Being uninsured jeopardises your family’s financial future. So, why is having a life insurance so crucial? Life insurance policies provide life cover and can act as a financial blanket to your spouse, parents and children in case of any unforeseen event. If you are the sole earner in your family, then it becomes imperative that your family is financially secure even in your absence.
So, if you are still thinking whether you should buy a life insurance, we list 3 compelling reasons for you to buy the best life insurance policy:
#1: Gives your family financial security - Life insurance plans ensure not only financial stability but can also help your family if in distress. It can provide for your children’s education, and fulfil health requirements of your spouse and parents. Even marriage and day to day financial requirements of your family can be met with life insurance. During the need of the hour, financial worries can be kept at bay. Paying life insurance premium is a small price to pay for your family’s future benefits.
#2: Early start gets you lower premiums - The premium for life insurance is directly proportional to your age. The younger you are, the lower is the risk of payment by the insurance company, ergo lower premiums for your purchase. Also, once the premium is locked, it does not increase with your age. Thus, when you buy a life insurance plan at a young age you get to enjoy lower premium outflows for a hefty life cover. If you have dependents like children or old parents, then it becomes more important that you buy a life insurance plan for their financial security. And remember, coverage costs are much lower when you are young and single. So, buy life insurance at a suitable age to lock your affordable premium because your insurability is at its peak.
#3: Save on taxes - One of the critical reasons of investing in a life insurance plan is that you can also save tax. Life insurance policy provides dual tax benefits. The premiums you pay are eligible for a maximum tax benefit of Rs. 1.5 lakhs under Section 80C and the proceeds after death/maturity are tax free under Section 10D of the Income Tax Act, 1961. Life insurance plans enables you to do tax planning and preserve your financial resources for your family’s stability.
Life insurance policy is a tool for financial planning and helps saving regularly. So be sure to buy a life insurance plan and plan for your loved ones’ future.
To know more about Term Insurance browse the website for various Term Plans offered by PNB MetLife
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.
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