Need and Benefits of Buying Life Insurance

• The primary need of insurance in India, let alone life insurance, stems from the lack of or limited awareness about various insurance products. When it comes to cover their lives and plan for financial security, many people do know about the very purpose of why life insurance is required. It is this lack of awareness that creates life insurance needs more profound.
• The primary need of life insurance is realized by considering your family’s financial health in case of your unfortunate demise. In such an event, your loved ones would have to face economic hardship while regular expenses continue to take a toll on their lives.
• You can easily avoid this burden by planning to fulfill life insurance need early in life. Choose attractive life insurance plans from Max Life Insurance that offers significant life cover at an affordable price.
• Another aspect of life that makes us realize the need for life insurance is the increasing healthcare treatment cost. The rising inflation rates make people succumb to realities, leaving the concerns for a better financial future at bay.
• The situation can be improved by realizing the need of life insurance in our current financial condition. For instance, if you look at why life insurance is required for your family with you being the only breadwinner, you can envision the possibility of things that would happen in your absence.
• The need of insurance in India, particularly life insurance, is highly felt amongst the masses during the current COVID pandemic. Since no one knows when it will end, more people have realized the need of life insurance to secure the financial future of their family members.

Every individual has some financial responsibilities in life, which may vary as per age. Just wondering what would happen to the family in case of losing breadwinner is enough to give nightmares to many. However, the benefits of life insurance can help avoid them.

One of the most significant benefits of life insurance policy is peace of mind that comes from knowing that your family and debts will be taken care of after you. You can also plan for additional cover through riders under the benefits of Max Life Insurance plans. It is best to plan for availing these benefits of life insurance in a young age.

Investment planning also plays a major role in our lives, which is another reason why many people feel the need of life insurance. Along with the income replacement benefits of life insurance policy, you also get the opportunity to invest money.

Max Life Insurance benefits also include significant returns on the amount invested during the plan tenure, based on the chosen life insurance plans. Many of our life insurance plans offer good returns at maturity, which can help you get life cover while also achieve various financial goals in life.

When realizing the need for life insurance, it is crucial to keep in mind the objective, which may vary from one individual to another.

Also Read: Types of Investments in India

Life insurance policies allow you to choose a sum assured at affordable premiums, depending on your age. For instance, Max Life Smart Secure Plus Plan.

Since the benefits of life insurance depend on several parameters, it is crucial to know their impact on the premium before you buy one. The younger you are, the lower will be the premium, in general.

Retirement planning is a crucial decision for life. Otherwise, there is a higher risk of financial dependence on others. With the help of Max Life Insurance benefits, you can plan to live the golden years of your life with ease and peace.

You can invest in different retirement plans we offer to receive a regular income or a lumpsum payout to deal with the expenses of your retired life. With the financial benefits of life insurance, you can live your dreams of traveling the world with your spouse or follow retirement goals as you like.

When the tax season approaches, most tax-paying individuals look for ways to maximize tax savings in one way or the other. By investing in various policies next to realizing the need of life insurance, you can save more tax. The premium you pay towards these policies makes you eligible for tax deductions as per prevailing tax laws depending on the types of life insurance. The tax benefits of life insurance are also covered under the Income Tax Act, 1961.

As an earning individual, it is crucial that you realize your contribution to the Income Tax and pay it accordingly.

The need of life insurance is realized based on various spheres of an individual’s life. Hence, the choice of a suitable life insurance plan must be made after carefully analyzing your needs. It is advisable to avoid being influenced totally by peer recommendations. It is because what works for an individual may not be suitable for others.

Knowing the benefit of life insurance policy is crucial before you invest in it. You can do this easily by comparing various life insurance policies online. Check for the differences in terms of policy features, premium, insurer’s reputation, to name a few. With a proper understanding of the policy terms, you can easily make an informed choice.

Selecting the right policy period is as important as its sum assured. Hence, you must choose a life cover till the time you want to continue working in life, which can be at the age of 50, 60, or even beyond. Keep in mind that the policy period does determine the premium payable. So, make a suitable choice accordingly.

In case you opt for a pure term plan, the benefits of life insurance will only be known to the policy nominee after you are not around. Therefore, it is crucial that you check the insurer’s ability to settle claims received. This can be done by checking their claim settlement ratio, as declared in the IRDAI report.