What is a Family Life Insurance Plan?
A family life insurance plan provides financial security to your loved ones, even in your absence. It is both an investment plan as well as an insurance tool, i.e., you can not only insure your family financially, but you also have the provision to invest your money in the market in the form of stocks, shares, bonds, equity, etc. In case of the unfortunate and untimely death of the policyholder, the family will not have to face any financial burden. Moreover, they can achieve their dreams and goals without facing any hassles or financial restrictions.
In today's changing times, financial security has become one of the crucial aspects to tick mark in order to achieve your goals and financially secure your loved ones seamlessly. Let us look at a few reasons why investing in a family life insurance plan is necessary.
5 Reasons Why it is Necessary to Invest in a Family Life Insurance Plan?
1. Death Benefit
One of the major advantages of investing in a family life insurance plan is the death benefit. In case of untimely death of the policyholder, his family can claim the death benefits. As a result, one's family will not have to face any financial constraints and can achieve their goals without any hassle.
2. Financial Security of Family
Another crucial advantage of investing in a family life insurance plan is that it secures your family financially even in your absence.
3. Tax Benefits
The premiums you pay for a family life insurance plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. However, tax laws are subject to change from time to time.
4. Provision of Loan
Another advantage of investing in a family life insurance plan is that it gives you the provision of a loan, depending on the plan chosen, in case of any financial emergency.
5. Rider Benefits
Instead of investing in a whole new life insurance policy, a family life insurance plan gives you the benefit of rider benefits. Rider benefits such as accidental death benefits, critical health benefits, medication costs, etc., are included in this benefit
Investing in a family life insurance plan financially secures your loved ones even in your absence and helps them achieve their goals. You should look for a leading and top-rated family life insurance plan provider to help you secure your loved ones. A good insurance company offers various benefits such as hospitalisation charges coverage, free health check-ups, etc.