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Why Should You Buy ‘Sabse Pehle Life Insurance’

'Sabse Pehle Life Insurance' is a campaign by the Life Insurance Council to raise awareness about the significance of life insurance in India. The Tagline 'Sabse Pehle Life Insurance' signifies life insurance as the first thing to be included in one’s financial portfolio. The motive of the campaign is to encourage the Indian families to opt for suitable life insurance cover as a fundamental requirement in their lives.

It further stresses the need for adequate life insurance cover and why it should be prioritized to safeguard the lives of your dependents financially, and also to build a robust financial portfolio.

All the 24 life insurance providers in India have jointly put in their efforts towards this campaign and are working towards a common narrative to create life insurance awareness in India. To ensure a strong resonance, 'Sabse Pehle Life Insurance' has also been presented in the other Indian languages including, Bangla, Tamil, Kannada, Telugu, and Malayalam.

What Led to ‘Sabse Pehle Life Insurance’ Campaign?

According to the IRDAI’s Annual Report in FY18, the insurance penetration in India is only 3.69% which is one of the lowest as per the global standards. And in 2015 to 2017, it stayed flat at 2.7%. 

  • The underlying problem is that people consider life insurance only as a tax-saving scheme instead of a protection plan
  • The penetration of life insurance is low because of the lack of willingness to invest in an insurance scheme with a long-term perspective
  • Despite the availability of a number of life insurance plans the problem of lack of awareness persists
  • People are becoming aware of health insurance too because of rising healthcare costs

However, life insurance should be an integral part of your financial planning. Even before you plan to invest in other investment schemes, you should invest in a life insurance scheme as nothing is more valuable than life.

Understanding the Concept of Life Insurance

A life insurance policy is a contract between the policyholder and the insurance company. The insurer promises to pay the sum insured to the beneficiaries in exchange for a premium, upon the death of an insured person. It ensures that the family is financially secured in case something untoward happens to the policyholder. With an adequate life insurance cover, your loved ones can continue to have the same standard of living.

Benefits of Life Insurance

Below are some of the benefits of getting life insurance cover:

  • Financial Security- It offers financial coverage to the nominees – parent, spouse or children
  • Takes Care of Important Milestones- It takes care of future goals like child education, marriage, loans, debt, etc.
  • Premium- The premium of life insurance policies is quite affordable. For example, a life insurance cover of Rs. 1 Crore would only cost Rs. 500 a month
  • Tax Saving- The premium paid on a life insurance policy is eligible for tax deduction under section 80 C and the limit is Rs. 1.5 lakh
  • Death Benefit- The sum insured is paid in a lump sum to the beneficiaries upon the death of the policyholder

How Much Life Insurance Cover is Sufficient?

Your life insurance coverage amount should be determined after ascertaining your income, future goals, liabilities and any ongoing loan or debt that you may have. Your life insurance cover should usually be 10 to 15 times your annual income. The simple formula is given below:
Life Insurance Cover = [15 x Annual Income + Liabilities + outstanding loans]

What Are The Different Types Of Life Insurance Policies In India?

Following are the types of life insurance schemes that you can opt for:

Term Life Insurance Plans

A term plan is a pure life cover that provides coverage for a defined period of time. It is the cheapest form of life insurance as it doesn’t double up as an investment product. In case the policyholder dies during the policy duration, the nominee gets the death benefit. You can buy this to meet long-terms of your dependent children, who will eventually start earning on their own.

Whole Life insurance Plans

It is a type of life insurance policy that offers coverage for a lifetime or for 99 years. It is different from other insurance policies that have a defined insurance term of 10, 20 or 30 years.

If you have dependents for a relatively long time, let’s say for your entire life then it is sensible to invest in a whole life plan. For instance, if you have a dependent spouse or a child with special needs who would need your financial assistance for lifelong.

Unit Linked Insurance Plans

Unit linked Insurance Plan offers twofold benefits by being one of the great investment and tax-saving opportunities at the same time. There is only a five year lock-in period when you buy a Unit-linked Insurance Plan.

ULIPS provides life insurance cover and the money you save is directed to a market-linked asset. This is a great investment scheme to achieve your investment targets.

Child Insurance Plans

A child insurance planis designed to secure your child's future and career even when you are not around. It is a combination of insurance and investment for parents who want to start financial planning for their child’s future needs at an early age.

Money-Back Plans

The insurance company pays the sum insured at regular intervals instead of paying it in a lump sum to the policyholder, at the end of the policy term, instead of getting the lump sum amount in one go. It is suitable for individuals with a low-risk appetite, serving the dual purpose of saving through insurance and also avail the benefit of liquidity.

Moreover, the nominees get the complete sum insured along in case of the death of the policyholder, and the best part is that the survival benefits are also not deducted.

Pension Plans

It is a superannuation plan that helps you save and invest towards a pension for post-retirement years. The sum insured is paid by the insurer at regular intervals or in a lump sum. A perfect plan to enjoy your golden years with financial independence

Simply put, a lot of people buy a life insurance policy to save taxes but the perks of securing the lives of their loved ones are known only to a few. ‘Sabse Pehle Life Insurance’ campaign is a simple initiative emphasizing people to secure their future by investing in a life insurance today.

Written By: PolicyBazaar - Updated: 09 June 2020
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