Benefits of Life Insurance

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 Sudden demise of a family member leaves the dependents grief-stricken and during such situations financial worries should be the least they should think of. An adequate life cover ensures that one's family is well taken care of in case of such incidents. The insurer pays up the bereaved family the sum assured along with any bonus or profits, as applicable 

Offers peace of mind, knowing that your loved ones will be financially protected in your absence. In case of an unfortunate event, you and your family are protected with a high risk cover. 

Death benefits are generally tax-free for beneficiaries. Under Section 80C of Income Tax Act, investments made in certain specified instruments are subject to tax rebate. Moreover, Section 80C is an effective way by which a salaried person can reduce his/her tax liability. Some policies offer tax-deferred cash value growth.

As per the policy provisions, you can borrow a certain percentage of the sum assured or the accumulated cash value of your policy. This option offers quick access to funds without having to undergo a lengthy approval process, making it a convenient and reliable financial resource in times of need. 

Life insurance policies, especially whole life, offer a savings and investment component alongside death benefits. These policies accumulate cash value over time, which grows tax-deferred and can be accessed through loans or withdrawals. The cash value can be invested in various funds, providing potential for financial growth. This dual benefit helps you build a financial reserve while ensuring your loved ones are protected, combining long-term savings with essential life coverage.

 Life stage planning involves adjusting your life insurance coverage to match your evolving needs. In your early years, affordable term life insurance provides basic protection. As you start a family, increasing coverage with term or whole life insurance helps secure your loved ones' financial future. During mid-career, permanent life insurance with a savings component can cover significant financial commitments and build cash value. Approaching retirement, review your policy to align with estate planning and retirement goals. Finally, in retirement, flexible policies can aid in managing your estate and leaving a legacy. Adapting your insurance to these life stages ensures it effectively supports your changing financial needs.