Crucial Life Milestones for Reconsidering Life Insurance Cover

Important Life Stages to Reconsider Your Life Insurance Cover

Frequently Asked Questions

What do you mean by reviewing a life insurance policy?

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Reviewing a life insurance policy means ensuring you have the right insurance policy and adequate coverage to safeguard your family’s financial future in your absence.

What are the components of a life insurance policy?

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Any life insurance policy has two major components, premiums and death benefits. Premiums are the amount of money that the policyholder has to pay for a policy. While death benefit refers to the coverage amount that the family gets from the insurer in case of the insured’s death during the policy term.

Is Life Insurance policy maturity amount taxable?

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No. The total sum you receive as the maturity benefits from a life insurance policy is tax free under Section 10(10D) of the Income Tax Act of 1961.

How is life insurance different from health insurance?

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Life insurance provides a lump sum to your family if you pass away, while health insurance covers medical expenses during illnesses/hospitalisation. Both are essential as health insurance protects your savings, while life insurance policies like term insurance, whole life insurance and endowment plan secures your family’s future.

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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