Life insurance extends the supremacy to rake up the best way to successfully tackle the health contingencies without getting your finances harmed. Beneficiaries will get the sum insured in case of death of the policyholder. However, financial support has also been given if policyholder is suffering from critical illness and unable to work being bedridden, hence no financial inflow. As far as expensive ailments are concerned, Term insurance can be a blessing. Life insurance has been a much needed thing these days. Let’s take a quick look at the reasons which manifest the need for Life Insurance
If you are the sole bread earner of the family then Life Insurance is highly advised as your ‘non-working’ state due to unexpected contingencies, will cease the financial inflow and consequently, will harden to reach the basic requirements of your family. Moreover, it leads to degrading the standard of leaving, children get lag behind in educational standards etc. Term Insurance will render a helping hand in such cases. If you are a debtor or have borrowed money from friends, moreover your family requirements and your children are still studying at their young ages; Life Insurance will wipe out all your worries of these expenses. Neither let you to share the heavy burden of loan with your spouse. Nevertheless, you can use your policy amount to repay your loan as well as can draw loan against it.
Life Insurance can also turn out to be a very good investment option. There are various life insurance policies you may use as an investment option for youself. Policies such as retirement plans, child insurance plans can be the ones. Term Insurance doesn’t hold the investment component but else are very good investment plans.
To rule out the financial crisis due to serious illnesses and accidents, Life Insurance can be the best one. You will receive the superior treatments at the best hospital in the town and your Life insurance will take care of your medical expenses. However, it is highly suggested to buy the policies you need at the young age with illness-free status.
Last but not the least, Life Insurance can save your hard earned money spent through tax payment. Under Section 80C of the IT Act, many of the insurance schemes in India including the life insurance schemes offer tax deductions on Premium payments.
With above mentioned benefits Life insurance turns out to be not just a mere insurance option but a smart investment alternative as well. There are several insurance policies available for everybody from childhood to old age. Though, early buying will save your more pennies.