Winning Bizness Desk
Mumbai. Covid-19 let pandemic has forced everyone to think about health, after which the employed person definitely thinks about how his family's income can continue after that, for which he is from now on. Salary Protection Insurance is here to help you. With the help of this, your family's continuous income will remain even after you. This insurance does not protect your salary when you lose your job, but does protect the family income after your death.
This is an insurance plan
Salary protection insurance is like a term insurance. In this you get 2 options. The first option Regular Income and in the second option you choose a lump sum amount. After choosing Regular Income, you will continue to get regular payments to your family. Whereas if you choose a lump sum amount, then on your death the family will get all the money at once.
Income equal to take-home salary
If you take salary protection term insurance, then you have to choose the income of the month that you want to give to your family. This income can be equal to or less than your take-home salary. You have to choose the premium paying term.
Who will get how much income
The insurance company can also increase the annual percentage on your monthly income. You are offered a compound interest of 6% per annum on this income. For example, while buying the policy, you opted for a monthly income of Rs 50,000. In the second year of the policy, it will increase to Rs.53 thousand. Then next year it will be Rs 56,180. Suppose the policyholder dies at the beginning of the 5th policy year, then the nominee will get an assured death benefit of 7.6 lakhs and an increased monthly income of Rs 63,124.
