A life insurance policy is an investment that not only safeguards the financial future of your family, but also ensures that they can continue to live life without having to compromise on their hopes, dreams, and ambitions. In the unfortunate event of the policy holder’s passing away, their families can still continue to fund their child’s educations, pay rents, and household expenses, EMIs and any other financial commitments that they may have; making it one of the single most crucial investment that anyone needs to make as early as possible. There is a clear line of difference between life insurance and general insurance, as you will find out in this article.
If you too want to ensure that your family’s financial future remains secure, then buying the best life insurance policy in India is the ideal way to go. And there are many reasons why you must do so as early as possible.
In this article, we will look at a few of the topmost reasons you need to buy a life insurance policy right away!
- Protects Loved Ones from Financial Doom
This is by far the most important factor. Depending on the coverage amount, the nominee (s) of the policy holder gets a lumpsum amount up to the sum assured in the untimely death of the policy holder, this is known as the death benefit. This gives the family immediate access to funds to take care of necessary expenses and plan their lives ahead. Unlike other types of investments which take a significant amount of time to liquidate; a life insurance policy kicks in immediately to help the family with funds. This lets them take care of all immediate and recurring expenses such as taking care of costs related to education, EMIs, health, and day-to-day living expenses without compromising on their quality of life.
- Offers Critical Illness Cover
This is offered as an addon with some policies where the sum assured is paid out to the policy holder in case they are diagnosed with a critical illness. These illnesses generally take longer to resolve, and cost upwards of millions of rupees to get treated. By providing a lumpsum amount to the insured, a life insurance policy helps the person pay for medical treatment, managing household expenses, etc. Since the policy holder may not be able to work for a significant period of time while they recover, this lumpsum amount can really help the family in taking care of their living expenses.
- Waiver of Premium
Should the policy holder not be in a position to pay further premiums on the policy due to an illness, disability, unemployment, or any other genuine reasons; all future premiums on the policy are waived off, and the policy continues as is. This is generally offered as an addon, and goes a long way in ensuring continued protection in the unfortunate event the policy holder can no longer pay the premiums.
- Tax Saving
Buying the best life insurance in India allows you get tax breaks under Section 80 C of Income Tax Act. This way you are not only saving money that would otherwise go into paying taxes, but rather investing that money into something that adds value to your life. There has been a renewed push to encourage every citizen to get insurance by the government, and it’s best to take advantage of the tax breaks and buy an insurance policy that safeguards your health and financial freedom.
A life insurance policy is one of the greatest gifts you can give to your families, as that will let them live their lives to the fullest without any having to any uncertainties. It offers multifarious benefits that are unmatched by any other types of investments that you can make in your lifetime. Not only that, if you choose a policy that comes with a savings, and maturity benefit, you can also create wealth over time.
Max Life Insurance has the best life insurance policy in India that offers complete financial protection to your loved ones. So, in case you are still to buy insurance, you must definitely check them out to create a life that’s free from financial worries of the future and helps keep your family safe so no matter how life turns out to be.