Categories
Loans

Failed To Pay Your Personal Loan EMI? Here’s What You Need To Do

We’re going to look at what you can do if you fail to pay your personal loan EMI. However, for those who are unfamiliar with personal loans, what they are, and why they are the way they are, let’s introduce them first.

What Is a Personal Loan?

A personal loan is an unsecured loan. What this means is that there is no “backup plan” for the lender in the form of an asset that it can recover. A secured loan is a loan that has something of value as collateral against the applicant defaulting. Examples of secured loans are home, car, or gold loans. The risk for the lender is higher with unsecured loans, which is why personal loan interest rates differ from secured loans.

What Happens if You Default on a Personal Loan?

Lenders usually offer a grace period after the original due date—if you make your EMI payment during this period, you will merely have to pay a late fee. The grace period and late fee for personal loan EMIs will differ from lender to lender, so make sure you know what they are as early as possible. If you miss just one EMI, the lender will not report you as a defaulter; however, if you miss at least a few EMIs, your lender will report you as a defaulter to CIBIL, the authority that tracks an individual’s credit history and gives a score that reflects the individual’s creditworthiness. This will lead to you getting a low credit score. You can open up a dialogue with your personal loan lender to try and negotiate a new payment plan that will allow you to repay the loan, and the lender to recover their investment. If this can be done before you’re reported as a major defaulter, it will be beneficial to both parties.

What You Can Do to Avoid Defaulting on a Personal Loan?

Make sure you can pay the personal loan EMIs consistently. A good rule of thumb is to never go for an EMI that is more than half of your take-home salary. The lower the percentage it occupies of your salary, the less likely you are to default on it. If you’re unsure about how much an EMI will work out, you can use tools like a personal loan EMI calculator that are available on lender websites to help you make your decision more easily.

That said, the pandemic has shown us that we can never predict our financial situation with 100% accuracy. So, if you realize that you cannot make an EMI payment, you can always talk to your lender and let them know of your difficulty and work out a solution to ensure that you do not get reported as a defaulter. The solution can be one of several things: an extra, catch-up EMI somewhere down the line with a late fee, just a late fee and adding an extra month to the loan tenure, or a full-blown renegotiation of the loan with reworked EMIs, all are possible.

The important takeaway is that if you miss more than a couple of EMIs on your personal loan, your lender will report you to CIBIL as a defaulter, which will then give you a low credit score. A low credit score will simply make it more difficult for you to obtain a loan in the future—you will get high interest rates, lower loan amounts, and shorter tenures until you rebuild your credit score to the level that marks you as a low-risk individual. If your loan has guarantors, they become liable to repay your loan amount. Obtaining a personal loan online is a smooth, hassle-free affair; hence, there is no reason why a single missed payment should be more trouble than that!

Categories
Industrial

Common Forklift Problems and Why Repairing Your Forklift Matters

Forklifts are one most common pieces of heavy machinery across a wide variety of industries. Keeping your forklift repaired not only helps save you money, but also helps keep your workplace safe. Whether we are talking about day-to-day upkeep or repairs using Intella Parts, keeping your forklift repaired creates a smooth and efficient operation.

Let’s take a look at common forklift problems and why you should stay on top of forklift repairs.

Common Mechanical Problems with Forklifts

Forklifts are hard-working pieces of machinery. They literally do the heavy lifting at our workplaces. Here are a few of the most common forklift problems you can come across.

Seat Belts and Other Safety Equipment

Every time an operator hops into their forklift, they’re adding wear and tear to the seat belts and other safety equipment. It should go without saying that regular replacements using parts help to keep the vital safety systems of your forklifts intact.

Regular inspections of the seat belts and other safety equipment are vital in terms of keeping your forklift operation will. You want to spot a flaw in safety equipment before operation rather than on the job.

Electrical Problems

Forklifts have a complicated electrical system. Whether they are battery-powered or they use compressed natural gas, your forklift relies on electronic systems just like any vehicle.

Electrical problems are a serious concern in forklifts no matter what their fuel source is. As many of the electrical systems of your forklift are interconnected, a problem in one area could signal a deeper and more complicated issue inside the forklift’s electronic systems.

The Check Engine Light

Your forklift has a check engine light just like a car and, just like a car, it’s common for many forklift operators and owners to ignore the check engine light until the problem becomes more serious.

The safest and most cost-effective way to address a check engine light problem is right away. It’s always easier, cheaper, and safer to handle whatever the source of the check engine light is sooner rather than wait until the forklift has a critical failure.

