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  • Some Crucial Reasons Why Life Insurance Is Important

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    Among the many things we know about life, its unpredictability is decidedly one of the most important quality one must never forget. While one moment you may be the happiest you can every dream to be, the very next moment can bring unimaginable sadness as well. One can never know or predict what happens next. And this unpredictability is the very reason why life insurance has even been invented.

    While it may seem like a rather depressing thing to do, but seldom do people give a thought about when they may no longer be around. What happens to their family? Who will support the family’s expenses? Who will pay for the children’s education or upbringing? Who will take care of household expenses? This is only the tip of the iceberg when it comes to securing your family’s future, and especially important for individuals who are the sole income earners in their immediate household and support dependents like a spouse, children, or aged parents. In the unfortunate event of death of a family’s income earner, not only is there intense emotional grief to deal with, due to the loss of a loved one, but also impending financial turmoil, following the loss of income.

    While it may not drive away the emotional grief, but life insurance can, to a large extent, help the aggrieved family take care of their financial needs at such a testing time. With a life insurance policy, you can secure not only your family’s future, but also help safeguard your business during difficult times. Here are some reasons which highlight the importance of life insurance.

    Importance of Life Insurance

    To pay off debts

    Most people, during their early professional life, end up taking loans to fulfil various needs like purchasing a house, or a car. Some end up taking a personal loan to finance their child’s wedding, or even repay multiple debts. However, in case you happen to pass away suddenly, the burden of all these loans and debts falls directly on your dependent family members. Even if your spouse is employed, the financial burden of paying off these loans falls directly on them. With a life insurance policy, this is one worry less to be worried about as the sum assured from the life insurance policy can help the family take care of such liabilities, without compromising their needs.

    To take care of your family’s needs

    The primary purpose of life insurance is helping your loved ones take care of their needs, especially at a time when you may no longer be around to provide for them. A dependent spouse, children, or aged parents will continue to be dependent on your income, and leftover savings even after your demise. However, with the loss of regular income, it can be difficult to take care of all expenses, and families often have to compromise on their lifestyle to ensure that essential needs can be taken care of. That’s where life insurance steps in, to help the family take care of their needs like children’s education, as income replacement, to create further savings or investments, and to provide much needed financial stability to the family members.

    Insurance for your business

    The purpose of life insurance is not just to safeguard the financial future of your loved ones, but also your business concerns. There are life insurance policies specially designed for business owners where the surviving business partner to acquire their deceased partner’s share of the enterprise, while the benefit sum assured pay-out is provided to the deceased’s nominee.

    To take care of short & long-term future requirements

    Depending on the policy you have chosen, and the payout option, the right life insurance policy can be crucial in helping your loved ones take care of their short term, and long term needs. Short term needs may include immediate expenses such as loans, or liabilities, which need to be repaid quickly. Over the longer term, the family would require funds to take care of the children’s education, to invest, or save for the future, to take care of recurring household expenses, etc. Certain insurance policies also come with built-in investment components which allow for investments in a variety of funds, as chosen by the policyholder. Some policies also have combination payouts where a part of the sum assured is provided immediately after death, as lump sum. The remainder is provided over a specified future period in fixed instalments and acts as income replacement.

    For mental peace

    Having mental peace is very important to leading a worry free life. With life insurance, that is exactly what you get. You no longer have to worry about what happens to your family’s financial well-being if you are not around. Given that tragedy can strike at any time, having a life insurance policy will at least give you peace of mind that your loved ones are provided for.

    To save on tax

    Besides providing protection, the other major reason people buy insurance is to save on tax. As per the current provisions of Section 80C of the Income Tax Act, 1961, policyholders can avail tax benefits of up to Rs.1.5 lakh on life insurance premiums. Also, the proceeds received under the death/maturity benefit are also tax free under Section 10 (D) of the Income Tax Act, 1961.

    These are just some of the many reasons that make life insurance an absolute necessity, especially for someone who is the sole earning member in their household. If your family’s future is dear to you, then you must not delay purchasing a life insurance policy, after due consideration of your needs.

