Life insurance policy details (1)

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Life Insurance Policy details
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What is Life Insurance Policy ?

• These days, practically every aspect of your life
  can be easily covered by a life insurance policy
  in details. However, life insurance and general
  insurance are two of the most widely used and
  fundamental insurance plans.
• Although some people might confuse the two terms,
  they are actually quite different. You can
  differentiate between life insurance and general
  insurance with the aid of this article.

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Advantages of Life Insurance Policy

• There are numerous advantages to getting a life
  insurance policy
• Financial stability and mental peace you feel
  the most secure if you have life insurance. This
  is so that if someone goes away, their family and
  loved ones would be provided for financially. We
  all have financial responsibilities, but having
  enough life insurance assures that, in the event
  of your untimely death, your debts will be paid
  off and your loved ones will be financially
  secure.
• Making Money you have the opportunity to
  increase your wealth with certain life insurance
  policy types. In addition to offering life
  insurance, these policies invest your premium in
  a range of asset classes in order to offer
  market-linked returns and assist you in
  conserving money.
• Tax reductions Two tax benefits exist for life
  insurance policies. In accordance with the
  limitations outlined in Section 80C of the Income
  Tax Act of 1961, the premiums paid are tax
  deductible. You can currently reduce your tax
  burden by deducting up to 1.5 lakh in premiums
  from your gross income each year. On the other
  hand, the maturity insurance plans can be totally
  tax-free. Under the conditions outlined in
  Section 10(10D) of the Income Tax Act of 1961,
  this tax credit is granted.
• Buy when you're young to save more money while
  you're still young, you may lock in affordable
  premiums with life insurance plans. If you
  purchase the same insurance when you are older
  than you would have been when you purchased it
  when you were younger, you might have to pay a
  significantly higher premium.

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