Insurance is a product designed to protect an individual and the family from unforeseen disasters and financial burden. Out of the variety of insurance covers available, the most important one is indeed – life insurance. Life Insurance provides for the financial upkeep of the dependants after an individual’s death.
Everyone has certain financial commitments that they need to meet throughout their life. Also, everyone does contribute in some way or the other to the family income. One needs to provide similar attention to help the family meet daily expenses, protect dependant parents/spouse, or secure the future of children or spouse in case of any eventuality.
In todays economic environment financial obligations could include home loans, personal loans, unsettled medical bills, business commitments, college expenses of children, funding child’s higher education, planning for child’s marriage and so on.
So a valid question to ask would be how much insurance does a person actually need? Requirements for life insurance would vary depending on an individual’s lifestyle, financial commitments, debts, sources of other income and number of dependants? At InsureFuture.in, we act as insurance advisors and knowledgeable life insurance agents to our clients and recommend them an appropriate insurance cover. Insurance provides peace of mind to an individual and prepares them for the unpredictable and the uncertain.
Insurance is a vital instrument in the financial planning and security of an individual. Below are some reasons for buying life insurance:
1. A valid insurance policy is a financial asset which can be used as a collateral for loans (personal loan, home loan or business loan).
2. The cash value and the death benefits of an insurance policy are exempt from creditors in case an individual goes bankrupt.
3. Life insurance can be planned such that it will provide a cover even after the premium paying term is over (whole life insurance).
4. Provides tax free cash which can be utilized by dependents to tide over business and personal expenses of the insured.
5. Life Insurance can contribute towards maintaining a family’s life style when one contributing partner suddenly dies.
6. Some life insurance policies come with riders such as coverage for critical illness, premium waiver benefit or term insurance for the children or spouse.
7. Life insurance correctly planned on premature death would provide funds to deal with debts, laons and living expenses of dependents. It offers protection to the family one leaves behind and serves as a cash resource.
8. Insurance protects business from financial loss and liabilities in case a business partner dies.
9. Life insurance usually have a savings or pension/annuity component that provides for after retirement.
10. Term life insurance protects an individuals assets and safeguards family interests in case of financial liabilities.
11. Last but not the least buying life insurance can also accrue tax benefits for an individual. Under Section 88(C) of the Indian Income Tax Act, premium paid on a life insurance policy is eligible for tax rebate. Also, the beneficiary may be different from the premium paying person. For instance, you can pay the life insurance premium for the policy of your spouse and still claim the tax benefit.
Call +91-80885-66788 (M) or 99000-95096(M) for more information about Life Insurance in Bangalore or visit our website: http://www.insurefuture.in
