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What is the Importance of Life Insurance?

Life insurance is crucial for providing financial security to your loved ones after your death, ensuring they can maintain their lifestyle and meet financial obligations without any financial hardships. It acts as a safety net, offering a lump-sum payment to your beneficiaries that can be used for various purposes, such as paying off debts, covering living expenses, or funding education. 

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Let us take a look at the importance of life insurance and why you should buy it:

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Life Cover

@ Starting from ₹ 12/day+

What is the Importance of Life Insurance in India?

Life insurance provides a financial safety net to your family in case of your untimely demise. It ensures your loved ones do not struggle to manage expenses or meet long-term goals in your absence. Apart from this, many life insurance plans offer savings and investment options to help you build a financial corpus over time.

Here is why life insurance is important for everyone:

  1. Financial Protection for Your Family

    A life insurance policy gives your family the financial support they need if you are not around. It helps them pay regular expenses like groceries, rent, EMIs, children's school fees, and healthcare.

  2. Achieve Life Goals

    Life insurance plans help you save regularly and build wealth for your life goals. Whether buying a home, funding your child's education, or planning a peaceful retirement, life insurance makes it possible through disciplined savings.

  3. Customisation with Riders

    Adding riders to your base policy can enhance your life insurance coverage. Riders such as critical illness cover, accidental death benefit, disability cover, and premium waiver provide extra financial support during emergencies.

  4. Peace of Mind

    Knowing that your family's future is financially secured brings peace of mind. You can live stress-free knowing your loved ones will not face financial hardship when you are not around.

  5. Tax Savings

    You can enjoy tax benefits on life insurance under the Income Tax Act of 1961. Premiums paid qualify for deductions under Section 80C, and the death or maturity benefits are usually tax-free under Section 10(10D).

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What are the Top Reasons to Buy Life Insurance?

Here are the top reasons why buying a life insurance policy is one of the best financial decisions:

  • Long-Term Financial Planning

    Life insurance helps you create a long-term savings fund while giving you life cover. This fund can be used to meet major expenses or life goals in the future.

  • Protect Your Child's Future

    Your most significant responsibility as a parent is to secure your child's future. Life insurance ensures your child can access quality education, marriage support, and a stable future even if you are not around.

  • Cover Loans and Liabilities

    If you have a loan, such as a home or personal loan, a term insurance plan ensures that your family does not have to bear the repayment burden in your absence.

  • Plan for Your Child's Education

    Child insurance plans help you build a dedicated fund for your child's higher education. These plans also offer a death benefit to support your child if something happens to you.

  • Financial Support for Dependent Spouse

    If your spouse is financially dependent on you, life insurance provides the security they need to manage living expenses and maintain their lifestyle independently.

  • Retirement Planning

    Some life insurance plans offer retirement income or maturity benefits. You can use these plans to build a corpus for retirement and enjoy financial freedom in your senior years.

  • Leave a Tax-Free Legacy

    The payout your family receives from life insurance is usually tax-free. This means they can use the entire amount to manage their needs and fulfill long-term dreams.

  • Optional Riders

    The availability of optional riders adds significant value to life insurance policies. These add-ons allow you to customize your coverage and extend protection beyond the basic plan. By including riders, you can enhance your financial security and ensure more comprehensive coverage for your family. Riders offer flexibility, allowing your policy to adjust to changing life circumstances and providing greater peace of mind over time.

  • Income Replacement Tool

    Life insurance plays a crucial role as an income replacement tool. In the unfortunate event of your passing, the policy payout can provide essential financial support to your dependents. It helps replace the lost income, ensuring your family can maintain their standard of living and meet ongoing expenses. This is especially important for sole breadwinners. The proceeds can be used for daily living costs, loan repayments, educational needs, and other long-term financial goals, offering a vital safety net during difficult times.

Tips to Choose the Right Life Insurance Plan

To get the most out of your life insurance policy, here are some important things to keep in mind:

  • Choose a policy that matches your life stage and future goals

  • Calculate the right sum assured considering inflation and existing liabilities

  • Compare different plans online before buying

  • Check the insurer's reputation and claim settlement track record

  • Use online premium calculators to find the best plan within your budget

How to Buy the Best Life Insurance Policy Online from Policybazaar?

Step 01: Assess and decide on the goal for which you want to avail of an insurance plan

Step 02: Understand & compare the types of life insurance policy options to help meet the goals.

Step 03: Provide preliminary information to get personalized quotations or plan options
Information required for Term Plans & Investment Plans:

  • Term

    • Do you smoke or chew tobacco? (Yes/No)

    • Select your annual income

    • Select the occupation type

    • Choose the educational qualification

  • Investment

    • Age, Current city

    • Investment amount

    • Payment term and Plan duration

    • Select preference of investment option – Market linked or 100% Guaranteed

Step 04: Choose and compare the best life insurance plans from the displayed options. The insurance buyers can anytime avail “free” of cost & personalized Financial expert assistance to compare and review plan options.

