Do away with whatever image of you have of life insurance agents, and think of them as a guide, someone who can walk you through a complicated set of decisions that could affect the lives of your loved ones when you are no longer there for them.
Har Govind Porwal is one of the leading Insurance agents, who knows which kinds of life insurance are right for a young family just starting out, which work as a savings vehicle, which could be useful in retirement planning or estate planning.
Life insurance has lots of functions and Har Govind Porwal serves his clients in laying that all out, save you lots of time you would spend researching the issue on your own. We can serve as your guide now, and help you map your insurance needs in years to come as your situation changes. We can help you find a policy you can afford, and can prevent you from making mistakes that could be very painful for your beneficiaries after your death, such as not having the right kind or amount of insurance.
Know Your Life Insurance
Know Your Life Insurance?
Life insurance made its debut in India well over 100 years ago. Its salient features are not as widely understood in our country as they ought to be. This is an attempt to acquaint readers with some of the concepts of LIC.
What is Life Insurance?
Life Insurance is a contract for payment of a sum of money to the person assured on the happening of the event insured against. Usually the contract provides for the payment of an amount on the date of maturity or at specified dates at periodic intervals or at unfortunate death, if it occurs earlier.
Why is it superior to other forms of Savings?
Protection: Savings through life insurance guarantee full protection against risk of death of the saver. In life insurance, on death, the full sum assured is payable whereas in other savings schemes, only the amount saved is payable.
Aid to thrift: Life insurance encourages 'thrift'. Long term saving can be made in a relatively 'painless' manner because of the 'easy installment' facility built into the scheme. Take, for example, our Salary Saving Scheme popularly known as SSS.
Liquidity: Loans can be raised on the sole security of a policy which has acquired loan value. Besides, a life insurance policy is also generally accepted as security for even a commercial loan.
Tax Relief: Tax relief in Income Tax and Wealth Tax is available for amounts paid by way of premium for life insurance subject to Income Tax rates in force. Assessees can avail themselves of provisions in the law for tax relief.
Money when you need it: A suitable insurance plan or a combination of different plans can be taken out to meet specific needs that are likely to arise in future, such as children's education, start-in-life and marriage provisions.
