Life insurance can help to take care of your family, if something happens to you. American Express Ezicover Life Insurance is an affordable and simple product issued by Zurich that can offer a lump sum payment of up to $1,500,000^ on death or terminal illness. No duty is chargeable for a policy of reinsurance, or on a cover note if a stamped policy is issued within three months after the issue of the cover note. The premium for a whole life plan is typically higher, but these plans also offer a maturity benefit, which is not assured in case of a term plan.
During 2016-17, the life insurance industry registered premium-based income of Rs.418476.62 crore, as opposed to Rs.366943.23 crore which was collected in the previous fiscal (2015-16), thereby recording a growth of 14.04% in the current fiscal (last fiscal saw a growth of 11.84%). In ULIP , a portion of the premium goes towards providing the life cover, while the residual portion is invested in equities and debts.
It might be worth speaking with an insurance consultant to see if there are any other companies out there that are willing to provide you with cover. One of the most worthwhile benefits offered the life insurance policy is income tax exemption under section 80C of the Income Tax Act 1961. For example, Fiona has both superannuation and retail TPD life insurance - a decision she made after realising her super fund would only allow her to claim $100,000 if she could no longer work.
For individuals in the tax bracket, you can claim tax relief of up to RM6,000 from life insurance premiums. Insurance companies take note of individuals who take risks such as climbing mountains, driving fast cars, etc., as these individuals are more likely to be a liability to them than the average customer, thereby charging them a higher premium. Even if you're single, a life insurance policy can be an important tool, and can even allow you to invest and grow your wealth over time.
While 12.78% growth has been reported by LIC in their premium income, the private sector life insurance companies have posted a growth of 17.40%. You can't control the future, but with Life Insurance, you can help protect your family against the devastating financial impact of death or disability. Your life insurance cover should not only be able to cover the immediate needs of your family but their future needs too.