There are many financial investment plans, but life insurance can be considered one of the most important. There is a myth among people that when they get older they have to get one, but this is all so wrong. Bank deposits and other savings plans are other investment options, but insurance comes first.
In addition to being a means of financing the financial objectives of the future, it also ensures the safety of your loved ones in case of need. There are many valuable reasons why you should get a policy now.
• Security –
The first and most important thing it can provide is the financial security of your family after your death. None of us can see the future and there have been many cases of premature death each year. It is your responsibility and your duty to ensure that your loved ones stay safe even in your absence. Insurance plans can provide this security in various areas such as spending for your children, replacing the income that is lost with your absence.
• Helping achieve future goals –
When planning or deciding on a goal, you need to calculate how much money may be needed to reach that goal. An insurance policy can provide insurance in financing even in the most unfortunate situations.
• Retirement goals –
Life insurance can guarantee that every month a steady stream of income remains. When you invest regularly in a plan, a fixed income even after retirement is guaranteed. No one can guarantee that a person will have a longer working life, as there are many threats and problems such as illness and the rate of business burnout that can happen to anyone. A person’s retirement period can eventually become as long as that person’s work period, so it is very important to compile a large part of the work period so that the retirement period can be enjoyed in the right way. Spending an annuity can help get there.
• Tax benefit –
You get a number of tax benefits by purchasing an insurance policy as the maturity benefits are exempt from tax under section 10 (10D), and the premium paid may also be deducted when calculating your tax under the 1961 Income Tax Act.
So, you can see that there are so many advantages to buying a life insurance policy by giving security and also for investment and savings purposes. So it might be a good option to think about getting one at an early age.