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The insured person will get satisfaction that his family is completely insured in case something happens to the major earning member of the family. His family will get assured sum after his death. In monetary terms, you can claim tax-deductions under section 88.
Premium paid towards a life insurance policy, up to Rs 1,00,000, can be claimed as a tax-deduction u/s 88.
Survival benefits or Interim benefits, i.e. money received during the term of a money back policy are tax-free.
Maturity benefits or the amount received at the end of the term of a policy is also tax-free.
Proceeds of a life insurance policy, received by the nominee, are tax-free.
For a Health insurance policy, you can claim the premium amount, up to a maximum limit of Rs 10,000 u/s 80D.
Moreover, the money you receive from the insurance company, during the term of the policy and/or upon maturity, is tax-free.