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How life insurance helps achieve your financial goals

There are many financial products in the world, but people in India have been increasingly interested in life insurance. Insurers help achieve your financial goals, as LIC products protect the financial interests of your family and loved ones in the event of your unexpected death.
How life insurance helps achieve your financial goals

In this situation, the insurance company pays money to the heirs or beneficiaries (people who receive the benefit under the insurance policy).

Besides, life insurance can be a useful financial planning tool. You can choose different types of life insurance, such as endowment or investment. These policies can provide a stable income. Life insurance not only provides financial security but also, being a long-term product, instills discipline and patience. The policies offer a unique combination of security and wealth growth.

One typically enters into a contract with an insurance company for a certain period of time (most often from 5 to 30 years), after which they buy a policy or make payments every month. This money is used to form the savings part. Upon expiration of the established contract term, the LIC customer receives the accumulated amount.

Source: https://mintgenie.livemint.com/news/personal-finance/how-can-life-insurance-enable-investors-meet-financial-goals-151695701278420

Photos are from open sources.

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