Horns, Lights, and Other Accessories

There are many secondary systems on your forklift that might not seem critical once they break down. Horns, lights, and other secondary systems are designed to help your forklift operators use these machines with maximum efficiency and safety.

Forklift-related injuries have been on the rise in workplaces across North America. Maintaining these secondary systems is a great way to keep on-the-job injuries down.

Mast and Fork Breakdowns

The mast of your forklift is its backbone. The mast and the fork bear a lot of weight when doing the heavy lifting. It’s common for these systems to either become bent or otherwise break down over time.

Thankfully, there are replacements out there for every make and model of forklift available from sources.

Leaks

Forklifts are also prone to leaks. There are hoses, gaskets, and seals throughout the forklift. These helps run systems ranging from the brakes to the lifting itself. If you start to notice fluid leaking anywhere on or near your forklift, it’s a good decision to take that forklift out of commission and into repairs.

Why Keeping Your Forklift Repaired With New Parts Matters 

Keeping your forklift repaired is a great way to not only make sure that your workplace is safer, but that you’re also saving money in the long term. Keep your forklift repaired by performing regular maintenance and your company will have less downtime and greater productivity.

Categories
Insurance

5 Factors To Consider When Purchasing A Guaranteed Savings Plan

The constant factor in our lives is the ups and downs that we face. We work hard to achieve all of our goals in the professional and personal arenas. However, achieving these goals may require a decent amount of funding. Along with this, you may come across certain unfortunate events in life without any warnings. Therefore, getting adequate financial backing during such unfortunate times can be quite helpful. One of the ways to tackle these situations financially is by getting a guaranteed savings plan.

What is a Guaranteed Savings Plan?

Guaranteed savings plans offer the policyholder the benefit of regular savings along with insurance coverage. In a guaranteed savings plan, the premium amount is used to create an endowment that earns benefits while also providing coverage. Many insurance companies offer plans with different features to help the customers purchase the most optimal plan.

For instance, if you opt for the TATA AIA Insurance plan, you can use the savings insurance plan calculator on their website before purchasing the plan. It will help you choose the most optimal plan for yourself. Along with this, you must also consider certain factors when purchasing the guaranteed savings plan.

Keep These Things in Mind When Purchasing a Savings Insurance Plan

  1. Goals and investment objectives

As you build your life, you would want to achieve certain goals at different stages in your life. These goals range from purchasing a home, handling your child’s education and marriage, your retirement etc. Listing these small-term and long-term financial goals will provide you with a certain clarity on spacing the plan across different tenures. Once you have listed down the goals, you must invest in customized savings plans to help you achieve your objectives as they arise in the coming years.

  1. Premium payment term and policy term

You have an option to choose the premium payment term and the policy term. You can opt for a single payment or over a given number of years. This is quite helpful when you have financial commitments coming up at different times. You can align the policy term of the assured savings insurance plan to enable you to create sufficient amounts to meet them easily.

  1. Flexibility and protection

Along with the ability to build a substantial corpus, a monthly savings plan should offer the required financial protection to a policyholder and their family if something happens to them. While an insurance savings plan can be used to build an assured source, it must provide insurance coverage so that your loved ones don’t face any distress after unfortunate events. The plan you choose should also provide you with the flexibility to adjust the premium amount at your convenience.

  1. Payout options

A savings plan should have the perfect mix of returns with enough financial help for unpredictable events. Towards this end, you should consider the return of premium benefit, guaranteed additions, guaranteed bonus, income payout frequency and the income payment period. You can check the information brochure for the guaranteed incomes under the plan for various policy payment terms. Then, you should choose the appropriate payout option depending upon your family’s needs and how they will use the funds.

  1. Tax and additional benefits

The premium amount is tax-exempted under Section 80C. Along with this, the death benefit offered through the plan is also exempt from taxation. Further, you should check for riders for critical illness coverage to enhance the utility of the plan.

Conclusion

Thus, guaranteed savings insurance plans can be quite advantageous. They can help you protect your loved ones and build wealth for yourself at the same time. However, before purchasing the savings advantage plan, you must consider certain factors mentioned above. Keeping these factors in mind during your purchase will help you buy the most optimal plan for yourself.

Categories
Insurance

How to Choose an Insurance Coverage for your New Home

Buying your first house can be overwhelming, considering the emotions that cloud the whole idea of owning your home for the first time and the seemingly endless paperwork required. Before you start researching new homes in Palm Coast and the correct coverage, consider these factors.

