Life insurance provides financial support to surviving dependents or other beneficiaries after the death of an insured policyholder. It is the best option to secure your family’s future. Life insurance can offer several benefits to you and your loved ones, including the following:
Benefits of Life Insurance:
Almost everything under the Sun that you can call an asset can be insured. However, in India, General Insurance is majorly classified into the following types:
Any individual needs to have a general insurance policy owing to the risks posed by accidents, medical emergencies, natural calamities, and other unforeseen circumstances. The policy provides financial protection in case such situations arise in our lives. We cannot predict an accident or calamity; however, we can be better prepared to handle them.
However, having insurance coverage is compulsory by law in case of Society and Motor Insurances.
Health Insurance provide tax benefits - the premium paid towards Health insurance offers tax benefits under Section 80D of the Income Tax Act.
Insurance premium paid for running the business falls under allowable expenses if you prove that the cover is necessary solely for business purposes.