Basic Necessities of life, “Food, Shelter, Clothing and Life Insurance”

Where is no place on this earth which is safe from risk to life. Stay in the bunkers, or travel in a bullet proof car, fly in the air or get underwater in the submarine but there are always risks associated to life. As working class people, your lives are always in danger while traveling, working on machines and even when you stroll for a morning walk. Therefore, insuring your life becomes a necessity which will partially reduce those agonies for the surviving members of your family if they lose their breadwinner due to any unforeseen event. Life insurance provides for payment of a lump sum amount by the insuring company to the family of the insured in the event of unforeseen death of the insured. This money gives a sigh of relief until someone in the family is able to take over the responsibilities of the deceased. Therefore, getting suitable insurance is so important for the benefit of families.

As the breadwinner, we all care about our family a lot and wish to ensure their financial security in the best possible way if we are suddenly not around to fulfill our responsibilities towards them. A suitable life insurance policy is an ideal way to secure our family’s future. There are many insurance companies in India that offer life insurance options. Each insurance company has different types of life insurance plans to offer. Some are plain insurance where an insured pays a fixed amount every year for the rest of life. This amount is termed as premium towards your policy.

Another type of insurance takes care of building a savings, and is more popular these days. Insured people nowadays prefer savings-linked plans because the premium that they pay is returned at the end of the policy’s term, while at the same time it provides insurance cover to the family of the insured. It is like shielding your family from any uncertainties during the race of your life and you been rewarded with some amount at the end of you complete the race successfully. In addition to that, the premium also earns a return. Besides, the market is flooded with loads of investment-insurance plans, retirement plans, child plans, etc. While taking a suitable life cover it is important that you judge your insurance needs based on your age, your perception of cover for your family and your income.

Another good benefit for insurance buyers is the tax benefit that they get when computing the taxable income. A pre-determined amount is deductible from the insured’s income during a year, thereby lessening income tax liability. Many income tax planners use this facility to plan their tax liability. Most of the organizations insist their employees to buy an insurance cover, or subscribe to a life insurance plan wherein the company contributes a part of the premium amount.

With so many insurance companies and plans pooling up in the market it becomes difficult to select the right plan, especially if you do not know much about life insurance. But with the help of online research you can easily compare the cost of insurance, benefits etc. and also get variety of exciting offers on policies. Secondly, life insurance companies drive the insurance business through agents. If you can’t afford to devote your valuable time on research then you can entrust the job to a well known insurance agents. It is one of the reliable ways to ensure that you get best insurance quotes in less time without having to go through the hassle and tedious task calculations. Good agents not only help you to choose the most profitable policy but also assist in filing the claim and getting reimbursement in case of any trouble. These, agents undergo rigorous training before they work for an insurance company. License to agents are issued by IRDAI after they pass an examination.


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