Start Searching for Insurance Coverage Earlier

Start thinking of insurance as early as possible. Shop around for the best coverage for your home and decide what works for your needs. You can compare different insurers in terms of coverage, deductibles, limits, and premiums.

You can do this by calling individual insurers, obtaining quotes and comparing, use online comparison platforms like the A.M Best website, or involve an agent to do the legwork on your behalf. Remember that not all policies work the same. As a result, you may want to walk the journey with an expert who understands the process to guide you.

Understand the Types of Policies Available for Homeowners

There are several types of policies available in the market for homeowners. These packages range from HO-1 to HO-8. The HO-8 is a common choice for most homeowners insuring older houses.

The HO-3 is the most common among first-time homeowners as it covers more risks, except for the ones exempt from insurance coverage. It’s way better than the basic HO-2, which only covers theft, vandalism, fire, lightning, windstorms, vehicle and aircraft accidents, and hail.

Consider Deductibles

A deductible is a money you pay in the case of a disaster before your insurer’s compensation. It can either be a standard amount, like $1000, or a percentage of the total claim. For instance, if your claim check is $20,000, and your deductible amount is $1000, your insurer will pay only $19,000 while you take care of the remaining $1000.

A higher deductible may mean you pay lower premiums. However, you’ll feel the burden in case of a disaster, as you’ll have a considerable amount to cover from your pockets. On the other hand, a low deductible may mean you pay higher premiums, but your insurer will bail you out almost the total amount of the insured disaster occurs.

Discuss with your agent to determine which type of deductible is comfortable in your case and which to avoid. Also, take note of insurers offering higher deductibles for specific claims

Should you Bundle or Not?

Bundling is one of the most efficient ways to reduce your insurance premiums. However, it’s not always an option as the insurer you’re using for motor coverage may not offer homeowners’ coverage. Similarly, some insurers provide high rates that could be a loss to you, even with the bundling discount.

To be sure, shop around, ask questions, and compare companies, so you pick the best prices and the services you require.

The Type of Coverage to Consider

Home insurance policies come in four different types. These include:

  • Dwelling coverage, which guards your home’s structure
  • Personal property coverage, which takes care of your belongings in the house,
  • Personal liability, which covers any medical bills and legal costs when a third party incurs injury at your property, and
  • Loss of use, which takes care of your living expenses during your home’s repair

Talk to your guide to determine which type of coverage is ideal in your situation. Several options are available, but may not all fit your needs. Also, determining the amount of insurance you need for your home to avoid unnecessary costs.

Categories
Business

Fundamental Components for Automated Warehouse Systems

Many manufacturing industries and warehouse operators are looking to maximize automation to improve the efficiency of their operations. However, one needs to be more cautious when coming up with an automated warehouse system, since the wrong selection of technology can be disastrous. A technology that integrates well and works seamlessly. Some of the vital elements to consider when you want to automate your warehouse include;

Interoperability

The software and the warehouse system are two different things. Thus, the first thing is to ensure that they seamlessly share data. This is made possible through the interoperability of the two. Data such as inventory, purchase orders, and shipping information can be integrated into the systems. Interoperability is mainly driven by the application programming interface (API). APIs are widely used not only in warehouses but also in hospitals and other healthcare facilities.

Cloud storage

Cloud computing is the best form of storage when it comes to warehouse automation. This is because it reduces the cost of infrastructure and maintenance. With cloud computing, the need for an in-house IT sector is reduced. It ensured the effortless integration of the system and allowed easy access.

Real-time tracking tool

Real-time tracking devices are standard in many modern warehouses. Warehouses have applied devices such as RFID to transmit data from tags to computers and information systems. It allows visibility into inventories along the supply chain. It also provides real-time data on shipping and delivery, ensuring the items get to the intended targets.

Weighing Integrators 

Weighing integrator Controllers for weight-scale integrated systems are essential in managing, recording, and controlling weighing operations. You can apply them in static and dynamic weighing, conveyor protection switches, and electronic platforms in controlling loads and monitoring inventory.

Other necessary elements are robotic, automated forklifts, artificial intelligence software, among others. Automation of warehouses in the future of any manufacturing company that wants to survive in such competitive times. Thus, it is best if industries adapt to these new trending technologies.

Categories
Insurance

What Are the Principles That Govern Marine Insurance Policies?

