Life insurance is a very important requirement in life. IIFL Insurance makes no representation/s or warranties, express or implied, as to the accuracy, completeness, or reliability of any information compiled herein, and hereby disclaims any liability with regard to the same, including, without limitation, any direct, indirect, incidental, or consequential loss. The life and property of an individual are surrounded by the risk of death, disability or destruction. These risks may result in financial losses. IIFL Insurance is a prudent way to transfer such risks to an insurance company.
The insurance policy has details about the conditions and circumstances under which the insurance company will pay out the insurance amount to either the insured person or the nominees. Insurance is a way of protecting yourself and your family from a financial loss. Generally, the premium for a big insurance cover is much lesser in terms of money paid.
Benefits Of IIFL Insurance
We will tell you all about the multiple uses of life insurance and you will get to know exactly what life insurance can do for you.
Support your family after your demise
The main purpose of life insurance is to offer financial coverage to your family if you happen to die within the policy period. You pay the premium to the life insurance company. In return for that, the insurer promises to cover your life and if you die within the tenure of the plan, the sum assured is paid to your family.
Combines insurance and investment
Investments are crucial in everyone’s financial journey. However, investments carry risks and as a person with dependent family members, you may not want to risk your money. However, getting life insurance takes care of this.
Support you during your retirement years
Another important usage of life insurance in retirement planning. You can easily and effectively plan for your retirement years with the help of an annuity life insurance plan. Such a plan offers a life cover and simultaneously, gives you the opportunity to build up a retirement corpus. This is a major benefit you get.
Offer protection when you are ill or disabled
Life insurance can do some very amazing things for you. Life insurance coverage doesn’t just help your loved ones financially after your demise. It also offers a solid financial backup to you and your family if something untoward happens to you. This includes a serious illness such as stroke or cancer.
Take care of your child’s education
Your children are the most prized people in your life. You do everything to ensure they have a smooth and happy life. The child life insurance plans help you out here. You can get life insurance cover and secure your child’s future. The child plans, ULIPs, etc can be used to cover the financial milestones of your child.
Help save tax
Life insurance can help you save tax and that is a major advantage it offers. You can save tax on the life insurance premium you pay. A maximum tax benefit of INR 1.5 lakh per annum is available under Section 80C. There are other benefits available too if you take riders. For instance, for a health insurance rider such as a critical illness rider, you can get additional tax benefits under Section 80D.
The final word
As you can see, life insurance can do a lot for you! This is why experts all around the world tell you that life insurance is a big necessity in life. If you haven’t invested in a plan yet, do so right away. However, remember to do your research, get a plan as per your requirements and also get a smart and affordable cover. Once that is done, enjoy the protection it offers and also the other benefits and stay secured.