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Term Insurance: A Ticket to Long-Term Financial Security

November 04, 2016
The life insurance industry in India is now growing at a rapid rate, owing to the presence of private insurance companies as well as implementation of numerous government-based insurance schemes. The industry witnessed a premium income of around INR 1.87 trillion during the period of June 2016 to May 2017, thereby indicating the high level of life insurance penetration in the country.

The rise in the number of lives insured is mainly due to the numerous benefits life insurance plans have to offer. Investing in a life insurance policy is an important part of financial planning. Such a plan provides the much-needed protection to your loved ones in case of your sudden demise. During such an event, your family will receive the death benefit, which may then be used to meet various financial obligations.

Life insurance is an imperative tool for future planning. Following are the five major reasons why availing of a life insurance policy is a must for long-term financial security.

  1. Gives financial support

    The major benefit of a life cover is financial protection of your family in case you pass away. It provides them with a safety net. The death benefit amount may be used to cover day-to-day expenses, pay off any outstanding debts, or meet any other expenses. Invest in term plan and secure your family's future in your absence.

  2. Brings peace of mind

    Availing of an insurance plan provides coverage against the uncertainties in life. Knowing that you are covered at all times provides peace of mind. You are assured that your family's needs will be taken care of even in your absence.

  3. Serves as inheritance

    A life insurance policy helps you create an inheritance for your loved ones by naming them as beneficiaries or nominees. The amount that they will receive may be used to fund important milestones in their lives, such as marriage or further education. This will help them build a strong financial future and meet their needs.

  4. Replaces income

    In an event of death of the breadwinner, the family often suffers major financial losses. The death benefit of a life insurance plan acts as an income replacement. The amount received offsets the loss of income due to the unfortunate event of death.

  5. Long-term savings

    Life insurance facilitates the habit of systematic savings, thereby helping you build wealth over a period of time. You may use the amount to meet your long-term financial goals, such as living an independent life post retirement.

Life insurance is the perfect way to attain the benefits of financial security, protection, and risk minimization. Investing in such a plan is, therefore, an absolute necessity. You may select a life insurance policy that is best-suited to your needs and requirements and enjoy the numerous benefits it has to offer.

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