4 Minute
|
Did you know that 75% of Indians did not have a life insurance policy in 2017? But the good news is that things are changing. In 2018 alone, more than 28 million new life insurance policies were purchased in India, according to data provided by Statista.
1. Cost
The first thing that comes to mind before buying anything is cost. When it comes to cost, single premium policies can be more expensive. Although it might not look that way at first glance. For instance, you decide to buy an insurance policy, which guarantees a sum of ₹2,00,000. In this policy, you are required to make yearly payments ₹10,000 for 15 years. This means you would end up paying ₹1,50,000 in total.
4. Tax Benefits
Whether you go for a regular policy or single payment one, you would get tax benefits of up to ₹1.5 lakhs under Section 80C of the Income Tax Act. For the single premium policy, you get the benefits at once, while in a regular plan, the benefits are spread throughout the tenure.
5 Minute | 
