We all know how important our loved ones are to us. Do you have a family or other dependents who need to be taken care of in case something unexpected happens to you? If so, life insurance may provide you with the peace of mind you need. It gives your loved ones the financial security they may need to continue living comfortable lives.
Life Insurance

What Is A Life Insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policy holder).
Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses.
What does Life Insurance cover?
- Loss of income
- Those with pre-existing conditions
- Stay-at-home spouses
- Businesses with key employees
- Married pensioners
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What are Benefits of Life Insurance?
Peace of Mind/ Financial Security – Having life insurance provides the ultimate peace of mind. This is because if someone were to meet with their demise, they know their family and loved ones will have a financial safety net. All of us have some financial liabilities, but an adequate life insurance cover ensures that your debts or loved ones will be financially taken care of in the event of your death.
Wealth Creation – Some life insurance plans also offer you the opportunity to create wealth. Apart from life cover, these policies invest your premium in different investment classes to deliver superior risk-adjusted returns that beat inflation and grow your corpus.
Tax Savings – Life insurance plans offer dual tax benefits^. The premiums paid offer tax deduction under Section 80C of the Income Tax Act. This means up to ₹ 1.5 lakh premium paid annually is deducted from your gross income, thus lowering your tax outgo. Separately, the maturity insurance plans may be entirely tax-free. This tax benefit is under Section 10(10D) of the Income Tax Act.
Buy Young, Save More – Life insurance plans give you the ability to lock in low premium rates while you’re young. If you buy the same policy when you are older, you will be paying a much higher premium compared to if you bought the same plan when you were younger.
Importance of Life Insurance
Life insurance fills financial gaps that exist in your lives. As an all-rounder product, life insurance can take care of your different financial needs at different stages of life. All you have to do is identify the need, and there is a suitable life insurance plan for you. A majority of Indians fund their children’s education. On an average Indian parents spend over ₹ 12 lakh on children’s education. Thus, saving for a child’s education is one of the biggest priorities for a parent.
Child insurance plans allow you to fulfil this financial need. A majority of Indians spend around 70% of their income on medicines and health care. Down with a health issue such as major/critical illness, there is a high chance you will not be able to earn income during the treatment/recuperation period. But your family’s financial needs will remain even if you are sick. Life insurance plans can provide financial protection during major illnesses. Retirement is supposed to be this beautiful time when you are free from work pressures and life is peaceful. It can be all those things and much more, if you have a pension/monthly income. Most of us work in private sector companies, and hence there is no pension benefit. This is why retirement becomes more of a worry than something to look forward to. Fortunately, life insurance provides retirement plans that allow you to earn a pension, keep your head high and live your life in your own terms.
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