8 Things You Unawared of Your Life Insurance Could Do

Life Insurances 167 views

Life insurance is a financial product that offers you various benefits along with financial gain. Insurance companies will receive premiums against the insurance and in return you will get the death risk cover and other benefits. However, there are other financial plans as well that one can buy. There are plenty of options available in the market to choose from and buy an insurance. There are many things, which you are not aware of that your life insurance could do for you. Let's find out eight things you are not aware of your life insurance could do for you.

Buy long-term plans: Long-term insurance are much expensive as compared to general insurances and adding the riders in these policies can increase your premium cost a bit more. But, rather than buying different policies for different purposes, it is always good to buy a long-term plan with more benefits. It can be more cost effective as it will offer you more benefits in almost the same cover.

Provide medical benefits if you are ill: There are various life insurance policies, which provide you different medical benefits. These policies offer free medical check up facility, financial support for operation and other medical benefits along with sum assured. If you have bought any health insurance policy, it will offer you plenty of benefits including cashless hospitalisation, funds for organ transplant, cashless operation facility, maternity benefits and much more.

Daily cash allowance on your policy: There are various life insurance policies and health insurance policies, which offer you daily cash allowance. This is a kind of cash allowance you will get for the period on which you are on leave or you have not attended your office due to severe medical reasons. This will try to compensate your financial losses in that situation and provides you financial support.

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Benefits for chronic and critical illness: Various health insurance policies and life insurance policies offer you funds and other medical benefits in case of chronic and critical illness. If you are physically disabled or you met with some accident that turned you physically disabled, in that case the policy will provide you benefits for your living and daily expenses.

Source of cash: Some policies also provide you cash benefits in case of any long ailment and if you are at home because of any medical reasons. These policies provide you cash benefits of a defined amount. So, you can rely on these policies in case of any uncertain situation or accident.

Enjoy tax benefits for whole tenure: Life insurance policies offer you tax benefits for whole tenure of the policy. You can avail tax benefits under Section 80C of income tax on the amount you paid as premium for the life insurance policy.

Buy a pension plan for secured future: If you are working in a private sector and you want to stay tension fee and financially independent, you can buy a pension plan. In these policies, you can get the money into two or three segments or you can take money on month on month basis as pension. So you can choose a plan as per your future goals and financial requirement.

Take a loan against your policy: You can take a loan against your policy for buying a home or for your child's education or for any other financial need. In such loans you are not required to pay the higher rate of interest compared to personal loan or education loan. Rather, you are supposed to pay 1% or 2% higher rate of interest what you are getting on your savings.

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