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Why life insurance is the best way to ensure financial security

A life insurance policy is the perfect blend of risk cover, returns and tax benefits. <br>

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Why life insurance is the best way to ensure financial security

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  1. Why Life Insurance is the best way to ensure Financial Security

  2. Life insurance is a means to ensure that your family and loved ones are taken care of if something unfortunate were to happen to you. • A life insurance plan can be bought by anyone at any given point in life. • There is no specific age at which people should buy life insurance. • It’s a misconception that only married people need to have life insurance.

  3. It’s a great way to save on Income Tax for unmarried people or people who are just starting off with their career. • A life insurance policyis the perfect blend of risk cover, returns and tax benefits. • Besides being designed to protect the income of families who lose their breadwinner these plans also provide a host of other benefits that make them a truly worthy of financial investment.

  4. Here are some of the benefits that make life insurance a smart investment. • Family security - The basic benefit of life insurance is supplementing the income of the family in case of death of the policyholder. • This is one of the main reasons why people buy life insurance.

  5. It gives the feeling of security to the policyholder in case of the worst. • Great ways to invest your money– Insurance plans come in various types. • There are some types of insurance policies that provide assured returns. • Unit linked insurance plans provide investment opportunities along with life cover.

  6. In these plans a part of your premium goes to your life cover while the other part is invested in equity or debt. • Loan protection – The right kind of life insurance gives your family relief from loan payments during the time of crisis. • If the policyholder has any loan payments pending after his demise, these policies will make sure that his/her family will not have to deal with them.

  7. Tax benefit – Any payout you receive from a life insurance plan is completely tax free under section 80C of the Income Tax Act. • Even the payment towards the premium is exempted from tax.

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