Life insurance is the means to ensure that your family members continue to have financial security even after retirement, death or if they can no longer provide financial security due to an accident or disability. By entering a fixed lease with a life insurance company and paying the premium, you will keep the financial interests of your family.
If you die during the term of the policy, your beneficiaries will receive a cash payment without tax of a predetermined amount. Insurance policies are the most important financing planning services for individuals. There are several consultants scattered across the country to help people choose insurance products like ULIP, children education plan, pension plan, etc.
Essential Benefits of Buying Life Insurance in India
Traditionally, the life insurance policy only removes the uncertainty resulting from the loss of a bread winner for the family. But with the ever-changing lifestyle and the need to provide comprehensive coverage, financial investment has evolved over time. A good insurance can cover some or all of the following:
- Pure living coverage
- Savings planning
- Childhood education plan
- Planning for financial investments
- Retirement planning
Instead of taking life insurance after reaching your fifties, people today take the help of their insurance company to plan the financial investments of their family, including their unborn children. A variety of insurance products are available in the market to meet all the financial requirements of the insurer. Well established players like ING Life offer a basket of mixed life insurance plans to meet the needs of all policyholders. Some essential benefits of buying life insurance in India early in life are:
Respect Fixed Fees
Almost all middle families have some or other long-term fixed obligations such as mortgage, training loans or medical loans. You would not want your family to be burdened with a heavy credit obligation in case something happens to you. Your insurance coverage will help you manage fixed costs better.
Use the Small Premium Payments in Life
A young and healthy person will pay a smaller premium as opposed to an elderly and sick person. So take a long term insurance to say 30 years will help you save considerably. In addition, the benefit is that if you develop health problems later in life, your insurance coverage will help you deal with the financial consequences of it.
Death is inevitable but the pain and fear of loss can be greatly reduced if the surviving family has a financial planning to appeal. Also, your death should not be a reason why your family dreams the education of your child or has to give up medical assistance because they cannot pay the costs. The soul peace that you will get to know is the greatest reward of the investment in life insurance.
Affordable Life Insurance
For those who cannot afford to take different types of insurance for different needs, such as health insurance, home insurance, etc., affordable life insurance is a better option. Your insurance will help you to cover medical costs that arise due to a terminal disease. You can also take out insurance and make regular payments based on your future needs, such as for your daughter’s marriage or additional child’s education.
Meet Immediate Financial Needs
Because life insurance services can be obtained immediately, they can help pay burial and property bills.
The desire to live a decent life and not to beg and lend in the higher years can be satisfied with a retirement plan life insurance contract. The type of insurance policy investment accumulates in value over time and you can maintain a good amount and a comfortable aging life.
Whatever the life insurance policy you choose, make sure you understand all terms and conditions of policy. Also, calculate your minimum insurance obligation to ensure that your policy amount is not insufficient when the actual needs arise. After all, you invest a convenient amount; do not take an inappropriate premium policy that can prove to be a huge loss of your monthly income.
Have a great day! J