Life Insurance is an important addition to your financial
portfolio. Life Insurance has various advantages that can guarantee your own
financial security and that of your family as well. Let us tell you how your
Life Insurance can be beneficial to you apart from giving your loved ones death
benefits.
Access to
Cash
Give it a few years and once your insurance premiums
accumulate, your policy’s cash value can be accessible as a loan withdrawal.
This can be useful if you want to fund business opportunities, education or
retirement income.
Financial
Safety
Life Insurance can provide you with a financial safety net
when you or your family faces a financial crisis. Your Life Insurance can
ensure your family has a comfortable lifestyle if you are not around to support
them.
Return on
Investment
Life Insurance gives you guaranteed long-term returns. With
Life Insurance, the insured person can benefit from periodic bonuses that are
accumulated in the cash value of the policy. The money you invest in Life
Insurance will be returned as Sum Assured on maturity of the policy tenure or
on the demise of the insured person.
Tax
Benefits
You can avail of tax benefits on your Life Insurance policy
under Section 80C of the Income Tax Act. You can claim tax deductions up to Rs.
1, 50,000 on Life Insurance under Section 80C.
Life-Stage
Planning
With various types of Life Insurance plans available, you can
plan your financial goals. You can use Life Insurance plans to plan finances
for your different life stages. Save up for your child’s education, marriage,
your dream home or your retirement years. All with Life Insurance.
Additional
Benefits
You can add benefits to your Life Insurance policy. Life Insurance riders offer you a
more comprehensive policy. Additional benefits on a Life Insurance plan include
critical illness cover, personal accident cover and waiver of premium benefit,
among others.
Source: http://blogs.rediff.com/lifeinsuranceplans/2016/07/09/ritikashah11998-20/
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