• November 24, 2022
• by Admin

What is life Insurance? What is the importance of it?

Life Insurance is a formal contract between an insurance company and a policy owner, where in exchange for the premium the insurance company promises to pay a certain amount of money after a set period or upon the death of an insured person.

Types of Life Insurance

There are different types of life insurance available that you can choose according to your preferences. The top life insurance company in Kolkata has experts who will leave no stone unturned to make you choose the best plant to lead a secure life with your loved ones. 
 

Let us have a close look at the types of life insurance

Term Life Insurance

It provides coverage for a certain number of years such as 10, 20, or 30 years. This type of policy provides strong financial strength and is affordable.

Permanent Life Insurance 

It provides coverage for the entire life unless the policyholder stops paying the premium or surrender his /her policy. It is more expensive than term insurance. The top insurance company in Kolkata will guide you to find the best policy that will secure the future of your loved ones.

Now let us focus on the importance of life insurance

• Life insurance secure your loved ones future and helps them to lead a stress-free life even in your absence.
• You don’t want your loved ones to suffer from financial liabilities during a major crisis. Any outstanding debt such as personal loans, home loans etc will be taken care of if you can find the best life insurance policy.
• It helps your dream of turning long-term financial goals into reality. Since it keeps you invested for the long term it would help you achieve your dreams like buying a home or planning your retirement. There are an array of investment options that come along with different types of policies 
• With life insurance, you can ensure that you have a regular income every month even after your retirement and lead a worry-free and happy life.
• It gives you peace of mind. In the face of tragedy,  the least you can do is to make the future secure for your loved ones with a life insurance policy.
• It is tax-free, You can claim an income tax deduction on your life insurance premiums. Payouts for death claims are tax-free. 

The top insurance company in Kolkata will help you find the best life insurance plans that will protect your loved ones in your absence too.