The Benefits of Life Insurance Policy

The idea of taking up a life insurance policy is usually ignored even by the privileged section o f the society. Suppose a mishap or sudden accident happens and we realize that there’s no guarantee with life and what happens then?

It also leads to the end of the road for the people who are dependent on him. They face an ocean of liabilities such as child expenses, loans EMI’s and rents among various others. Therefore one must keep in reckoning the worst case scenario in mind and buy a whole life insurance cover for his/her family. But before buying any insurance policy one important factor which needs to be addressed is to compare insurance quotes before blindly buying a life insurance policy.

Do you need Life Insurance? Well if you loved ones at home who are financially dependent on you then the answer has to be “yes”. Here are few advantages of having a life insurance:

  1. Death Benefits: To secure your family’s future is your responsibility and if any untoward incident happens to the insured person the insurance company pay the whole sum assured plus the bonus amount to his family. The amount may not bring back their loved one back in this world but at least the family will be financially secured. Therefore, Life Insurance can’t be ignored in any case.

  1. Investment Plans: Over the years many life insurance schemes have fetched better returns than many other investment plans or even Bank FDs for that matter. Since there are numerous plans available one must first compare the policy plans online and then should buy Insurance policy online so that he can avoid confusion. Many life insurance company guarantees a bonus amount which no other investment alternatives offer. Besides covering the life risks the money invested in a life insurance policy is safe too. The money paid through premiums will be returned back to the insured with a handsome return on term completion or after the demise of the insured. In both the cases, money is safely paid back.

  1. Loan Options: Money invested in a life insurance can be presented in case there’s an urgent requirement of money. The loan amount is calculated depending upon the provisions mentioned in the policy.

  1. Life Stage planning: Life’s financial goals keep on chopping and changing with times and a life insurance policy assists you in planning your financial goals wisely. In addition to a financial support in case of a sudden demise, it also acts as a long term investment tool.

  1. Tax Benefits: Last but definitely the most important reason of having a life insurance is Tax Benefit. The government realizes the importance of having a life insurance and therefore under the 80C section of the income tax act premium paid for life insurance up to 1,00,00 is eligible for a rebate.

Since your answer to having a life insurance is yes and by now you must have known that having a life insurance also brings with it a purse of peace for the mind. So what are you waiting for if you don’t have a life cover yet then go get it now.

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