Life Insurer Details

Wrapping It Up

Life insurance is more than just a policy. It is a promise to your loved ones that their future will be protected no matter what happens. Whether it is financial security, goal-based savings, or peace of mind, life insurance is a wise and essential investment for every individual.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

FAQs

  • Q: What is life insurance?

    Ans: Life insurance is a financial contract that pays beneficiaries in the event of the policyholder's death. It offers financial protection and support to loved ones.
  • Q: Why is life insurance important?

    Ans: Life insurance is important because it offers financial protection to the family in case of an unforeseen death of the policyholder. It helps the policyholder’s family stay financially secured, ensuring they don’t have to compromise on their lifestyle.
  • Q: Why is life insurance important?

    Ans: Life insurance is important because it offers financial protection to the family in case of an unforeseen death of the policyholder. It helps the policyholder’s family stay financially secured, ensuring they don’t have to compromise on their lifestyle.
  • Q: Why do I need life insurance?

    Ans: Life insurance ensures your loved ones are financially secure in case of your untimely demise, covering expenses like debts, living costs, and future goals.
  • Q: How is the premium amount of a life insurance policy determined?

    Ans: Premiums are calculated based on factors such as age, health, coverage amount, and the type of policy.
  • Q: Can I change the amount of my life insurance coverage later?

    Ans: Depending on the policy, you may be able to adjust the coverage amount to better align with your changing needs.
  • Q: What happens if I stop paying premiums?

    Ans: If you stop paying premiums, your life insurance policy may lapse, and coverage will end. Some policies may have a grace period for payment.
  • Q: Can you choose a specific policy term in life insurance?

    Ans: Yes, you can choose a specific policy term in life insurance. Many life insurance plans offer the choice of selecting a policy term according to the customer's suitability. Whole life insurance also provides life cover for the policyholder's whole life (until 99 or 100 years), which means that the nominee will receive guaranteed benefits under the plan.
  • Q: What is the life insurance claim process?

    Ans: The life insurance policy can be claimed by following the below steps:
    • Claim Initiation: Inform the life insurance company about the policyholder's death as soon as possible in case of a death benefits claim. Submit the filled claims form along with all the necessary documents attached.
    • Claim Processing: The insurer will assess the claim's validity and revert back in case the claim is ready to be settled. The insurer will contact you on the registered contact details like mobile number and email address. Thus, you should make sure that the profile details are up to date.
    • Claim Settlement: The entire sum assured will be transferred to the nominee's account as per the chosen payout option, and the claim will be settled.
  • Q: Should the Claim Settlement Ratio be considered when selecting the insurer?

    Ans: Yes, you should always go through each company's CSR (Claim Settlement Ratio) before selecting the right insurer for yourself. The CSR of an insurance company can give you an insight into the company's claim settlement capabilities for your family's claim in the event of your unfortunate absence.
  • Q: What is the waiting period in a life insurance plan?

    Ans: The waiting period is the duration in life insurance during which the policy either does not offer any coverage or offers limited coverage benefits.
  • Q: What is the premium payment frequency in life insurance?

    Ans: The premium payment frequency refers to the number of times you need to pay the premium for the desired life insurance policy. Most policies allow you to pay the premiums in a monthly, quarterly, annual, or semi-annual mode.
  • Q: Is buying life insurance riders without the base plan possible?

    Ans: You can only buy a life insurance rider with the base plan. This is because riders are supplements added to the base plan to enhance its coverage; with the base plan, they can be bought individually.
  • Q: Will I receive a return at the time of life insurance maturity?

    Ans: Depending on the policy T&Cs you may receive a maturity benefit at the end of the policy term in case you outlive the policy tenure. This way you can understand the importance of life insurance and see if the life insurance of your choice provides a maturity benefit or not.
  • Q: When will my life insurance policy be terminated?

    Ans: Your life insurance policy ends at any of the following instances, whichever happens first:
    • When you have outlived the policy tenure
    • When you suffered an unfortunate death, and your family has claimed the death benefit
    • When you failed to pay the premiums on the due date and the policy lapsed
  • Q: How many riders can I add to my life insurance policy?

    Ans: Add as many riders as you want to the base life insurance plan. However, the premium rate will increase with each rider addition.
  • Q: Should you buy life insurance only for the tax benefit option?

    Ans: You may buy life insurance for tax benefits under sections 80C, 80D, and 10(10D) of the Income Tax Act. However, it's essential to consider your long-term life goals, such as education expenses and retirement, and secure your loved ones with sufficient coverage to overcome life's uncertainties.
  • Q. What is the best time to buy a life insurance policy?

    Ans: The best time to buy life insurance is as early as possible. When you are young and healthy, the premium is lower, and you can lock in a long-term policy at affordable rates. Early investment also helps you build a larger savings corpus.
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˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com  in the first 6 months of FY 24-25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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