Why you need life Insurance
Life insurance serves a lot of purposes. Right from protecting your wealth for when you are no longer around or taking care of employees and your business. If a person loses his life during his earning years, his family can suffer an economic setback as a result ofRead More
discontinuation of the current and the future source of income. The family has to function without the earning person not being around, thus things like bills, mortgage, debts, children’s education and spouse’s retirement need to be safeguarded.
Life insurance in India not only safeguards your family’s present economic situation, but also helps them achieve future goals.
In case of employers, they purchase a life insurance policy for their key employees to insure them against the loss of services or income which might result after the employee’s death. In such cases, the policy proceeds are paid to the company who then pays the benefits to the employee’s beneficiaries. Even business partners can avail the benefits of a good life insurance policy, where business partners can purchase a policy against the financial loss that might result from the other partner’s death or in order to buy out the heirs of the partner.
Life insurance in India is also a great means to saveour taxes. Since tax benefits are available for the premiums you pay, life insurance is a safe way to save your taxes and safeguard your family.