Transportation by any mode has inherent risk, be it road, air or water. Be it for goods or for passengers, ensuring a safeguard in place is crucial. While personal accident policies are specifically designed to insure against injuries, commercial policies are designed to prevent losses financial losses that might arise for the goods.

One such type of commercial insurance is marine insurance. This policy has existed since overseas trade started to evolve and has gained its importance ever since. The process of transporting goods via waterways has its share of risks like damages at the dock, pirate attacks, accidents, etc which might result into losses. These events can result in damaged shipments, and sometimes even loss of the shipment entirely. To protect business against these financial hiccups, using a marine insurance policy can come handy.

This article elucidates on five such principles that govern marine insurance plans –


  1. Principle of Utmost Good Faith

Uberrimae fidei in Latin translates to utmost good faith is common principle that governs the insurance sector. Here, it the context of marine insurance, it requires the policyholder to state all information true and correct to the best of their knowledge. Further, it expects no material information is withheld that might have an impact of the claim amount. Any material information if withheld by the insured person can be a sufficient cause for rejection of their application.


  1. Principle of insurable interest

This principle states that it is important for the policyholder to have some form of insurance interest for which insurance is sought. To simplify it, buying insurance should help the buyer avoid a loss which would be faced otherwise. In case of a marine insurance policy, if the policyholder does not have any insurable interest, it is expected to have in the future. For a claim to be sanctioned, it is crucial to have insurable interest.


  1. Principle of Indemnity

The purpose of insurance is not to make profits but only for indemnifying their loss. The principle of indemnity states that a policyholder shall be compensated only to extent of the loss and not thereafter. The contract of insurance is not entered to gain profits but to cover for losses.


  1. Principle of Cause Proxima

In events where a series of events end up causing damage to the consignment, according to principle of cause proxima, the closest cause that aids in analysing such loss shall be considered. No event that occurred is remote is analysed but instead the nearest cause that might have resulted in a loss is analysed for the liability.


  1. Principle of Loss Minimisation

No liability insurance cover indemnifies the holder for irresponsible acts when covered by one. So, for a claim to be passed by the insurance company, there should be complete evidence of all necessary precautions exercised by the policyholder. The principle of loss minimisation states the above.

These are some ways how the principles of marine insurance help to avoid a monetary loss due various unfortunate events to the consignment or the ship. So make sure to add the necessary marine insurance coverage to avoid a financial loss the next time you are importing or exporting any goods.  Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Categories
Insurance

3 Standard Health Insurance Covers That You Should Know About

Health insurance has become the need of the hour. With a global pandemic taking a head-on with health of all, it has come to realisation that health is the most irreplaceable wealth. But as medical inflation continues to rise, seeking the right treatment is no longer an affordable affair. There is a constant need of huge corpus to support these kinds of medical expenditures.

Here come standard health insurance plans. These plans are brought in by the regulator, Insurance Regulatory and Development Authority of India (IRDAI) that focus on getting healthcare facilities accessible to all. Healthcare is longer a luxury but a necessity. These standard medical insurance plans have same policy features across insurance companies and simplified policy wordings that help policyholder in selecting the right policy. This article highlights three such standard health insurance plans that are introduced by IRDAI.

Arogya Sanjeevani policy

Arogya Sanjeevani policy or also known as Standard health insurance is a policy that offers a basic health insurance facility. The sum insured available under this plan is between ₹1 lakh and ₹5 lakh thus making affordable health insurance accessible to all. All leading general insurance companies offer this policy which include the same terms and policy wordings. This benefits the buyers by making the same product is available across all insurance companies. Other than including the cost of medical expenses due to hospitalisation in its coverage, it also includes treatment for coronavirus. Further, this policy is available with an optional family floater policy thereby covering not just the policyholder, but also the dependents.

Corona Kavach policy

This standard health insurance is designed specifically for coronavirus treatment. Like Arogya Sanjeevani policy, this policy also includes family coverage thereby extending the policy benefits to dependents of the policyholder. Here the policy covers not only hospitalisation costs associated with coronavirus treatment, but also the costs of consumable required in the process like PPE kits and other makeshift treatments as stated by the Government. With a scalable sum insured from ₹50,000 to ₹5 lakhs, it can help policyholders pick the policy coverage based on their requirement. Apart from the above benefits, it also includes alternate forms of treatment like AYUSH and also coverage for pre and post treatment expenses.

