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Why life insurance is necesarry - PowerPoint PPT Presentation

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Read this PPT to understand why buying life insurance is necessary? Know how much life insurance you need and the reasons you need to buy a life insurance policy. Know more.https://www.coverfox.com/life-insurance/

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Why life insurance is necesarry

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Presentation Transcript
what is life insurance
What is Life Insurance?
  • Human life is subjected to risk of death or disability. It can occur due to natural and accidental causes.
  • To cover such contingencies, life insurance policies have come into being.
  • A life insurance company promises to pay a sum assured to your family in case of your death or disability.
  • If the life insurance plan that you have opted for has a saving component, then you can avail this benefit on death or on maturity along with the bonuses (if any).
who needs life i nsurance
Who Needs Life Insurance?
  • Usually, people who are the breadwinners of the family need to buy life insurance.
  • Life insurance can also be bought for children to secure their educational and financial needs in case of your untimely death.
how m uch life insurance is needed
How Much Life Insurance is Needed?
  • The coverage that you need for your life insurance policy depends on the following factors:
  • Number of dependents
  • The kind of lifestyle you need to provide to your family
  • Planning for your child’s future i.e. education and marriage
  • Your future financial needs
  • The amount of premium you can afford to pay
reasons you need to buy life insurance
Reasons You Need to Buy Life Insurance
  • Helps you ward off your financial liabilities:
  • On your death, life insurance policy helps your family take care of all your financial liabilities.
  • It pays your home loan, personal loan and even loan on credit cards.
  • Supplements your retirement goals:
  • A life insurance plan ensures you have a steady income flow even after your retirement.
  • Annuity plans provide you pension on a regularbasis to ensure that you don’t have to be dependent on anyone even in your last days.
helps you save tax buying a life insurance policy

Helps you save tax:

  • Buying a life insurance policy helps you save tax under section 80C and 10 (D) of the Income Tax Act.
  • Secures your family’s financial future:
  • A life insurance plan provides the much needed financial security to your dependents in case of your death.
  • It replaces your family’s lost income source by paying a sum assured at one go or on an annual or monthly basis.
you get the benefit of investment along with

You get the benefit of investment along with insurance cover:

  • Life insurance plans such as ULIP and endowment help you save money while also providing you with life cover.
  • In such plans, a part of your premium is invested wherein you can reap great returns.
  • The remaining part of the premium is used for providing you with protection.
  • Life insurance policies are of various types and you can always choose the one depending on your budget and requirement. Apart from offering the above benefits, having a life insurance policy ensures peace of mind as you know it will protect your family in stressful times.
  • So, buy a life insurance policy if you haven’t bought one already!