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A life insurance policy provides to the insured’s family the benefits of the policy which to the family becomes a means of income as well as the expenses relating to the deceased’s burial and funeral. The beneficiary to the proceeds of a life insurance policy may be the family or legal heirs of the deceased or any other person designated by the insured. The beneficiary can get either cash payment or by way of deferred installments or allowances known by the term ‘annuity’. The insured during the term of the life insurance policy may get payment of the surrender value by surrendering the policy on or before maturity or can also take loan against the policy. In fact the life insurance policy known as endowment policy is investment for the purpose of saving money that can also be withdrawn in case of need like any other financial instruments. In many countries including the USA, investment in life insurance is treated as a savings for the purpose of tax exemption (the interest accrued is exempted from tax) besides providing cover in the event of death of the policy holder. The investment gets taxed only on maturity. However the returns on life insurance investment are often low rendering the tax benefit insignificant.

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