Life Insurance

Why do I need Life Insurance?

Illness Protection:
As you head towards retirement, life insurance policies which cover
critical illnesses become important. Some life insurance policies offer
you features that cover you from severe ailments like heart attacks and
cancer. Buying these types of policies can protect you from some of the
world’s most deadly diseases.

Family Support:
If you have a spouse and kids, the need to build a safety net for them
becomes important. You would want to protect them from financial
hardship in case of your untimely demise. You can also get good returns
with life insurance by investing in some policies.

Savings Growth: In your early years of working, some life insurance plans can be useful way to save and invest your money. ULIPs
or Unit Linked Life Insurance Policies allow you to invest in equity
and debt markets. Under current tax laws (which are subject to future
amendment), you also get tax deductions for investment in life insurance
policies and on the maturity amounts of such policies.

Debt:
We often take large loans in our working life, especially when it comes
to buying a house. An untimely death while the loan is still due can
have grave economic consequences for our families. In such a scenario,
life insurance money can be used to pay off the loan. Policies taken
under the Married Women’s Property Act, 1874* are also immune from
attachment by creditors.