Life Insurance: For safe and secured life.
Nowadays, to save your money as well as to provide financial security to your family members, taking life insurance policy is the best solution compare to the other sources. Moreover, it also helps you to get tax exemption. In simple terms, it is known as an agreement between the insured and a life insurance company. The company agrees to pay some amount of money on the sudden or accidental death of the insured, if the insured pay insurance amount which is called as premium promptly or at a regular intervals.
The present day private and public life insurance companies in India are providing mainly two types of life insurance policies, they are term and permanent.
When it comes to the permanent life insurance policy, the policy takers must know that it will be never cancelled by the company up to the maturity of the bond, even if the insured failed to pay some of the premiums regularly except misleading the company by providing false information in the application form. There are many advantages of going for this policy like the insured can withdraw the money he paid to the company and he can also apply for a loan or borrow money by using the policy. He will get more amount than what he paid, when the bond matures. The main sub-policies of the permanent life insurance are the endowment, universal and whole life.
