Category Archives: Life Insurance

Life insurance is insurance that protects your family in case something bad happens to you. You must definitely opt for this type of insurance to protect your nominees who can be your spouse, kids, parents or other family members in case you die or something bad happens to you. Even if your spouse earns, they will face a financial crunch when one person’s earnings are no more – is the financial cushioning a family needs to not face any difficulties in case they lose a loved one.

Life insurance has numerous advantages:

● Financial security – this is the most obvious advantage. For instance, if someone had bought a house and the person paying for it passes away, the entire burden falls on the family members left behind. To prevent such a situation from arising, life insurance money will be helpful. Not just to repay loans, life insurance will provide the financial stability needed for your loved ones to carry on life with the same quality and dignity that they did with you around.

● Pay-out options – the family can receive the money as a lump sum or monthly pay-outs.

● Cost-effectiveness – this insurance is very cost-effective if purchased at an early age. This is because one is less prone to health issues when they are young and thus can get attractive premiums.

● Peace of mind – knowing that your loved ones will remain financially secure is a major stress buster

● Tax benefits – Life insurance will give you tax benefits under section 80 ( C ) up to Rs. 1.5 lakhs

● Family and individual protection – There are certain life insurance plans that offer options such as critical illness cover, accidental death benefit, permanent disability benefit and waiver of premium benefit rider.