Today we will tell you what is life insurance policy.
If the policyholder dies due to any reason, then the amount received in the insurance is given to his family.
The benefits of life insurance can be availed either through a “term plan”
Which provide life cover to protect the family or through “Investment Plans” which help in
wealth creation along with financial security to meet the financial goals of the individuals.
How to calculate life insurance
Most insurance companies say that a reasonable amount for life insurance is six to ten times the annual salary amount.
Another way to calculate the amount of life insurance required is to multiply your annual salary by the number of years remaining until retirement.
Another method called the Standard of Living Method is applied in which you take the amount the survivors will need to maintain their lifestyle and multiply it by 20.
DIME Loan, Income, Mortgage, Education This is for minimum coverage that will cover family expenses in case of untimely death
Death Benefit - Under a life insurance policy, in case of untimely death of the Life Assured during the policy term,
The nominee will be provided with an Sum Assured known as Death Benefit which will help your financial dependents to meet their daily needs and life goals. will help.
Maturity Benefit- Various life insurance policies offer maturity benefit at the end of the policy term, if the insured survives for the entire term of the policy.