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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:
Term Plans
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:
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.
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.
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.
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.
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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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.
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 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.
˜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
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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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.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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