- I have to satisfy certain requirements if you want to insure someone.
- If anyone turns you down for life insurance, look somewhere else.
- If you are looking to insure yourself make sure you actually need it before you buy it.
- Term life insurance or whole life insurance
- Your beneficiary doesn’t have to be financially dependent on you.
- And if your beneficiary is a dependent, determine exactly
which sources of income would need to be covered if you passes away unexpectedly or in an untimely manner.
Life Insurance companies in Mumbai | Advantages
- Life insurance provides an infusion of cash dealing with the adverse financial consequences of the insured’s death.
- Life insurance enjoys favorable tax treatment, unlike any other financial instrument.
- Death benefits may generally income-tax to the beneficiary.
- Death benefits may be estate-tax free if the policy is owned properly.
- Cash value withdrawals are treated on a first-in-first-out basis, therefore cash value withdrawals up to the total premiums paid are generally income-tax free.
- Many life insurance policies are exceptionally malleable in terms of conforming to the policyholder’s needs. the death benefit may be decreased at any time and the premiums may be easily reduced, skipped or increased.
- A cash value life insurance policies in Mumbai may be thought of as a tax-favored repository of easily accessible funds if the need arises yet the assets backing these funds are generally held in longer-term investment thereby earning a higher return.
*Tax benefits are subject to conditions u/s 80C, 80CCC, 80D, 10(10A) and 10(10D) of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time.
**Switch is an option to move your allocated money between equity and debt funds
#Maturity Benefit is the amount you receive when your policy ends