Standard personal accident insurance policy

The standard personal accident insurance also known as Saral Suraksha Bima Policy was introduced from 1st April 2021. As the name suggests, this policy pays a pay-out in case of permanent disabilities to the policyholder due to accidents along with coverage for temporary disablement available as optional. This policy offers coverage from ₹ 2.5 lakhs all the way up to ₹ 1 crore which is perfect for different types of risks that can be insured. Moreover, Saral Suraksha Bima Policy offers the facility of lifetime renewability.

To conclude, the aim of a standard health insurance plan is to ensure the accessibility of the health insurance plans to even lower income groups. This way, the penetration of health insurance can be ensured right up to the grassroot level and it is possible with affordable premiums for these policies.  Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Categories
Business

Increase your Online Presence with the Top SEO Service providers

The market dynamics are changing each day, and the competition to remain the best service provider is becoming stiff. This has led to SEO services becoming the most pursued after digital marketing services methods. Therefore, you need to work with the best SEO service providers, like national SEO services and marketing SEO services providers.

Many businesses and brands know that they need SEO for their digital properties because it is an essential part of any profitable marketing strategy that any business needs to have in the new error technology period. If you have a brand that wants to have a competitive edge with solid strategies that combine technical SEO, content marketing, research, social media, and other competitive marketing elements online, here are reasons why you need to outsource your SEO to a top agency.

Return on Investment

Every business owner will put their hard-earned cash to generate profits at the end of the day. The competition can be so stiff in the marketplace that you may be left behind if you don’t know how to strategize appropriately. When you outsource your SEO services, the expert will provide you with trackable and quantifiable results. They will remove all your worries when it comes to looking for yields on your investments. These experts will track all the strategies they carry out for your business, such as increased traffic, conversions, and business rankings.

Time-efficient

SEO activities are time-consuming. If your business doesn’t have enough personnel to research, monitor, analyze and act, you will not achieve the much-needed result. For you to achieve business success, you need to achieve the result of online marketing campaigns. Your website has to be well maintained, which will be a difficult task that even takes a lot of time. Therefore, outsourcing your SEO will save you time to focus on other things as someone else does all the complicated SEO work for you.

Business and Revenue Benefits

The primary purpose of outsourcing SEO services from an expert is to expand your brand and earn higher profits. You will achieve both results when you outsource your SEO services. Any top SEO agency experts will have at their disposal will guarantee you results and bring more cash to benefit your business. Your business ranking and traffic will also expand as they settle and start excellent work on your project.

Online Traffic Benefits

The improvement of the internet and technology has resulted in every aspect of businesses going online on digital platforms, since everyone is available on those platforms. Suppose you are struggling to tap into the available online markets. In that case, when you outsource your SEO, besides the analytics and reporting tools, you will see a clear upswing in online traffic on your various online platforms, such as websites, blogs, and social media. This is the perfect way to boost your business as more traffic comes your way. More people will start becoming curious about your services, and your sales volume will begin to rise.

Cost-efficient

Outsourcing SEO services will significantly reduce your operational costs, such as the overhead budget that is usually allocated for recruitment, management, and training of staff can be eliminated. Additionally, you will reduce cash outflow and increase your resource utilization.

Categories
Investments

Never expect consistent profit at trading

Trading can a challenging profession for people as they don’t have the right idea. Most think they will start making a profit after investment. They never understand the formulas, the skills, and the knowledge required to make this career profitable. Traders spend time in the demo to develop a strategy to get consistent results. With the help of online media, customers can know about the volatility. This reduces their expectation to cope with the situations. However, many investors still believe it is possible to have a consistent outcome in Forex. This depends on the method and the expertise of the individual.

If a person can develop a formula that has no errors, the expected result can be achieved. What we want to imply is, this is never possible given the dynamic market scenario. In this article, we will explain this concept. If you are thinking to change a life by becoming a currency trader, think twice before making the deposit. Not only the performance can be inconsistent but the sector is risky also. Every participant should be informed about the drawbacks as well before they plan for consistency.

Why should I not expect consistency?

Especially after developing a technique that can be useful to reduce the losses. Traders must understand this is not about a method. An individual can simply develop a formula by practicing and mastering the basics. What makes a profitable consistency is the market situation. This is beyond the control of the community and even the Forex members cannot govern the movements. This is a global industry interconnected by the countries. If a country decides to increase the rate interest rate, this affects the price of that currency. As currencies are traded in pairs, this is going to affect the paired currency also.

