Life insurance is a financial contract between an individual and an insurance company, where the insurer promises to pay a lump sum amount (called sum assured) to the nominee in the event of the policyholder’s death or after the maturity of the policy, depending on the type of plan.
It is designed to offer financial security to your loved ones and help them manage daily expenses, debts, and future goals in your absence. Some life insurance plans also offer savings, investment returns, and retirement benefits along with life cover.
At P M Associates, we help you choose the right life insurance plan that aligns with your needs—be it pure protection, wealth building, or securing your child’s future.
Life insurance is not just protection—it’s a smart financial tool for long-term planning. Here are some key benefits:
Life insurance ensures your loved ones have financial support to cover daily expenses, education, and future goals if you are no longer there to provide.
It acts as a replacement for lost income, especially if you are the sole breadwinner. This helps your family maintain their lifestyle.
Certain life insurance plans (like endowment or ULIPs) help you build a corpus over time with maturity benefits, combining protection and investment.
You can avail loans against your life insurance policy after a specific lock-in period.
Premiums paid are eligible for deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D) of the Income Tax Act.
Choose between term plans, endowment, money-back, or ULIPs depending on your goals—be it pure protection, child education, or retirement planning.
| Criteria | Details |
|---|
| Age | Usually 18 to 65 years |
| Minimum Sum Assured | Varies (Starts from ₹1 Lakh) |
| Employment | Salaried, self-employed, or professionals |
| Health Status | Applicants must meet health standards |
| Medical Test | Required for higher coverage or older applicants |
PAN Card
Aadhar Card
Passport-size Photograph
Address Proof
Age Proof
Income Proof (for high sum assured)
Medical Reports (if required)
