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Renewal Benefits
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  Reasons why you should continue your Life Insurance Policy
   
 

Peace of Mind - Life Insurance provides financial protection for your loved ones. It provides financial protection to the family incase of any unforeseen event. In such cases, your family is protected as long as you pay your renewal premiums in time.

Guaranteed Benefit - With most life insurance plans, death benefit is guaranteed as long as you pay your due premiums timely.

Tax Benefits - In most plans, you may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws.

Availability of Contingency Funds - Some life insurance plans accumulate surrender value that may be utilized to help pay for an education, wedding, or any unexpected life event.

Increase in Surrender Value - In many cases, the longer your life insurance policy remains in force, the greater surrender value of the life insurance policy will be. If you discontinue a policy and chose to buy a new policy, it would take you longer to build the said value.

Lower Charges - Some life insurance have charges like “surrender charge” and “acquisition / administration charge,” etc., which are higher in the initial years and reduce over a period of time. Therefore, in order to avoid levy of the said charges again by buying a new life insurance policy, it is adviseable to continue your current life insurance policy.

Buying a New Life Insurance Policy May Cause Premiums to Increase - Several factors may have an effect on your premiums, including your health. Also, you may face higher premiums for having grown older. Therefore, it is in your best interest that you continue with your current life insurnace policy.