Do Not Miss Out on These 8 Benefits of Life Insurance

How many times have said No to Life insurance? Does it not come back knocking back at your heart in some form or other? It is great to live in the Now! but it is even wiser to be prepared for your Future! Life insurance helps you guard your family's future, create wealth, and save taxes – What do you wait for? Here are the 8 benefits that you and family would stay drenched in abundance and live with utter peace of mind, at least financially!

What is Life Insurance?

Life insurance is basically an agreement between the insurance company and the person buying the policy (the insured) that promises a pre-determined amount in the event of the death of the insured. The insured has to pay a fixed premium to the insurer either on a monthly/ quarterly/ yearly basis, as agreed by both parties. The sum assured is paid to the nominee stated in the contract (usually a family member) if the insured dies within the policy period.

Therefore, having a life insurance policy will empower your family to not only sustain their current lifestyle, but also attain all the financial goals and milestones you set together, even in your absence.

As per the statistics collected by the Insurance Regulatory and Development Authority of India (IRDAI), in the Financial Year (FY) 2015-16 the life insurance sector recorded a premium income of Rs. 1.38 trillion showing a 22.5% growth rate. 

This shows a growing awareness about the benefits of purchasing life insurance and is definitely a positive change.

Let us understand this further by going through each benefit individually.

1. Protect Your Family From a Life of Compromises:Life insurance can help provide peace of mind that your family will have some financial protection upon your passing and Your family will never have to compromise. The death benefit can provide assistance with things like mortgage payments, care of disabled loved ones and basic needs like food and child care. Ultimately it could allow your loved ones to maintain their current standard of living without worrying about the lost income.

2. Secure Your Family's Dream:The cost of final expenses, things like funeral costs, often amount to thousands of dollars — that’s a hefty out-of-pocket cost that you probably don’t want your family to be troubled with. Life insurance can help pay for things like the burial and funeral service, among other things.

3. Plan Your Child's Future Needs:If you were to pass away from a health-related issue that racked up a substantial amount of medical bills, life insurance could help your loved ones pay them off.

4. Maintain Your Lifestyle's even after retirement:This is a way that life insurance can help your family financially while you’re still living. Once you’ve built up cash value, you can borrow* against it to use it as a loan to go towards things like a down-payment on home, school tuition, investing in a business, etc. — the cash value is available to use as you please. However, if you don’t pay back the loan before you die, the outstanding loan balance plus any unpaid interest will be deducted from your death benefit.

5. Save and Grow your Money:Our Savings and Investment plans are life insurance plans that offer you multiple avenues to save and to grow your money. These online investment plans help in systematic and disciplined investment ensuring that you and your family achieve your financial goals.

6. Financially Secure Your Family's Health: HDFC Life and Apollo Munich Health Insurance have joined hands to bring you the benefits of health and life insurance in a comprehensive and affordable Click 2 Protect Health.So nothing comes in the way as you and your family lead a life of pride.

7. Enjoy Tax Benefits: There are several plans available that we can help you achieve the Tax benefits conveniently. For example,HDFC Life Click2Invest - ULIP is a online Unit linked plan in India that offers you market linked returns,charges you minimally, provides your family with valuable financial protection and best meets your investment needs.

8. Leave Behind a Legacy: With assured pension plans, not only you live your life without any compromises, but you leave a legacy for your family to take over. For example, HDFC Life Assured Pension Plan – ULIP" is a Unit Linked Plan that offers you market linked returns, with Loyalty additions and helps you achieve your retirement goals by planning well in advance and leave behind a legacy.

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