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Why Life Insurance Policy Should Be in Your Financial Plan

Every New Year we make resolutions, many of us make resolutions and set realistic goals for the upcoming year. One such popular resolution is – to plan your finances. There is no better time than New Year to take your finances to the next level. The most effective way to add robustness your financial plan is through life insurance. It is extremely important for every individual to first think about the financial security of his/her family and then ponder about the other aspects of financial planning. Hence, life insurance needs to be the key ingredient in an individual’s financial objective.

Here’s why you need to have a life insurance plan:

1. Financial security – It ensures your loved one’s financial security when you are not around. It takes care of the liabilities so that they continue to live the same lifestyle that you provided them.

2. Tax Benefits – Life insurance also offers tax benefits. As per section 80C of the Income Tax Act, you are liable to pay tax on the premiums paid towards the insurance policy.

3. Great investment option – Other than term insurance, most of the life insurance plans offer investment along with insurance options. Based on your financial goals, there are a wide range of insurance policies for you to choose from.

4. Helps in achieving long-term financial goals -In case you have long-term financial goals such as buying a house, planning your retirement, then life insurance is the ideal bet for you.

5. Complete peace of mind – Apart from other benefits, life insurance also offers complete peace of mind. Death is unpredictable. Thus, in case of any mishap, the least we can do for our loved ones is secure their future. And this can be done with the help of life insurance.

6. To plan your retirement goals – Life insurance also helps you plan for your retirement so that you live a stress-free retirement life. Their pension plan ensures that you get regular income every month even after retirement.

Who needs life insurance?

Anyone who has dependents and is the sole breadwinner of the family needs to consider buying a life insurance policy. Believe it or not, buying life insurance is one of the most significant financial decisions that everyone should make. It will reduce the financial burden on your family in your absence. And will also help them in achieving the goals and milestones that both of you planned together.

Conclusion

If you care for your family, then put life insurance on the top of your financial plan. Because by adding life insurance in your financial plan, you make sure that the future of your family is financially secure whether you are there or not.

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