Why would you pay
insurance premiums , when the same money can be used elsewhere?
Here are some simple reasons you should to avail life
insurance:
Help your family meet
their goals
Important things that your family saved for, like a new home
or good education for the children, will not be out of reach in your absence.
Your family will still be able to meet its needs and wants, without worrying
about whether or not they can afford it.
Income Protection
It would be unfair for your family to have to combat both
emotional and financial loss at the same time. Life insurance can reduce the
negative impact of loss by contributing towards replacing your financial
contributions to your family.
Stick to your
lifestyle
Life insurance is a financial support that allows your
family to maintain the lifestyle you chose for them. Your family need not
undergo drastic alterations after losing you.
No worries about
loans
With you gone, your spouse might find it difficult to repay
loans and other financial obligations that you made together. However, an
adequate life insurance cover (sum assured)might mean that there will be no
need to worryabout outstanding loans or debts.
Saves tax
Life Insurance offers tax savings also. Premiums paid
towards life insurance plans are currently deductible
under section 80C, while contributions made towards your pension plan are
currently deductible under section 80CCC. The maturity and claim proceeds are
also tax-free. However, there are certain annual limits to these deductions.
Further, the benefits can vary as per the provisions of the Income Tax Act.
Consult your tax advisor for guidance.
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