The employee is constantly concerned about how the family will survive without him and where they will get their good salary. Salary Protection Insurance or Salary Protection Insurance is the answer to this issue.
This is a unique function. These days, the majority of life insurance providers provide this coverage. In this way, even after you pass away, the family might continue to receive a regular salary. However, this insurance offers monthly income security to the family in the sad incident of the insured’s passing rather than covering your salary in the situation of job loss.
Term insurance includes salary cover insurance. There are two ways that you can profit from this. You must pick one of the two options, though, if you decide to purchase this insurance. You first select a stable source of revenue. Second, select the lump sum amount.
- If you choose a regular income, your family will continue to get regular payments for a while after you pass away.
- Â If you choose a lump sum payment, your family will get the full cash after your passing.
According to the policy, you will receive percentage growth.
When purchasing the policy, you must select the amount of money every month to give the family. It should be lower than or on a level with your present take-home pay. Additionally, a percentage increase in monthly payments will be offered.
- If you are 30 years old and do not smoke, you may purchase a 15-year coverage with a standard payment term.
- Â Let’s imagine the business decides to give you a 6% annually incremented. In this case, the monthly payment for each policy year will equal 106 % of the previous year’s monthly income.
Recognize this before purchasing a math book.
Policy, you selected an Rs. 50,000 monthly income. In the second and third years of the policy, this will rise to Rs. 53,000 and Rs. 56,180, respectively.
The nominee would receive an enhanced monthly income of Rs 63,123.84 and an assured death payment of Rs 7.57 lakh upon the policyholder’s death at the start of the fifth policy year.
Pick the policy carefully.
This term plan simply protects family members’ salaries in the terrible event of the policyholder’s passing. When selecting such a policy, exercise caution because firms may sell other kinds of life insurance policies under its name. Insurance and investment expert Ratnesh Singh
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