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Life Insurance

Life insurance is the way of effective utilization of personal finance. It is also one of the major insurance policies in insurance market which is taken by each family. This policy gives the security and tax benefit to the family of middle income.

Meaning of Life Insurance

Life insurance is the contract between a person and insurance company. Under this contract, insurance company takes minimum amount of the premium for a fixed period and promise to pay the insurance amount at its maturity date or to pay insurance amount to nominee in case assured dies before maturity of policy.

Two parties in life insurance contract

1. Insurance company or Insurer
2. Policy holder or insured or assured

Benefits of life insurance in Personal finance

1. Protect for family

Life insurance policy is very benefited to single bread winner for family. If he takes insurance policy, he gets protection for family. In case, he is dead in future. His family can get financial assistance from insurance company up to insured amount.

2. Encourage saving

To save the money is very difficult for middle family. Insurance company provides full insurance amount after death of assured even if he paid on installment of insurance policy. This fact encourages assured to save more and more amount in the form of insurance. Life Insurance Company has played great part for inculcation of saving.

3. Exemption from Income Tax

Large number of assesses invest in insurance policy for getting rebate from income tax. Govt. also aim is to encourage public by giving some exemption in tax that pays premium of insurance policy.

4. Credit Facility

In case of emergency of money, assured can take credit on his deposited amount with insurance company. Insurance company charges interest on credit amount.

5. Investment

Life insurance is also the form of investment. Return on life insurance investment is less but with covering of risk, this investment has become the first priority. Due to security of returning of principle amount at maturity, this investment is better than other form of insurance.

6. Helpful in old age

After working 40 years, no body wants to work in old age. Without work earning of person may be pruned, if he was doing private job. Insurance company relieves policy holder in old age by returning his money with bonus.

7. Surrender Value

If policy holder can not pay the amount of premium, he may receive surrender value by surrendering his policy. He has right to surrender after some years of running the policy.

8. Capital formation

Life insurance collects large amount of money. This amount can be used for productive work. It is truly capital formation for any country.

9. Provision for education and marriage

For getting higher education and marriage, need of money is must and insurance company has special provision for returning fund for education and marriage of children of policy holder under special schemes in life insurance.

10. Other benefits

Life insurance policy benefits can be taken by company or partnership form if policy is taken for employees or partners of form. In case of factory accident principle amount of policy will be returned to nominee.

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Accounting Education: Life Insurance
Life Insurance
Accounting Education
https://www.svtuition.org/2010/03/life-insurance.html
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