5 Reasons Why One Should Invest in Family Life Insurance Plans

5 Reasons Why One Should Invest in Family Life Insurance Plans

We all know how uncertain and unpredictable times can be. You never know when a certain mishap might knock on your door. In unfortunate cases such as the death of the family's sole breadwinner, the financial burden may fall upon the family.

As a result, the family might face a huge financial constraint and may find it difficult to achieve their goals. Therefore, having financial security for you and your loved ones is imperative in these uncertain times. Investing in a family life insurance plan is one of the best ways to provide financial security to your loved ones. Moreover, having invested in a family life insurance policy secures your family, helps them achieve their goals, and gives you peace of mind.

Let us look at what the family life insurance plan is and what are its benefits.

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

Our Intake

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.

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.

Suggested Plans

Bharti AXA Life Guaranteed Income Pro

  • A Non-Linked, Non-Participating Individual Life Insurance Savings Plan
  • 4 Income options to choose
  • Guaranteed 10% Addition of Annualised Premium (as per the terms and conditions of the policy)
  • Get all your premiums back at the end of the payout period under Long Term Income and Deferred Income variants
  • Flexibility to choose premium payment term or policy term

Bharti AXA Life Grameen Jeevan Bima Yojana

  • Non-Linked Non-Participating Life Term Micro Insurance Plan
  • Flexibility to opt for two plan options: Pure Protection Plan Option, Protection with Return of Premium Option
  • Flexibility in Policy Term/Premium Payment Terms
  • No medical examination
  • Tax benefits

Bharti AXA Life Shining Stars

  • Non-linked, non-participating limited pay endowment Life Insurance plan
  • Designed to take care of the financial needs of your child.
  • Flexibility to opt between 2 Maturity Payout Options
  • Flexibility in Policy Term/Premium Payment Terms
  • A great short-term investment option for a child insurance policy.