by Jenny Dsouza
Published Tue, Jan 10th 2017, 09:20 | Finance
While we are still vital and healthy, it always seems too early to make a will or get life insurance. Although it might seem cruel to burst this bubble of complacency, the reality is that life is uncertain. In a July 2015 article, The Times of India reported that more than 1.41 lakh people lost their lives in India due to road accidents in 2014. This means that more than 16 people died every hour to do crashes! Although the statistics do not reveal how many of these people were young, vital individuals, we can easily assume that none of them expected their life to end that day. The situation is even worse for those who are left behind, not only to cope with loss but also to find ways to carry on in the absence of a crucial family member. So, this year, show your family that you take their well-being very seriously and ensure that they are financially secure for the future by choosing from among the best life insurance in India plans in India. If you aren't convinced yet, read on...
Life Insurance Means You Care Expression of Love: A life insurance in India policy is a very tangible expression of your concern and of course love for your family. A well thought through policy will not only help your family members remain financially secure even after the loss of a breadwinner but they can use the tax-free death benefits to pay for important things, like education or marriage of the children. In case of your premature demise, your family will also be able to take care of any pending loan repayments.
Leave an Inheritance: What if circumstances were such that you were snatched away from your family before you had time to build good enough savings to leave behind for your children? Even if you were unable to accumulate any assets for your heirs, the sum assured from your policy can actually give a good corpus of funds with which they can build a strong financial future.
Improve Your Credit Rating: While many of us are aware of the tax saving advantages of taking on life insurance in India, not as many might be aware that your regular premium payments could work wonders on your credit rating. What this essentially means is that the next time you apply for a loan, the bank would look upon your application more favourably and might even sanction a higher amount than it would have if your credit rating were not as good.
Help while You're Alive: Yes, life insurance in India plans are not just for after your demise, they are also advantageous for the living. Did you know that you could take a loan against your policy in India? You can also use it to pay for immediate needs, such as hospital bills or business expenses.
Source: http://tinyurl.com/jcbumbu