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What is Life Insurance Policy?

A Protection and Savings plan is a financial tool that helps you plan for your long-term goals like purchasing a home, funding your childrenu2019s education, and more, while offering the benefits of a Life Cover. Click to know more https://www.coverfox.com/life-insurance/

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What is Life Insurance Policy?

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  1. What Is Life Insurance?

  2. Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured.

  3. What are the benefits of Life Insurance? • “Who will get the benefit of your life insurance? • Death Benefit • Investment benefits • Tax exemptions • Protection from critical illnesses • Create wealth to fulfil your life goals

  4. What will be the ideal life insurance cover for you? • Typically, as per the experts of the industry, the life cover you can and should buy will be 10 to 15 times your annual income. • It is advisable that you assess your current income, existing liabilities (for example, home loan), and future financial needs. Subsequently, you may decide an insurance amount that is suitably high to help take care of all the liabilities and future requirements. • You can use a life insurance calculator to get an estimate of the total life insurance coverage that you can avail and the required premium payable. After that, you can proceed to select a plan variant that matches your insurance needs.

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