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Importance Of Life Insurance Policies

By Author: Nirav Patekar
Total Articles: 4

Yet, there still remains a great deal of confusion regarding life insurance policies.

This might be due to life insurance complexities, the posture of those who sell it or merely because we just want to avoid the topic related to our own unfortunate demise.

However, you have to think from the point of family’s secure financial future. What happens to their daily and other debts you leave behind if you meet an untimely needs, children education, and death.

However, if you’re equipped with proper information, you can simplify the decision-making process and arrive at the right choice for you and your family’s secure financial future.

Life insurance policies can prove advantageous in meeting several financial needs of an individual and his or her family. Some of the important ones:

Financial cover against loss of life, children education, marriage needs, buying a home, spouse daily survival needs, post-retirement income for NRIs, etc.

If you don’t have a plan for specific needs, you can opt for endowment policies with the aim of arranging finances at a future date.

Life insurance policies provide peace of mind for the policyholder. That is why sole bread winner of a family consider them as a vital part of their financial planning.

One of the greatest benefits of insurance policies is that you can take loan on your policies. It offers customers the opportunity to leverage their existing life insurance policies and generate cash reserves quickly. It helps you liquidate an existing policy to generate funds for professional or business purposes.

While planning for your financial goals, you need to save for it. Life insurance policies thus, inculcate the habit of savings in the form of annual premium for the various plans that you have purchased.
Companies even provide you with the facility of monthly, quarterly or annual premium payouts.

Thus, you can link the premium payments easily with receipt of your monthly salary. Another unique benefit of buying life insurance Plan is that they help you avail tax benefits up to Rs 1.5 lakh per year under section 80, of the Income Tax Act 1961.

Experts recommend that your life cover should be equal to an amount that can fetch a regular income for the dependents. It’s important that the sum assured should help your family live the same lifestyle which they used to live when the insured person was alive.

In the other way, if there are any debts and liabilities, like home loan, car loan, personal loan, etc. such amounts should be added to your sum assured.

If you wish to enjoy life, reap the various benefits of

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