o
Promotes savings: The insured person saves the money to pay the premium of the policy.
So, it develops the habit of saving among the policy holders.
o
Financial aid: After the death of a policy holder insurance company
pays the insured amount to the heirs so, the family gets the financial aid to
face many problems.
o
Planning for future: Life insurance
is very helpful for the last age of a person at that stage men can not do any
job so, due to the availability the insured amount he can lead a good life.
o
Profit earning: Insurance not only provides
financial aid to the family of a deceased person but also gives profit on the
capital.
o
Tax concession: some time Govt provides tax concession to the policy holders it is also
an advantage of life insurance.
o
Credit facility:
A policy can also obtained
credit from various financial institutions against the life insurance policy.
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