5 Reasons Why Life Insurance Is Worth The Investment

The COVID-19 pandemic made us realise one thing for sure; uncertainties always arrive unannounced. In such circumstances and beyond, investing in life insurance is a must.Let's find out why:

Financial Safety:Your family depends on your income; you might be the only bread earner in your family. What if one day you met with some mishap? Investing in life insurance would support your family financially at such times. With the assurance of monetary stability, education, marriage or any other any financial liability can be taken care of.

Growth:Life insurance is also an area of making investments and growing your savings some life insurance policies allow you to invest into debt and equity in the security market. Basically, if you purchase a unit linked life insurance policy, you are required to pay a bit extra over your fixed premium. That extra amount paid by you will be invested into the market, which will accrue cash value. Hence, with the benefit of life coverage, you can also multifold your savings. It also helps you to discharge financial obligations.

Having a life insurance policy is not just assurance but an opportunity to turn your idle money into an investment. It will also help you to save and invest in an organised manner, while safe guarding your and your family's long-term interests

Inexpensive Investment Brings Peace of Mind: If you buy a life insurance policy early in life, the premium to be paid will be meagre with maximum life cover. Investing in life insurance brings you peace of mind along with financial security. It also saves you from insolvency. It could become the replacement of your salary in your hard times. You cannot avoid your demise; it has to come one day. In such a case, the only thing you can do for your loved ones is financial support by investing in a life insurance policy. Many insurance companies offer 'Riders' as add-on benefits attached to your policy which might cover accidental benefits, death contingencies, critical illness coverage, and much more.

Huge Tax Savings:The premium paid by you is eligible as a deduction from your taxable income upto 1,50,000 under Section 80 C of Income-Tax Act, 1961. The sum insured received at the maturity period or in case of demise of the insured is also tax-free under Section 10 D of the Act. These benefits qualify life insurance as a worthy investment for the money-conscious as it saves tax and diminishes the tax liability.

Retirement Benefits: You must be dreaming about your retirement days, then why not start preparing for the same? Life insurance is an investment for your golden years. Many insurance companies offer retirement plans with an insurance policy that caters to varied preferences. Having a life insurance policy is not just assurance, but an opportunity to turn your idle money into an investment. It will also help you to save and invest in an organised manner, while safeguarding your and your family's long-term interests. Also, it is incredibly easy to get them online with insurance platforms having taken the digital route with websites. With such a diverse range of benefits, you must consider getting life insurance as soon as possible.