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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
    • LIC Life Insurance
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have been holding my life insurance with Life insurance corporation, they are government institution i have trust in this insurance company i use to pay premium in quarterly bases and i use to pay through off line, there customer service was good they have explain me about my policy coverage clearly.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 14, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Need improvement on customer service"
      0.5 3.0/5 "Satisfactory"
      I think their customer service should be improved, I have taken jeevan anand it has the total term of 15 years. I need to pay for whole premium. The life cover is available upto certain period. LIC very much provides tax benefit, its good for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied my life insurance with life insurance corporation of India long back, i use to pay premium per month, and they have charged premium up to 2,000 rupees it nominal and i use to get auto debit, there customer service team had explained me about the policy clearly when i had applied this insurance.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied my life insurance with life insurance corporation of India long back, i use to pay premium per annum , and they have charged premium up to 7,000 rupees it nominal and i use to pay through cash or cheque, there support team had explained me about the policy clearly when i had applied this insurance.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Nov 14, 2018
    • HDFC Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance policy a long time back and the process was done online. I had been making the payments on a monthly basis and the premium amount of 1000 has been good. The premium method also has been good and there has not been any hassle faced with them so far.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • Bharti Axa Life Life Insurance
      "Fraud Scam"
      0.5 0.5/5 "Unacceptable"
      Entire Bharti Axa team member is fraud. They have surrender my 12 year old policy putting my signature on the surrender form. They have done forgery, done fake signature & withdrawal my money. I have complained on 2nd Nov. Since no proper resolution. my policy number 500-0035682. Request not to purchase policy from this company. Later, I came found, almost all the employee involved through out India in this fraud scam.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Due reminder should be timely"
      0.5 4.0/5 "Great!"
      I do have one or two life insurance policy with LIC. It was taken long back, its a long term policies. I am paying around 5000 quarterly. It is a conventional policy and I will getting a maturity benefits. I am making the payment through online. The premium reminder update is not that good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have taken 2 life insurance policies with HDFC Life, one was taken in the year 2007 and other is year back. I am very much satisfied with the policy coverage and benefits. They have introduced term plan and giving partial disability benefits. I am paying the premium of 3700 rupees monthly through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Its Trusted"
      0.5 4.0/5 "Great!"
      Major factor I selected the LIC its govt one and its trusted one. The premium I used pay around Rs. 44k for one year for one policy. its a long term. Agent wont respond properly, they interested to sell the policy then they wont respond it. I need to work on the beneficial part.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good policy to have"
      0.5 5.0/5 "Blown Away!"
      I hold a term insurance with HDFC worth of Rs. 15 lakhs. I opened a term insurance in the year of 2013. I have been paying the premium of Rs. 6174. I have chosen the annual payment mode. Total tenure period of the policy 15 years. This is tax benefitable policy. Since I'm a existing customer of HDFC, i have chosen the same company.
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I had taken an insurance for my daughter with Life Insurance Corporation of India. Actually its a 38,000 rupees policy and I got the double the amount of the policy. The service are good and nice. Every quarter I pay around 1100 rupees. The premium was paid through an LIC agent. The policy period for money back is 8 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken my endowment policy with Life Insurance Corporation of India. My first endowment policy was taken in the year of 1995. I used to pay the premium of Rs. 3000 and i have chosen the monthly payment mode. My friend who is working in LIC has referred me about this Endowment policy. This is a tax benefitable policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • SBI Life Life Insurance
      "Average Policy"
      0.5 2.0/5 "Expected more"
      I used to get a reminder notification messages after 6 months of policy expiry. They used to charge some penalty for my policy. I have purchased the children policy for my children. I withdrawn this policy in 2006. Total tenure period of the policy is 18 years. I get a proper response from the customer care service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • SBI Life Life Insurance
      "Satisfied policy. "
      0.5 4.0/5 "Great!"
      I have got my accidental covered life insurance policy with SBI LIFE. I used to pay the premium amount of Rs. 1000 per annum. I used to make the premium through my account. They have given me a claim amount of Rs. 20 lakhs. I have purchased this policy only for me and i have to renew the policy every year. 3 months back, i had renew the policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      Of course, this is a tax savings policy. I did not get any necessity to call their customer care services. The payment options is difficult. Through website i have to pay and i don't have proper interface for making a payment. I just taken the policy only for tax. Through agent i have bought this policy. I am paying the premium amount of Rs. 45000 in a year. I have chosen a half yearly payment mode.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Recommendable Insurance company"
      0.5 5.0/5 "Blown Away!"
      In front of LIC no other insurance company can survey, the infra structure is wide they are best in the market. In shublabh plan, I should pay the premium for 10 years after 15 years get the money, life cover age is there and they give additional five years cover.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
    • LIC Life Insurance
      "Good Insurance company"
      0.5 5.0/5 "Blown Away!"
      I am using LIC policy for very long time, its trust worthy. I am not sure about the premium. But its economical for the long term policy which I taken. They have different payment option to make my premium. They have life cover and accidental life.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 12, 2018
    • LIC Life Insurance
      "Trust worthy"
      0.5 5.0/5 "Blown Away!"
      I am paying the premium from child hood, I trust LIC because my father, grand father everyone used it. I am not sure about the matured benefits but tax benefits is good . Payment option is convenient, I can check the statement through LIC website.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 12, 2018
    • LIC Life Insurance
      "Benefits should be improved"
      0.5 5.0/5 "Blown Away!"
      Every people trust on LIC, I have money back policy with them. Per month I am paying Rs. 4500 for total tenure of 25 years. As compared to other policy they are not providing proper benefits but still we trust the insurance company because of the reputation. Still need to work on the benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 12, 2018
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