By / Last Updated on: Feb 06, 2022 11:45:48 IST
Good financial planning is the key to a happy and stable life, which can be enabled by taking up a life insurance policy that suits you and your family. Life insurance is not merely an investment, but it safeguards your family in any unforeseen events like death or accident.
To add advantage, life insurance can also serve as a retirement fund so that one can reap benefits during the later stages of life. If planning is done during the early stages of life, one can cultivate the maximum benefits.
• If you are the only breadwinner for the family and you have dependents
• If you are planning for retirement funds
• If you are interested in planning a stable investment
1. Return on Investment
In life insurance schemes, the returns are better and greater compared to other investments. It provides financial stability and reduces the risk on your family during a mishap. It allows your family to adjust and cope without compromise.
2. Tax Benefits
By opting for life insurance, you can reduce your tax liability by claiming it in the 80C section. Additionally, returns are also tax free under Section 10D.
Certain life insurance policies allow you to take loans on a certain percentage of the sum assured in case of need of money.
4. Death Benefit
During an unforeseen unfortunate event like death, life insurance policies protect your family by giving them a secured future. Depending on the policy, your family will receive monetary benefits that will help them lead a stable life.
5. Long term investment
Life insurance provides a long term investment which can be utilized for major life events in need. You can plan financial goals like education, housing, marriage, retirement etc.
Contact us for a consultation on which life insurance policy suits you and get you geared up for the future.
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