    Some Crucial Reasons Why Life Insurance Is Important Reviews

  • Page 1 of 50 1 2 3 4 5
    • Aviva Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the Aviva Life. I am paying 8000 per year via Online. The sum assured is 1 Crore and considering the policy features and plan benefits it has been a very good experience with the life insurance policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 14, 2018
    • Aegon Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a term life insurance policy with the Aegon Life. I am paying a premium of 5000 per year, The sum assured is 50 lacs. I am making payments online. Claim settlement ratio was above 90% so it was a confident decision in choosing as my life insurance provider.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 14, 2018
    • LIC Life Insurance
      "This is great policy for Employer-Employee"
      0.5 5.0/5 "Blown Away!"
      We (CleverMind Solutions Pvt Ltd) took this policy for our employees, they are very happy and we are also happy because we are providing life insurance cover of Rs 10 lakhs to every employee. What a unique product it is with affordable premium .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am paying a premium of 31000 per year. I am paying the premium via the agent and sometimes via cheque, tenure of the policy is 20 years. It has been a smooth experience so far with the policy and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, for one policy I am paying a premium of 24000 per year. I never faced any issues with the policy and their services. I pay the premium sometimes via the agent and sometimes via Cheque. So far it has been a very good experience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've started an educational policy with the LIC for my children for which I am paying a premium of 400 per month. The policy is specifically focused on the educational requirements. So far it has been a good experience,
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've 5 life insurance policies with the LIC, four of them is the Money Back policy for which I am paying a premium of 700 Per month, the premium gets auto debited from the salary account. I never had any issues with their services so far. Considering the low premium I am paying the policy is a good one.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 25 years and it is a long term policy. I am satisfied with the returns and benefits of this policy. I pay my premium once in a year by cheque and i am convenient with the payment options. The maturity period for this policy is 25 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My life insurance policy is with LIC from more than 10 years and it is a term insurance. I pay a premium of Rs 9000 on yearly basis and i am convenient with the payment options. I am satisfied with the terms and conditions like the policy coverage and plan benefits of the policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • Kotak Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Kotak and I am paying a premium of 13000 per year. It has been a hassle free experience so far. Considering the policy features I haven't faced any issues with their services so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of 700 rupees per month. There are no commendable benefits with the policy. The premium gets auto debited from account. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've three life insurance policies with the LIC. I am paying a premium of 500 rupees per month. The premium gets auto debited from my account via ECS. I haven't faced any issues with their services.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am applying a premium 20000 per year. After 4 years I'll get some money back. The premium gets auto debited from the account via ECS. I never faced any issues with the policy and their services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am paying a premium of 1600 per month, the tenure of this policy 30 years. I am making payments via an agent which is pretty much convenient. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 7 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 6 months through net banking and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 16 years and it is a long term policy. I am satisfied with the returns and benefits of this policy. I pay my premium once in 3 months by cash or cheque and i am convenient with the payment options. The maturity period for this insurance is 20 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am applying a premium of 20000 Per year, I make payment at the branches, the branch staff are also welcoming and supportive. Overall it has been a hassle free experience with the policy and their services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 11, 2018
    • LIC Life Insurance
      "Above average service"
      0.5 4.0/5 "Great!"
      I've two money back polices with the LIC. I am paying a premium of 25000 per year. I will get money back after 4 years. The tenure 16 years. I can even discontinue the policy after 4 years. Considering the policy coverage and plan benefits it is a very good policy to hold.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a Jeevan Anand Policy with the LIC, I am paying a premium of 30000 half yearly, The tenure of the policy is 30 years . I am paying branch payments. The branch service is good. So far there hasn't been any issues with the policy and their services so far.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 11, 2018
    • LIC Life Insurance
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I hold a life insurance policy with LIC from more than 2 years and it is a long term policy. The name of the policy is Jeevan Anand and i pay a premium of Rs 28000 on yearly basis through net banking, The premium amount is quite high and i am not finding much benefits in this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2018
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