Life is a journey filled with incredible moments, both big and small. While the path may sometimes seem unpredictable, one thing that remains constant is our financial responsibilities. Just as you prioritise your health and well-being, considering life insurance can be a powerful tool in ensuring a secure future for yourself and your loved ones.
Statistics about the lack of insurance among nearly 400 million individuals indicate less knowledge about them. Let’s understand the benefits of life insurance and help you focus on your health while being assured about your financial position.
7 Benefits of a Life Insurance Policy to Leverage
Life insurance is a policy that functions as an investment and an aid to accumulate wealth. However, you must know the policy’s present-day benefits before getting one. Here are a few benefits of life insurance policies to help you find a suitable one:
- Securing Your Child’s Dreams
Every parent wishes to see their child aspire to greatness. With a child education plan rider attached to your life insurance, you can ensure their education continues uninterrupted. From school fees to college expenses, it’s like gifting them a brighter future.
- Building Wealth over Time
Did you know some benefits of life insurance policies also include a cash value component? Well, these plans offer death benefits and accumulate value over time. This means you can access funds for emergencies, retirement planning, etc. Moreover, in case of unforeseen events, it offers lumpsum assistance for the nominees.
- Tax Advantages
In India, most life insurance policy payouts are tax-free, up to ₹1.5 lakhs. This means that they are immune from income tax up to that amount. This is a smart method of saving money for the precious items you and your family own. Put another way, you will receive payment for the costs of your policy twice: once upon maturity and once through tax savings.
- Tailored to Your Needs
One of the most famous benefits of life insurance is its flexibility and accessibility. Various unique policies, such as pure term insurance, whole life insurance, or ULIP, are available in the market.
- Business Continuity Made Easy
Utilising life insurance advantages can save your life if you’re a business owner. These policies can greatly protect your business from financial losses. It helps avoid the fall of any financial liability either on the family members or the present business partners.
- Ease of Accessibility
Thanks to the digital age, life insurance with benefits has become more convenient and accessible. You can now explore a range of plans from various companies and compare features and premiums at your own pace without pressure.
You can get instant and personalised testimonials, make informed decisions, and access 24/7 customer support. Moreover, the process is now digital, quick, efficient, and environmentally friendly.
- Retirement Planning
Life insurance not only secures your retirement but also cements your savings. Some of the many benefits of life insurance include a savings component that complements the death benefits. That is to say, you can save a lump sum of the investment for your retirement years.
You can decide if you want to receive a regular income or a lump sum upon maturity. It all depends on your financial breakthrough and needs post-retirement.
Tips to Maximise Benefits of Life Insurance Policies
Life insurance is a long-term investment, and its benefits are varied. Therefore, you must know a few tips to help you maximise them. Here are a few worth considering:
- Right Needs, Right Policy: Tailor coverage to your and dependents’ needs, debts, and desired future.
- Young & Healthy = Savings: Lock in low premiums early and stay healthy for potential discounts.
- Review Regularly: Life evolves, so adjust coverage for life’s big moments.
- Riders Rock: Customise with add-ons for extra protection.
- Shop & Compare: Don’t overpay and find the best deal for your financially stable future.
- Honesty Pays: Disclose health conditions to avoid claim issues.
- Auto-Pilot Payments: Never miss a premium, and set up automatic payments.
- Beneficiary Check-Up: Keep beneficiaries updated and consider multiple options.
Secure Your Future with Life Insurance Today
Life insurance has emerged as a significant component of an extensive financial plan. It provides long-term security for families facing unexpected challenges. It is wise to select an insurer such as Canara HSBC Life Insurance. They offer a variety of insurance products, including online options like Young Term Plan and iSelect Guaranteed Future. They also offer resources, such as calculators, for child education and retirement preparation.
They provide multiple online calculators to assist with retirement planning, child education planning, and carry out other insurance-related calculations. So why wait until it’s too late? Visit Canara HSBC Life Insurance’s official website to purchase your policy today to receive the maximum benefits.
