Is Life Insurance Important Even if You have No Dependents?
There is a common misconception that you may not have to opt for life insurance if you have no dependents. Life insurance, in the plainest terms, is a line of financial defence that provides for your dependents in your absence. Essentially, if you buy life insurance cover, you have to pay premiums, and should an unfortunate event resulting in your demise occur, your dependents/beneficiaries receive a death benefit. This is a lump sum that is assured by your life insurance plan, and the payout depends on your coverage in terms of premium value paid. Typically, individuals who have dependents, like parents, spouses and children, opt for life insurance to secure the financial future of their loved ones in their absence. So, you may well ask why you need a life insurance plan if you have no dependents that will benefit.
Although you may not have any dependents in your current circumstances, you may have them at some time in the future. What if you decide to get married and have a family? In another situation, you may think your parents are young themselves and have enough financial security of their own. However, as you get older, so do your parents, and the financial security that they bank on currently may not suffice when they are older, and inflation catches up. To financially safeguard your loved ones, whether they are present in your life or not right now, you need to buy products like life insurance.
A large majority of the youth today do not view life insurance as crucial. The important thing to understand is that it brings many benefits for a policyholder. Hence, you may postpone buying it, but this will only cost you more. If life insurance is bought pre-emptively while you are young, you pay a lower premium than when it is bought when you grow older. For instance, if you delay the purchase of a life insurance plan, and opt to buy it at the age of 35 instead of at 25, the same plan may cost you more by 100%! Hence, just as a safeguard, you should buy a life insurance plan like the HDFC Life Sanchay Plus plan. You also stand to gain tax benefits with life insurance plans.
Through life insurance plans like the HDFC Life Sanchay Plus, you don’t just get financial security for dependents, but a whole lot of benefits that you can avail of as an individual. Firstly, you can opt for a policy that gives you a survival benefit payout from the first year of availing the plan. Therefore, you can avail of a stable income for your retirement. In a life insurance plan such as the HDFC Life Sanchay Plus plan, you get a survival benefit, if you survive the plan’s tenure. This helps you meet expenses you may have to incur in the future like unforeseen medical treatment costs, a child’s marriage, etc, with guaranteed benefit payouts. Other features include tax benefits, as per current tax laws, so you save money too. Additionally, you can have your total premium returned to you at the end of the payout period. Life has its own plan for you, and the most you can do is buy financial products that help you deal with uncertainties and future expenses. A life insurance plan lets you do this even if you do not have any dependents at present. The majority of people are prone to postpone the purchase of insurance, or even skip it totally. However, if you are prepared, you can handle any of life’s emergencies, so #SkipNahiInsureKaro
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"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
HDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245. IRDAI Registration No. 101.
Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. Email: [email protected], Tel. No: 1860 267 9999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g. +91 or 00. Website: www.hdfclife.com
The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.
HDFC Life Sanchay Plus (UIN:101N134V13) is a non-participating, non-linked savings insurance plan. Life Insurance Coverage is available in this product.
For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale
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- IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
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