Types of Life Insurance Policies in India

What are the Different Types of Life Insurance Policies in India?

How to Choose the Best Life Insurance Plan?

FAQs About Types of Life Insurance Policies in India

What Are The Tax Benefits From Life Insurance?

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Premiums paid towards Life Insurance policy come under Section 80C up to the specified limit of the section. Also, the return on the investment, i.e., all kinds of payouts from the insurance policy, are tax-free under Section 10 (10D).

Are Riders a Type of Insurance Policy?

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No. Riders are an add-on that can be purchased with the primary insurance policy to increase and customise the benefits offered by the policy.

Which is the Most Common Type of Insurance Policy?

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Term plans, the most basic and affordable insurance plans, are the most commonly bought insurance policy. However, ULIPs are preferred mainly by people looking for long-term investment options.

Is the Whole Life Plan More Expensive Than the Term Plan?

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Yes. Since the Whole Life Plan comes with a savings component, usually it's more expensive than the Term Plan that does not have any savings component and provides only death benefit.

What Does "Fully Paid Up” Mean on a Permanent Life Insurance Policy?

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“Fully Paid Up” means you have made enough premium payments to  cover the cost of insurance for the rest of its tenure. Thus, even though you have stopped paying any further premiums now, you are covered for the complete policy tenure. 

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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