In this way, even countries cannot monitor for consistent volatility. Depending on the market, the trends keep on changing. A strategy is a simple tool that cannot do much in this scenario. Many try to implement advanced methods but fail eventually. But if you still wish to learn about the advanced method of trading, go to site of Saxo to enhance your skills. Start utilizing their free resources so that you can make quick decisions without having many problems at real-life trading.

What if I can get the forecast right every time?

We admire the ambition but getting the prediction right is not important. Traders can enter anytime they want but what makes an order successful is the exit. If the exit is completed with a profit, investors consider this trade was a success. What happens temporarily does not get important. Even if you manage to get the right forecast, what if there is a change in the prices?

Think of a country that decides to enact policies that can change the direction of the economy. The political world is a debate with the world’s superpowers whether they should support Israel or not in the Gaza attacks. Simply withdrawing from this decision is not possible as this involves national interests. If important information is released, this will change the economy temporarily. In that time, the prices will move beyond expectations. Don’t get the expectations high and frustrate yourself.

How do professionals remain profitable without consistency?

Because they follow the risk management plan, their decisions are profitable despite having failures. Success is not analyzed by individual performance but by holistic performances. When this is analyzed, you will find experts also have losses. They make errors in their decisions and lose money. The reason for their success is the long-term plan which helps to recovers the loss. If they lose 10 dollars, for example, they make 40 dollars in the future. In this way, they are always building their fortune by having consistent losses. They also have no consistency but because their profit is higher than the losses, they maintain a profitable balance.

Categories
Insurance

How Does Life Insurance Policy Work?

Life insurance is a financial instrument that is suitable for most individuals as it helps create a backup. Not only can you safeguard your dependents but also create wealth for the future. However, due to a variety of insurance products available in the market, individuals may find it difficult to understand the working. So, today, find out the basics of a life insurance policy and learn some of its key features.

What Is Life Insurance?

Life insurance is a plan, which offers a risk cover to the policyholder against unfortunate mishaps in exchange for regular premium payments. The insurance provider shall pay out a lump sum death benefit to the beneficiary in your absence to support them financially. But apart from a risk cover, a life insurance policy also promotes wealth creation. Hence, you can choose from the various types of life insurance plans that are customised to fulfil many goals. The different types of life insurance policies are:

  • Term life insurance
  • Endowment plan
  • Unit-Linked Insurance Plan (ULIP)
  • Money-back insurance policy
  • Whole life insurance

More About Life Insurance

As life insurance policies provide a life cover, while purchasing a plan, you can select the desired sum assured on estimating your family’s expenses. Usually, policyholders calculate the death benefit by considering their debts, mortgage loans, monthly expenses of the family, children’s higher education, etc. In case something were to happen to you during the policy term, this sum assured amount shall be paid out to your family to manage their finances. But if you purchase a life insurance policy with a savings component, a maturity benefit is given to you on surviving the plan tenure. Thus, you can financially secure your loved ones as well as create a corpus to meet future goals.

Features & Benefits of Life Insurance

Here are key benefits of life insurance policies for you as well as your dependents:

  • Offers Financial Backup

We all need financial backup from the uncertainties in life and thus, many would try saving up some cash. But due to the effect of inflation, you might not be able to save enough to fulfil all your requirements. However, insurance helps you by offering a backup for your loved ones.

  • Enables You to Create Wealth

While enjoying a life cover, you can also create wealth with the help of other life insurance plans. Based on your life goals, you can choose a policy tenure accordingly and the maturity benefit can go towards buying a house, paying off pending debts, retirement planning, etc. So, you can avail dual benefit with life insurance plans.

  • Avail Tax Perks

By purchasing an insurance plan, you can avail tax benefits on your premium and the death or maturity benefit. Under Section 80C of the Income Tax Act, you can claim the premiums paid towards the policy up to a limit of INR 1.5 Lakh. The death or maturity payout can be claimed as tax-free under Section 10(10D) of the Income Tax Act. Hence, insurance is a lucrative tax-saving instrument.

  • Provides Additional Features

Apart from a risk cover and the savings component, life insurance also enables you to take a loan against the policy. In case of a financial emergency, you can get a loan against insurance without any trouble. Also, in a couple of years, if you do not require insurance anymore, you can simply surrender your plan to get the policy value. Therefore, life insurance offers such extra perks to policyholders to achieve their needs.

With this, you must have learnt how a life insurance policy works and its numerous benefits. So, hurry up and choose a suitable plan for yourself to secure your dependents today!