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Understanding Life Insurance

Life Insurance is a legal contract between a policy-holder and an insurer. The latter pays premiums on an annual or half-yearly basis. Upon the death of the insured, the beneficiary is granted the death benefits. thttps://www.sbilife.co.in/<br>

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Understanding Life Insurance

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  1. Understanding Life Insurance

  2. What is Life Insurance Life Insurance is a legal contract between a policy-holder and an insurer. The latter pays premiums on an annual or half-yearly basis. Upon the death of the insured, the beneficiary is granted the death benefits. Key Features of Life Insurance Offers financial security to your family. Takes care of children with special needs after parents’ demise. Funds taxes and keeps value of property intact. Helps in pension maximization. Funds education, marriage and other expenses of loved ones.

  3. Types of Life Insurance SBI Life Poorna Suraksha – Offers comprehensive coverage against death and critical illness. SBI Life Sampoorn Cancer Suraksha – Offers coverage for different cancer stages through reasonable premiums. SBI Life Smart Shield – Secures your family’s financial future in the event of your demise. SBI Life Smart Swadhan Plan – Protects the policy holder’s family during emergencies and hard times. SBI Life Swarna Jeevan – Helps employers manage employee pension schemes by transferring liabilities. SBI Life Grameen Bima– Provides complete financial security against unexpected incidents.

  4. Benefits of Investing in Life Insurance Offers funds for your child’s education. Helps pay off the mortgage and other loans. Replaces your income, in case of job loss. Helps with financial obligations, like senior care. Pays off debts, like car loan and education loan. Death benefits are also tax exempt. Comprehensive protection for your family, in case of your untimely demise.

  5. How Does SBI Life Insurance Work Tools and calculators help you choose an insurance policy, depending on your goals and needs. The policy holder can either pick a set timeframe or lifelong cover. Regular premiums are paid in exchange for death benefits to the insured person’s family. Risk related categories and rate classes are used to determine your premium payments. For example, SBI Life Annuity Plan is a traditional pension plan that provides regular income to the subscriber for a lifetime.

  6. Tips to Buy a Life Insurance Policy Make sure the policy caters to your needs. Explore the range of benefits and the plan structure. Check for comprehensive rider coverage. Check for affordable premiums. Compare the costs and features of different plans. Apply for a policy online, since this is more economical. Decide the length of the policy and the amount beforehand.

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