What is Life Insurance Policy?
A life insurance policy is an agreement between an insurance company & a policyholder that offers financial coverage under which the insurance company guarantees to pay a certain amount to the nominated beneficiary in the unfortunate event of the insured person demise during the term of life insurance plans. In exchange, the policyholder agrees to pay a predefined amount of money as premium either on a regular basis or as a single premium. If covered by the policy, coverage will be provided for critical illness as well.
Online Life Insurance Plans
True to its name, online life insurance plans are available exclusively online. An online life insurance plan also offers death benefit in the form of a high sum assured at a low premium. Moreover, online life insurance plans also offer several tax benefits under Section 80C of the Income Tax Act, 1961.