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Why Should You Take A Life Insurance Policy

Why Life Insurance? Any individual on whose income someone is dependant should take

a life insurance to guarantee financial security of the dependant in case of untimely death or terminal illness of the earner. This is the key intention of a Life Insurance Policy. However, life insurance policies offer a plethora of choices securing not only the future of your loved ones but also your own by acting as investments thus providing for your financial needs like buying a house, marriage and post retirement needs.

Life Insurance as Mortality Risk Cover: Often an income earner has others depending on him for financial needs, they maybe one"s children, parents or other family members. Life Insurance is a contract between the policy owner and the insurer company offering life insurance, to pay a designated sum to the beneficiary if death or critical illness of the insured occurs. Thus, life insurance is a way of providing a security blanket to those dependants in the unfortunate event of the death of the earner by ensuring for them an amount of money enough to meet all the needs and protecting them from financial hardship.

Life Insurance as Investments: When you choose to take an insurance policy, you systematically set aside an amount towards the periodic payments of premium thus "disciplining" yourself to save. This money is further invested depending on the type of product you have bought, for example in ULIP. While one portion is set aside for term insurance (death risk cover) the remainder may be invested in debt / equity markets according to your risk appetite thus leading to wealth generation over a period of time.

Retirement Benefits: Life Insurance products like Pension plan / Annuities ensure wealth accumulation to provide a regular source of income after retirement.

Tax Saving Benefits: Most insurance products in India fall under EEE category i.e. they are exempted from being taxed during purchase, the tenure of the policy and upon its maturity. So you save money not only at the time of buying the product but even the appreciation at the end of the term is tax exempt.

So, taking a life insurance policy ensures the well being of your family and helps you meet your life"s requirements like buying a house, car, child education/ marriage, medical needs and continue living the same lifestyle even after retirement.

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