ritikasharma
KF Rookie
A life insurance policy is a contract between you and an insurer where you pay premiums, and in return, your family gets financial support in case of your passing.
Provides financial security for your loved ones
Tax benefits under Section 80C & 10(10D)
Some plans offer investment + insurance benefits
Can be used as collateral for loans
Riders like critical illness & accidental cover enhance protection
Higher premiums compared to health or motor insurance
No immediate benefits unless it’s an investment-linked policy
Some policies have long lock-in periods & complex terms
Overall, if you have dependents, life insurance is a must for financial stability.
Advantages over other insurance plans:
Provides financial security for your loved ones Tax benefits under Section 80C & 10(10D) Some plans offer investment + insurance benefits Can be used as collateral for loans Riders like critical illness & accidental cover enhance protectionDisadvantages:
Higher premiums compared to health or motor insurance No immediate benefits unless it’s an investment-linked policy Some policies have long lock-in periods & complex termsOverall, if you have dependents, life insurance is a must for financial stability.
