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Securing your future and your family's well-being is a top priority, and it can be made easier with the right financial products. Life insurance is the best way to create wealth and secure the future of your family in case of an unforeseen death. So, everyone has different reasons to buy life insurance plans, but the decision to buy insurance is important as it is all about providing financial security for yourself and your family members.
Let us take a look at the importance of life insurance and why you should buy it:
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Before we take a look at the need for life insurance, let us understand the importance of life insurance in India:
Secure the Financial Future of Your Family: Life insurance plans secure you and your family members financially. Every parent wants their kids to be taken care of even in case of their absence. Life insurance ensures your dear ones won’t suffer financially when you are not around. This way, you can understand the importance of life insurance as it can help you protect your family during your unfortunate death.
Complete your Financial Goals: Each of us has life goals that require financial planning. Life insurance policies enable you to achieve those aspirations by combining savings with life coverage. They encourage disciplined saving, where small monthly insurance premiums accumulate over time, steadily growing into a substantial financial resource. The life insurance plan ensures you'll have the necessary wealth in the years ahead to achieve your long-term financial objectives.
Comprehensive Coverage with Rider: You can customise and enhance the importance of life insurance plan by adding relevant riders to the policy. The most common life insurance riders available in India are terminal illness riders, critical illness riders, accidental death benefit riders, accidental total permanent disability riders, waiver of premium riders, and hospicare benefit riders.
Peace of Mind: Peace of mind is one of the biggest needs of life insurance. Life insurance plans can provide you with the needed peace of mind by knowing that your family can care for themselves financially in the event of your absence. This way, you can live stress-free and improve your quality of life.
Save on Taxes: The tax-saving benefits add to the importance of life insurance as you can save on your yearly taxes per prevailing tax laws. You can save under sections 80C, 80D, and 10(10D) of the Income Tax Act,1961.
Term Plans
Now that we have understood the importance of life insurance let us take a look at the need for life insurance plans:
Life insurance plans help create a large financial corpus for your long-term financial goals, allowing you to save money with life cover protection.
All parents want to provide their children with a good future. Life insurance plans ensure your child has the best future, even in your absence.
If you have availed of a loan, it is always important to consider buying a term insurance plan. This ensures that the burden of your debts/loans does not cause any difficulty for your dependents in your absence. Term life insurance plans are considered affordable to secure the amount of home loan and protect the policyholder's family in case of his/her unforeseen death.
Child education policies help build a financial corpus for your kid’s education expenses in future. This will ensure your spouse has a financially independent life when you are not around. The biggest importance of life insurance is that child plans help you secure your child’s future by providing emergency funds to pay for their higher education or marriage. Your child can also use this money to realise their lifelong dreams.
The importance of life insurance is especially noticeable in the case of the main income earner’s unfortunate death. A life insurance plan can help stabilize the future of your dependent and/or spouse and help them live a financially independent life even when you aren’t around.
Life insurance plans can help you secure your and your spouse’s post-retirement life by providing survival and maturity benefits if you outlive the policy term. You can use these funds to maintain your financial independence after losing your regular monthly income. The payout from these plans can be used to fulfill your post-retirement dreams and live your life comfortably in retirement.
Life insurance tax benefits offer savings u/s 80C and 10(10D) as per the prevailing tax laws of the Income Tax Act, 1961. You can refer to your financial advisor for a better understanding of the tax benefits applicable.
The need for life insurance cannot be overstated. It serves as a pillar of financial security, protecting your loved ones and ensuring their financial stability when you're no longer there to provide for them.
**Note - You can contact Policybazaar’s Insurance Advisor in case you need any assistance or want to solve any query or doubts.
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Here is how you can buy a life insurance plan in 2024 from the comfort of your home:
Step 1: Visit the life insurance page of Policybazaar
Step 2: Select the type of life insurance you want to buy: Term or Investment
Step 3: Fill in your name, gender, mobile number, and date of birth
Step 4: Enter the details regarding your annual income, occupation type, educational background, and smoking habits
Step 5: Go through the list of available plans and purchase the most suitable one
The need for life insurance plans is that it is one of the most important investments in everyone's life. These plans can not only financially secure your life but also create a corpus in the long run. You can go through the list of life insurance plans offered, their functions, and the importance of life insurance for a better understanding from Policybazaar.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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