Security and Asset:
On the one hand, it is a security for the family. On the other hand, it is an asset for the family in the absence of prime bread earner. IRDA creates an environment that is customer friendly. A person should always keep his knowledge updated regarding the rules introduced by the Income Tax Act every year. The next important factor is to select the time frame. The time frame offered terms up to 35 or 40 years. Longer tenure means a higher premium and benefits.
Sukanya Samriddhi Yojana (SSY) is a deposit scheme for the girl child launched by the Government of India. The initiative is appreciable to save the girl child in the nation. This small deposit scheme is giving a good return indeed with an 8.4% rate of interest.
2020 will always be memorable as a year of disasters. It's seven months already, and still, the world is not getting over the crisis. It is noticeable that the number of positive cases is taking spike every day in a significant number.
The term insurance, fixed deposit, ELSS, and many more tax-saving opportunities are there, but it is crucial to identify the person's best plan concerning his financial condition. The high amount of sum could be assured at a minimal premium rate, which will give benefit under 80C.
Policyholders have not only tax savings but also an exemption from tax on insurance. Considering the present scenario of the pandemic, it is moreover necessary to secure the family with the term insurance as well as health insurance.
The insurance for a family is a need of every person now. People were seen taking loans for consumption rather than asset-building purposes. But now the scene is different minds of people are changing as it is necessary to build assets for the primary need rather for luxury.
In the present scenario of the pandemic, the necessity of improving the health sector came in focus, as well as the need for health insurance and term insurance comes in the center. As it is noted that very less number of insured people are there as in concern now the health insurance has come in focus to save the pocket of people.