The benefits of a Life insurance policy vary from person to person and family to family. It all depends on individual needs and requirements. Some of the common benefits that a life insurance policyholder can avail are:
Life insurance policies offer flexibility in premium payments. The policyholder can choose to pay the premium monthly, quarterly, half-yearly or yearly as per their convenience.
Life insurance's vital feature is that the service provider pays out the insured amount only in one of two situations: when the policyholder dies or when the life insurance plan matures.
Nominees are the persons who will receive the assured amount in the event of a policyholder's death. In most cases, nominees must be designated at the time of purchase of a life insurance policy.
Not all life insurance plans are limited to providing a death benefit. Aside from life coverage, ULIPs and savings programs include an investment component. This feature ensures that you receive benefits when the policy matures.