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A life insurance policy is kind of a contract between you and your insurance provider. In simple terms, when you buy a policy, you pay a premium for a set period of time and in return your family will get financial security in case of untimely death and loss of earnings. Reliance Life Insurance coverage is one such option.
Why Is Taking a Life Insurance Policy Important?
If you are the sole or main breadwinner of the family, an untimely demise can potentially put your family in severe financial distress. Having life insurance gives you the peace of mind knowing that your family will have financial support even in case of your absence. Taking a Reliance Life Insurance policy works as a financial buffer to fulfil your family’s financial needs – whether it is for education or marriage expenses or just living expenses, even if you are not around.
Reliance life insurance allows your family to pay off any outstanding loans, medical expenses, etc. so that these responsibilities don’t cause an additional burden to them. Therefore, it becomes doubly important to choose the right kind of life insurance policy in order to enable your family to tide over a crisis.
Advantages of Life Insurance
Life insurance is an investment. Apart from providing your family with the financial support, Reliance life insurance can also be an investment choice. Reliance life insurance policies carry minimal investment risk and provide long-term benefits.
Retirement income on maturity. Many life insurance policies provide a maturity amount if you outlive the policy – this amount acts like a retirement income.
Coverage amount can be increased over time. If at present, you can only afford to pay a low premium, you need not worry. Over time, you can increase your insurance cover by paying slightly higher premiums for better coverage, as your income increases.
Lump sum benefit payable on death is exempted from taxes. A life insurance policy can also save you tax. As your income increases, so does the tax bracket. Opting for a life insurance policy not only gives you an income, it also saves your hard earned money from tax.
How to Choose the Best Life Insurance Policy?
There is no single policy that is perfect for everyone. You need to choose what suits your financial and family needs the best. Look at various products and compare them to find out the benefits. One word though – the earlier you apply for insurance, the better. As you grow older, the premiums become more expensive and the process can become longer and more complicated.
Who Can Apply for Life Insurance?
Whether you have quite recently begun your career, or are recently married to your partner, or have children, you can secure suitable coverage. It can end up being one of the best financial decisions you ever made.