Prices Increasing soon Prices Increasing Soon

Is Life Insurance Important if There are no Dependants?

Raj is 38 years of age, and has no plans of marrying or even adopting a child. He lost his parents a few years ago and has practically no dependent left. Raj has a well paying job and he wishes to earn for another 10 years and then plans on early retirement. For him, life is fine just as it is, and he does not wish for anything else. His dream is to travel the world, see unseen places and take up hobbies that he's been longing for.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

He has a few investments, mostly in property, PPF, FD’s and mutual funds. Raj did purchase an insurance policy when he was young and raring to go at his profession. His savings are largely to help fund his retirement lifestyle and possibly help setup a business. He feels that the insurance policy he’s had for long will not serve him any purpose as he’s got no dependent. Surrendering his policy seems to be the best investment option out.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Most single men and women in the country are in similar shoes as Raj. Insurance polices do not attract them, as there is no one to enjoy the sum assured after they are gone.

When people think of insurance policies, they do so generally to secure their families future even after they are no more. Single people with no dependents have no strings attached and hence feel that insurance policies are not helpful and serves them no purpose.

Now that we’ve heard all about why Raj’s reason of not wanting an insurance policy, let’s take a look at some resounding reasons why he should. Contrary to what single people feel, insurance policy is a must for every individual; dependent or no dependants.

The Advantage of Cheaper Premiums

Raj has done his part of buying insurance policy when he was young. This has helped him take advantage of paying cheaper premiums since he wasn't married and had no children then. Like Raj, taking advantage of buying insurance when you are young is beneficial. Premium rates are affordable as there is not much expense on your young shoulders. With no ones income to depend on, and your earnings all for yourself, you need to make the best of this situation.

Disability/Critical Illness

Singles can fall critically ill or can be disabled permanently or temporary. During such dire times being financially self reliant is important. Critical illness like heart diseases and cancer cause a huge financial impact. The average hospital costs for such critical illness can shoot over 10 lakh easily. Moreover, critical illnesses require you to continue with medication for a few more years or lifelong, which can prove expensive. Burning a hole in your pocket to cover up these costs is not a wise decision. A life insurance with adequate riders to help protect you from critical illness and disability expenses is a wise decision for singles as well.

Tax Saving

Let’s take Raj’s e.g. again. Raj probably invested in an insurance policy in his early years, probably to save on taxes. For all these years, his premiums attracted tax benefits, and will continue to do so. Insurances like health and life insurances have sufficient tax benefits u/s 80 (C), 80 (D) and 10(10) as per the Income Tax Act of India. Even the maturity that you receive from your insurance policy is tax deductible unto a predefined amount. Purchasing an insurance policy is a tax saving investments and also builds in the habit of saving money for a rainy day.

Assets and Self Protection

Raj plans to travel in the future, he even owns a property for himself as well as an investment. Buying an insurance policy against his home, travel and even car makes sense in this regard. These are assets that are prone to damage due to theft or even because of nature. An insurance policy will protect his assets and in case there is any damage to his asset the expense will not be borne by him entirely. His travel insurance will also help him in the future when he intends to begin his travel plans.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

The Future

Although Raj has planned to remain single to the end, there is no surety of it. Life can make its twists and turns, old age demands good company, and loneliness can really be a downer. Raj could even plan on adopting a child later on in his life, in such case the child becomes his dependant, and child insurance policy is perfect to ensure the child education is well looked after financially even after Raj’s death.

Although these are hypothetical situations based on Raj, these are possibilities that he could face in the future. Having an adequate life insurance policy will ensure that he is well secured financially and there are no calamities that uproot him. 

Premium By Age

Life insurance articles

  • Recent Article
  • Popular Articles
24 Apr 2024

Most Common Life Insurance Frauds in India

Life insurance fraud is a financial crime that can be committed

Read more
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Best Life Insurance Policy in India with High...

The best life insurance policy in India is a type of life

Read more
15 Dec 2021

Life Insurance for Parents in India

With the increase in the average life expectancy rate, the older population in India is on the rise. Most of the

Read more
08 Jun 2022

Life Insurance for NRI

Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many

Read more
14 Apr 2014

Life Insurance Quotes

Life insurance quotes are the approximate premium rates for the specific life insurance policy. It helps you

Read more
26 Dec 2022

Canara Guaranteed Fortune Plan

Canara HSBC life insurance company introduces a guaranteed fortune plan that provides assured benefits to life

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best decision I have ever made. I feel so good knowing that

Read more
Need Help? Request Callback
View Plans
Download the Policybazaar app
to manage all your insurance needs.