Urban India: Increasing Awareness About the Importance of Buying Life Insurance in the Post-COVID Era

The covid-19 pandemic has raised various challenges for people all across the globe. People have now become more aware of investment and provision of life cover for their loved ones for the sole reason that unfortunate mishaps don't have warnings. Before the Covid-19 pandemic era, people weren't much aware of the importance of having their life insured and creating a financial backup for their loved ones in case of their absence.

People have become ascertain towards life insurance importance and its benefits post the Covid-19 pandemic era. People have now started to invest in life insurance policies to shelter and secure themselves and their loved ones from unforeseen mishaps such as the death of a family member.

Importance of Life Insurance at Every Step of Life

This article is about increasing awareness about the importance of buying life insurance in the post-covid-19 pandemic era. Following are some points that will help you get the importance of life insurance :

1. Health is Wealth

People have become much more aware of their health status and have realised life insurance importance and benefits. Moreover, people have had a better insight that health and wealth are two of the chief and foremost factors that are required for survival. No doubt, people are earning through hard work. What about intelligent work? Have you thought of investing your hard-earned money and letting it grow as well as insuring your family at the same time?

Having invested in a life insurance policy provides you with dual opportunities of insuring your family and investing your money in the market in shares, bonds, stocks, etc.

2. Securing Your Family

The covid-19 pandemic era has taught us how uncertain life is. Therefore, one of the most crucial factors of life insurance importance is that it provides a financial roof on your family in case of any unfortunate mishap and uncertain times, such as the death of the family's breadwinner. In such cases, you wouldn't have to worry if your family will face any financial constraints in your absence.

3. Death Benefits

Another determining factor of life insurance importance is death benefits provided to the investor and his family. In case of an unfortunate event of death of the investor, their family will receive a lump sum amount of money in the form of death benefits.

As a result, even if you are the sole breadwinner of your family, you wouldn't have to worry about your family's financial requirements. They will be able to achieve all the goals and dreams without compromising anything.

4. Tax Benefits

Another feature that contributes to the importance of life insurance tax benefits. Under section 80C of the Income Tax Act, 1961, the premium paid by the investor are eligible for tax benefits up to Rs. 1.5 lakhs annually. However, tax laws are subject to change from time to time.

Wrapping Up

Covid-19 pandemic has shown people how grave and daunting times and situations can be. Therefore, it has become imperative to secure yourself and your family financially. Therefore, there has been an increase in life insurance importance amongst people to secure their families in grave and uncertain situations.

You should be relaxed when you invest in a life insurance policy. You should go for a life insurance company that takes care of securing your family financially and helps you fulfil your dreams and goals.

Disclaimer:

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

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