Important reasons to buy a Life Insurance Plan

• Life insurance pays out a sum of money either on the death of the person or after a stipulated time. It is an important tool which will take care of the critical needs of your family and help them lead a comfortable life when you are not around. Life insurance is a contract with the insurance company where the company disburses a lump sum amounting exchange of the premiums paid by you. This lump sum amount is disbursed to the beneficiaries of the insured upon his/her death and is referred to as death benefit. A life insurance plan is chosen by an individual on the basis of his needs and long term goals. In some cases insurance can be also claimed when a person is suffering from a critical illness or has become disabled. Over the years life insurance has become an essential tool that an individual can own to create savings and make investments simultaneously.

• Here are six important reasons why you need to buy a life insurance: • • Meet family’s financial requirements: If you are the only earning

member in the family then your income will cease on your death. With no source of income it becomes difficult to meet basic needs like children education and the standard of living will fall substantially. Thus, a life policy will help in such uncertain times by providing a corpus to meet the financial needs.

• • Repay loans and expenses: You may have taken a loan from a bank or borrowed from a friend to start a business. . In this case your spouse will be having a rough time paying off the loan and managing the expenses like interest, if any. Buying a life insurance plan early and initiating financial planning will help your spouse manage the expenses even in your absence.

• • Drawing loan against insurance: You can not only use your insurance to repay your loan but you can also use it for availing a loan.

• • A good investment option: . There are various types of insurance policies in the market which cater to different purposes. For instance, retirement plans, term life plan, child plan etc. all are good investment options you can opt for where you get dual benefits of savings in way of investment returns and a life cover.

• • Illness and accidents: Life insurance plans are helpful during times of financial crunch owing to any illness or accident. With a life plan you can opt for better quality treatment without worrying about the bills. Ideally it is advised that the health plans should be bought when you are young and free of illness

• • Tax benefits: Buying a life insurance will save tax too. Under section 80C of the Income Tax Act, 1961 most of the insurance scheme in India including life insurance offer tax deduction on premiums.

• The above mentioned reasons are good enough to buy a life insurance plan. So hurry! Secure your family now!

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