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Life Insurance

DigiFiin Jodhpur > Life Insurance

Life Insurance

At the end of the day, our family is all we have. You can achieve every goal in life, climb the ladder of success, and fulfil all your dreams – but only seeing your family safe and happy can make your heart truly smile. Make you feel complete. And since they mean so much to you, it’s unarguably important to protect them from the uncertainties of life. To take care of them, even in your absence. More so, if they are dependent on you.

Life Insurance is the priceless protection you can gift your loved ones. It helps them lead a sweet, comfortable lifestyle, even when you are not around.

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Why do You Need Life Insurance

It is a known fact that life is uncertain. So, it’s essential to secure your future as well as the future of your loved ones, especially those who rely on you financially. That’s where life insurance comes in – it’s designed to safeguard your family’s financial well-being and ensure your dreams remain intact, no matter what.

Offers Financial Protection

While having savings is beneficial, it's improbable that they would be adequate to cover your family's expenses for an extended period if an unexpected event were to occur. That's where a life insurance policy comes in. It not only provides a shield for your financial responsibilities but also guarantees a financial payout to your family members in the event of your absence.

Replaces Your Lost Income

If you are a salaried individual, self-employed, or own a small business, your income plays a crucial role in meeting your family's daily needs. From housing and food to utilities, clothing, car maintenance, outstanding loans, and health care premiums - all of these expenses are likely part of your monthly budget. Even in the event of your absence, your family will still need to cover these expenses. That's where a life insurance plan comes in. It provides a death benefit that can help replace your income and support your family's financial needs - in case the unfortunate happens.

Protects Financial Goals

A life insurance plan serves as a crucial tool to address your and your family’s financial obligations. Whether it's meeting short-term needs or achieving long-term financial goals like your child's education, marriage, or building funds for your retirement, a life insurance policy provides a reliable means to pursue these objectives without compromising on your standard of living.

Key Features of Life Insurance Policies

Premium

To maintain your life insurance coverage, you will need to pay regular premiums. You can pay these premiums either monthly, quarterly, half-annually or annually. The premium amount is determined based on factors such as age, health, cover amount, lifestyle, policy duration, etc.

Death Benefit

The primary purpose of a life insurance policy is to provide financial protection to your loved ones when you are no longer there. Your nominee will receive a death benefit if you pass away during the policy period.

Maturity Benefit

Some life insurance policies also offer a maturity benefit. The maturity benefit is the amount you receive when your life insurance policy reaches its maturity date. You'll find the maturity date in your policy document, and it is usually the end of the policy term.

Survival Benefit

Survival benefit is the amount of money you receive if you survive a specified period of time mentioned in the policy term. The key objective of a survival benefit is to offer financial liquidity to you during your lifetime. This benefit serves as a valuable resource that can be utilised to meet various financial obligations, address emergencies, etc., throughout the policy term.

Policy Term

The policy term refers to the duration for which your life insurance policy coverage remains in effect. It can vary depending on the type of policy, ranging from a few years to your entire lifetime.

Riders

Life insurance policies offer additional riders or add-on benefits that can enhance your coverage at a certain extra cost. Some of the riders include critical illness cover, accidental disability rider, accidental death benefit rider, etc. Buying riders is a breeze - you don’t have to undergo any extra medical tests or paperwork - beyond the ones you already undergo for the base life insurance policy.