safety of your loved ones even after the demise of the bread earner of the family. Many complications could arise if there is no financial plan set for such unfortunate events. Life insurance is the best way to secure your family’s financial future in case any harm comes to the earning member of the family. Life insurance assures that a certain amount would be paid to the family of the deceased after the demise of the insured individual, which provides a cushion to the family in their time of need.
The most important facet of Life insurance is determining the value of an individuals life. It is a function of the financial burden that falls upon the family of the deceased for their lifetime, after the uneventful demise of the earning member.
We at Narayan Securities helps you find out the human life value of the insured and helps determine the life insurance value based on the expenditure, lifestyle, current financial conditions etc. We then recommend the products which suit the individual depending upon their risk appetite.
Ensure the future of your loved ones with a life insurance policy. Narayan offers an array of life insurance products like Endowment plans, term plans ULIP plans etc to meet all your life insurance requirements.
WHY LIFE INSURANCE SO IMPORTANT
Risk Assessment : Under life insurance, if there is any unfortunate incident involving the insured, the insurance company is obliged to pay a fixed amount of money to the family of the insured. You wouldn’t have to worry about your family’s financial security even if you aren’t there to provide for them anymore.
Death Benefit: The insurance company pays a benefit amount to the family of the insured individual in case any unfortunate event claims the life of the insured during his life insurance policy period.
Retirement Planning: You need not worry about maintaining your lifestyle once your earning stops due to retirement. Retirement and pension plans provide you with financial security when your regular flow of income stops. So now you can live with pride even after your retirement.
Tax benefits : Since a long time now, life insurance has been considered one of the best ways to save tax. The Government allows investments under Life insurance policies to be considered under section 80(C) and maturity proceeds under section 10 10(D) subject to minimum sum assured requirement for a specific age.
Child Plan Benefit: These benefits include financial security for important phases of your child’s life. These account for needs such as education, wedding etc. Now, you can provide for your children even if fate takes you away from them.