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Life Insurance Renewal

Life Insurance Renewal is a kind of product that can be sold by any VLE. They do not need to be RAP or VLE Insurance certified.

Life Insurance Renewal

Life Insurance Renewal is a kind of product that can be sold by any VLE. They do not need to be RAP or VLE Insurance certified. CSC VLEs collect a premium of over Rs85,00,00,000/- under the life insurance renewal.

When a customer buys a Life Insurance Policy, he/she is required to pay a certain amount of premium on a regular basis in order to continue with the policy. It can be done on a monthly, quarterly, half yearly or annual basis. In case the customer fails to pay the premium on a regular intervals, the policy will be relapsed which the policy holder or the nominee will have to face.

There are over 45000 VLEs who are selling Renewal Insurance product every month amongst which, a major population is neither RAP nor VLE Ins certified. With the hope of better growth prospects, we are expecting 1,50,000 VLEs to sell the Life Insurance Renewal product.

Following are the benefits of Life Insurance Renewal:

  • Death Benefit: In case something unfortunate happens to the insured due to which the family loses its income source, then the insurance company provides with a certain amount of compensation in the form of death benefit. The appointed nominee receives the full sum assured plus the bonus accrued over a period.
  • Valuable Return on Investment: Various financial advisors in India suggest that one should always invest in a life insurance policy not only because it provides financial protection to your family when you are not around but also because it helps in gaining valuable returns from the investment.
  • Tax benefit: One of the many advantages of life insurance is that it provides many tax benefits. If you are a salaried employee and have purchased a life insurance policy, you can claim deduction under Section 80C. Currently, under this section, you can get a maximum tax deduction of Rs.1,50,000.