Life insurance Posted Date: 03 Jul 2009     Resource Type: Articles/Knowledge Sharing     Category: Health Author: soubhagya das Member Level: Diamond     Rating: Points: 5

Life insurance is a contract providing for payment of a sum of money to the person assured or falling him/her to the person entitled to receive the same on the happening of the event insured against. Usually the contract provides for payment of an amount on the date of maturity or at specified dates at periodical intervals or at unfortunate death, if it occurs earlier. Uses of Life Insurance Policies to Individuals; Family protection Provision for old age Tax concession For loans cover protection For other life cycle needs like education of children and their marriage Advantage of Life insurance: · Unlike other savings plan, it affords full protection against risk of death. · Unlike other saving schemes, which can be easily withdrawn, payment of life insurance premium become a habit and is not easily stopped. Thus, life insurance, in effect, brings about disciplined savings. · It forces thrift · Life insurance premiums are entitled for various tax concession. · Life insurance policies have ready marketability and suitability for quick borrowing loans.

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