Life insurance is a cornerstone of financial planning, providing peace of mind and security for your loved ones. Lokmanya Multipurpose Co-op Society Ltd., in partnership with leading insurers such as ICICI Lombard, New India Insurance, and IFFCO-Tokio, offers a range of life insurance plans designed to meet the diverse needs of our members.
What is Life Insurance?
Life insurance is a contract between you and an insurance provider, where the insurer promises to pay a designated beneficiary a sum of money upon your death or after a set period. This financial safety net ensures that your loved ones are protected from financial hardships in your absence.
Types of Life Insurance Plans
- Term Life Insurance: Provides coverage for a specified term, offering high coverage at affordable premiums.
- Whole Life Insurance: Offers lifelong coverage with the added benefit of building cash value over time.
- Endowment Plans: Combines life coverage with savings, ensuring a lump sum payout at the end of the policy term or upon the policyholder’s demise.
Benefits of Life Insurance
- Financial Security: Ensures your family is financially protected, covering expenses such as mortgages, education, and daily living costs.
- Tax Benefits: Enjoy tax deductions on premiums paid under Section 80C and tax-free payouts under Section 10(10D) of the Income Tax Act.
- Peace of Mind: Provides assurance that your loved ones will be taken care of, even in your absence.
Conclusion
Securing your future with life insurance through Lokmanya Society and our trusted partners is a smart and responsible choice. Contact us today to explore our life insurance options and take the first step towards a secure future.