Insurance is designed to safeguard your financial foothold. Insurance is an agreement in which you pay premiums for a certain time to get guaranteed cover for your monetary losses due to an unfortunate event.
There are various kinds of insurance available in India to address the risk of unfortunate situations like death, accidents, health emergencies, theft and damage to houses or vehicles due to calamities and accidents.
Income tax rebate amounting Rs 150000 in a financial year is provided on payment of Life Insurance premium and Tax Rebate amounting Rs 25000 is provided to Non Senior Citizen and Rs 50000 is provided to Senior Citizen on payment of Health Insurance (Mediclaim) premium in a financial Year.
There are various plans available under life insurance such as Endowment policy, Unit-Linked Insurance Plan (ULIP), Money-back policy, Savings plan, Child plan, Retirement plan, Term insurance etc.