• 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
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 6 years and it is a money back policy. I get money back after every 4 years and the maturity period is after 15 years. I make my premium payments once in a year through net banking. I am satisfied with the coverage value of this insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 26, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 6 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium every month through ECS and i am convenient with the payment options. The maturity period of this insurance is 20 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 26, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. The tenure of this insurance policy is 40 years. I pay my premium once in a year by credit card and sometimes through net banking, I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 26, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a short term life insurance policy with LIC 2 years back, i am happy with the returns of this insurance policy as i get Rs 32 lakhs after the maturity period. I pay my premium once in 6 months through net banking. The maturity period of this insurance is after 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I am not happy with the life insurance policy with LIC, i am using this policy from last 15 years and it is a long term policy. I pay my premium once in 6 months through net banking. The premium amount is more and the returns are very less in this insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 25, 2018
    • Max Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with MAX Life from last 15 years, i make my premium payments once in 6 months through net banking and i am convenient with the payment options. The coverage value of this insurance policy is good. The maturity period of this insurance is after 20 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with LIC from last 5 years and it is a long term policy. The tenure of this insurance policy is for 20 years. I pay my premium once in 3 months through net banking. I am happy with the coverage and returns of this insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      The service is good with the LIC. I have the LIC jeevan anand policy around 3 years ago. I use to pay the premium through online which is the easiest mode. I pay the premium of Rs,.5000 in every 3 months once. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC jeevan Anand Policy for a while and I'm happy about their overall services. I make payments online. The premium gets debited from my account which is easy and convenient. Their customer support is also very helpful. Overall it is a recommendable policy to have
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Hdfc Life Insurance service is good. I have taken one policy with Hdfc Life. The customer support is good with Hdfc Life. Tenure period is for 10 years. The new schemes and offers are good Hdfc Life Insurance service. It was an good experience with Hdfc Life Insurance service.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • Bajaj Allianz Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have four policy's with Bajaj Allianz Life Insurance service. Tenure period is good with Bajaj Allianz Life Insurance service. The payments options are through online. It was an good experience with Bajaj Allianz Life Insurance service.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Life Insurance Corporation Of India service is good. They use to update with new schemes and offers. I have taken six policy's with Lic. The tenure period is for 20 years. I use to pay my premium through my credit card. It was an good experience with Lic.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • HDFC Life Life Insurance
      "Average policy to use"
      0.5 3.0/5 "Satisfactory"
      The HDFC life has offered me the Jeevan suraksha life insurance policy. The customer support service is not up to the mark with the HDFC life . They need to given proper response to the customers. The premium has been paid through online, before taking up the Hdfc life insurance policy , we need to check the benefits and the coverage before we go for the policy, the transparency is not seen int the process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • HDFC Life Life Insurance
      "Average policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the HDFC life insurance policy around 5 years ago. This policy has the tenure of 25years. The endowment plan has better plan benefits and the policy coverage . The communication part is not up to the mark with the HDFC life . The promises has not fulfilled with the the hdfc life.. The premium has been paid through online
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Better child plan "
      0.5 4.0/5 "Great!"
      The customer support service is good with the LIC and I hold a child plan life insurance policy, which is good to use and I have it for more than 5 years. I pay the premium amount of Rs,15000 every year once. I pay the premium though online mode which is easy to do.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good money back policy"
      0.5 4.0/5 "Great!"
      The money back policy has the tenure of 20years. The customer support service and the response is good with the LIC and I use the LIC Money back policy for past 8 years.The premium has been paid through online. The claim process is good with the LIC policies ,
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Better jeevan anand"
      0.5 4.0/5 "Great!"
      The claim process is good with the LIC life insurance policy ,The premium has been paid through online mode. I have got the LIC life insurance 5 years ago. This policy has the tenure of 20years. The premium amount of Rs,15,000 every year once,
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Life insurance with LIC "
      0.5 4.0/5 "Great!"
      I have taken life insurance with LIFE INSURANCE CORPORATION OF INDIA and the premium amount is 39750 yearly and i have to make the payment for 20 years and after 20 years i will get the sum assured + the bonus. The customer service with them is fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • Exide Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a EXIDE life insurance from last 10 years, the only benefit i found in this insurance policy is, they give good bonus when compared to other insurance companies. I pay my premium once in a year through net banking. I am satisfied with the returns of this insurance policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a long term policy. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year through net banking and i am convenient with the payment options. The maturity period for this policy is after 16 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 25, 2018
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