Buying a life insurance policy is a must these days as it keeps you relaxed to take care of your family’s financial future even in your absence.
Every single breadwinner of the family should buy life insurance plans. Why? If something happens to you and if you no longer exist, there could be someone to look after your family.
If you are not yet sure of the benefits of life insurance, let’s quickly provide you five benefits of life insurance in India.
Life insurance policy – The key to your peace of mind!
Want to be free of all stress that keeps haunting you during the dead of night that what will happen to your family if you suddenly die? You should be buying a life insurance policy right away. Let’s see some benefits of life insurance to make things clear!
1. Financial protection
The biggest advantage of a life insurance in India is the cover that it offers! After your demise, the insurer gives a lump sum amount to your family or beneficiary as nominated by you. But, what will happen if you outlive the period of the life insurance plans? In many cases, a lump sum amount is given once the policy matures. Thus, the very need and the benefits of life insurance are fabulously met with this type of coverage.
2. Lets you family deal with a debt
Would you want your family to face or deal with debt or financial liabilities in a crisis? Any existing debt such as personal loan, home loan or credit card outstanding will be easily handled if you have taken out a life insurance plan. Yes, even when you are not here to repay your current debt, you can be sure that it will be repaid easily because you availed the benefits of life insurance purchase!
3. Helps you achieve long-term goals
Since a life insurance policy is a long-term instrument as you invest for a longer period, it could also help you accomplish long-term goals such as planning retirement or buying a dream home. Based on a life insurance policy that you pick, you can have a look at multiple investment options. If you want to avail an investment based policy, you need to be sure of what it offers. Thus, make it a point to read the terms and conditions of the life insurance policy so that that you are well aware of the returns and potential risks.
4. You get to save tax as well
Did you know that buying a life insurance policy could help you save on your taxes as well? Yes, you read that correct! As per the Section 80C of the Income Tax Act, you are eligible to avail a maximum tax benefit of Rs.1.5 lakh and also tax-free proceeds on maturity or death under Section 10 (D) of the Income Tax Act of 1961.
5. Peace of mind
We all know that we all are mortals and death is inevitable! As a result, you may be scared as to what will happen to your family if you die and who will provide them money? It is where life insurance plan come to your rescue to give your family an immediate flow of money in case of your demise. Once you are sure that your life insurance policy will take care of your family in any unforeseen situations, you are bound to get a much-needed peace of mind.
The Bottom Line
Now that you know the immediate benefits of life insurance, why don’t you purchase one for yourself and live a stress-free life? You can even apply online and get started!
Visit Bajaj Finserv to explore more!