Advantages Of Life Insurance

By | July 1, 2016

Advantages of Life Insurance

Life Insurance is an important addition to your financial portfolio. Life Insurance has various advantages that can guarantee your own financial security and that of your family as well. Let us tell you how your Life Insurance can be beneficial to you apart from giving your loved ones death benefits.

Access to Cash  

Give it a few years and once your insurance premiums accumulate, your policy’s cash value can be accessible as a loan withdrawal. This can be useful if you want to fund business opportunities, education or retirement income.

Financial Safety

Life Insurance can provide you with a financial safety net when you or your family faces a financial crisis. Your Life Insurance can ensure your family has a comfortable lifestyle if you are not around to support them.

Additional Reading: Four Reasons to Get Term Life Insurance Online

Return on Investment

Life Insurance gives you guaranteed long-term returns. With Life Insurance, the insured person can benefit from periodic bonuses that are accumulated in the cash value of the policy. The money you invest in Life Insurance will be returned as Sum Assured on maturity of the policy tenure or on the demise of the insured person.

Tax Benefits

You can avail of tax benefits on your Life Insurance policy under Section 80C of the Income Tax Act. You can claim tax deductions up to Rs. 1,50,000 on Life Insurance under Section 80C.

Life-Stage Planning 

With various types of Life Insurance plans available, you can plan your financial goals. You can use Life Insurance plans to plan finances for your different life stages. Save up for your child’s education, marriage, your dream home or your retirement years. All with Life Insurance.

Additional Benefits     

You can add benefits to your Life Insurance policy. Life Insurance riders offer you a more comprehensive policy. Additional benefits on a Life Insurance plan include critical illness cover, personal accident cover and waiver of premium benefit, among others.

Additional Reading: When is the Right Time to Buy Term Life Insurance?

With Life Insurance, you can forget your worries and ensure your family’s financial security.

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About Dheeraj Kapoor

BankBazaar is the world's first neutral online marketplace for instant customised rate quotes on Loans, Credit Cards, Insurance and Investment products. Shop for financial products just like you buy everything else now - online.

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