Why Do You Need Life Insurance?

Your dependents (nominee) will receive a lump sum or monthly income in case of your demise during the policy period. While nothing can relieve the emotional loss, financial security can enable your family to mitigate the liabilities and continue the comfortable life that you provided for them.

In case you do not have dependents or liabilities, you can still consider availing life insurance wherein the sum assured can be assigned to a charitable trust or an NGO.

It is very important to decide the suitable insurance cover based on your current standard of living, liabilities, and future requirements. A term insurance plan is the simplest form of insurance you can consider to get a large cover at a small premium.

Apart from term plans, most insurance policies double up as systematic savings & protection plans. Based on your specific needs and goals, you can choose from among the various protection, wealth creation and long-term retirement plans available.

Some insurance policies offer flexible market-linked growth plans where you can choose the nature of the fund in which your money would be invested. From highly aggressive to extremely conservative, you can choose a fund that meets your financial risk appetite

While this should not be the only reason to buy a life insurance policy, remember that you can also save tax with life insurance. Life insurance premiums (up to Rs. 150,000 per annum) are tax-exempt under Section 80C of the Income Tax Act, 1961. In addition, Section 10 (10D) offers a total exemption of claim amount or bonus.

Apart from the obvious financial benefits, life insurance should also be considered for the peace of mind it brings to you. With life insurance, you rest assured that your loved ones will always be taken care of.

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