The importance of insurance in our lives can never be exaggerated. It is one of the best risk mitigation investments that you can make to ensure that your loved ones are taken care of in your permanent absence. Different insurance products are available for different requirements. Life, health, home, car, marine are some examples of different insurance products. Choose your policy based on your needs and requirements. The policy you select should not only serve you but also make a difference to your family. Let us take a closer look at the benefits of insurance.

1. Death benefits Life insurance will protect the family from financial hardship in case of an unfortunate death of the policyholder. The insurance company will pay the sum assured in the contract, in addition to the bonus which is known as a death benefit. The family may never be able to fill the void created by the tragedy, but this financial support can make a huge difference.

2. 2. Grow your investment In some policies, you enjoy dual benefits --protection and investment. A part of your premium will go towards insurance and the balance will be invested in equity, debt, or a combination of both. This is one of the unique advantages of insurance. Hence, when you buy insurance, you can get coverage as well as generate returns on the investment. Some policies even allow you to switch between funds as your goals change.

3. Maturity benefits If you make no claim and have paid the premium regularly, then the total premium paid will be returned to you at the time of maturity. This way, you can save while enjoying a protective cover.

4. Tax benefits One of the top benefits of insurance in India is the tax benefit it offers. As per the Income Tax Act, you can get a tax deduction when you purchase insurance. You can reduce the tax liability by buying life insurance and medical insurance. The premium paid towards the life insurance policy is eligible for a deduction under Section 80C up to an amount of Rs. 1.5 lakh. Additionally, the payout you receive will also be tax-free. In the case of health insurance, you get a deduction under Section 80D. If you are paying a premium for your partner and senior citizen parents, you can get an additional deduction.

5. Meeting liabilities There are times when you need financial support and insurance will do just that. In case of a medical emergency, your entire savings could be drained and this is when the insurance policy will make a lot of difference. Such liabilities may continue to arise in our lives and dealing with them without steady income could be troublesome. In case of the unfortunate demise of the policyholder, the family may find itself neck-deep in debts and loans. Taking a life insurance policy can ensure that the family continues to have the same lifestyle even if the earning member passes away. That your loved ones will remain safe and settled is a nice feeling.

6. Riders A lot of insurance companies offer riders to enhance the coverage. The riders are available for all types of insurance products and you can choose them according to your needs. You can enjoy an additional cover by paying a small premium.

7. Meet your long-term goals All of us have set goals of travel, retirement, education and marriage of children, etc. But we cannot plan how our life goes. One medical emergency can upset every movement in our lives. Loss of an earning member will be a huge blow. Whether you are planning for yourself or your loved ones, insurance will ensure that you achieve long-term goals. Unexpected events or contingencies will not put an end to your goals and you will have the necessary financial assistance to turn your dreams into a reality. Whether it is a medical emergency, car accident, or any other loss, if you have an insurance cover, the insurer will compensate for the same.

Do not delay the purchase of insurance which is an absolute must in today’s times.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.