Question
Banking And Insurance Question on Insurance
State any four advantages of having life insurance.
Answer
1. Financial Protection: Provides financial security to the family in case of the policyholder’s death.
2. Tax Benefits: Premiums paid for life insurance are tax-deductible under Section 80C of the Income Tax Act.
3. Long-Term Savings: Certain policies help in accumulating savings over time.
4. Loan Facility: Policyholders can borrow against the life insurance policy in emergencies.
Life insurance ensures peace of mind by combining protection and savings.