Life is unpredictable and one never knows when ill fortune may strike. Life insurance products provide financial security to the family and help them maintain their lifestyle and this benefit can be purchased at a very affordable cost.
By making small and sustained every year in an appropriate life insurance policy, one can ensure that enough money is saved over longer term to successfully meet specific financial goals such as child education, marriage or estate planning. The unique feature of life insurance policy is that once bought, these goals are secured for the family even in case of untimely death of the life assured.
We must think about the longer period of expenses without an active income source. This problem only gets accentuated with inflation and added burden of medical costs at older age. It is critical that retirement planning begins early in our working lives. Life Insurance is a very effective tool to mitigate that risk and ensure enough provisions are made to have a sustained standard of living at older age
As a person ages, health issues arise. This may result in huge monetary outflows either for yourself or your near and dear ones, especially parents. Life insurance products help in overall health scenarios and provide financial protect and erosion of accumulated savings.
Life insurance serve as an effective tax saving tool as contribution towards life insurance premium and income from certain life insurance products are tax efficient. Please consult your tax advisor for more details