Aditya Birla Sun Life Insurance Company Limited

Needs and Benefits of Life Insurance

Icon-Calender 14 March 2024
Icon-Clock3 mins read
Rated by reader
https://lifeinsurance.adityabirlacapital.comExit Intent PopupCLOSE-BUTTON

Get Guaranteed Returns After a Month^

Unlock the Power of Smart Investment!

*Min 3 characters allowed
+91
*Please enter a valid 10 digit Mobile No
https://lifeinsurance.adityabirlacapital.comExit Intent PopupCLOSE-BUTTON
ICON-TICK

Thank you for your details. We will reach out to you shortly.

https://lifeinsurance.adityabirlacapital.comExit Intent PopupCLOSE-BUTTON
ICON-TICK

Currently we are facing some issue. Please try after sometime.

Needs-and-Benefits-of-Life-InsuranceNeeds-and-Benefits-of-Life-Insurance_M
  • Icon-Index
    Table of Contents

    Buying life insurance has become extremely simple and also necessary in India. Life is completely unpredictable. Things can change in the blink of an eye and plunge the family into chaos. Since there is no way to avert or eliminate a tragedy, it is better to buy life insurance to safeguard one's financial future.

    Need For Life Insurance

    There are three primary reasons why life insurance is necessary. They are:

    • Providing for the family: Your family depends on you for all its expenses. Hence, your absence in the future can spell doom for their hopes and dreams. A life insurance policy reduces their dependence on one breadwinner and helps run the household.

    • Paying off debts: Your unpaid loans (house or business loan, private debts) can haunt your family in your absence. Creditors may harass your family for their money, and your loved ones may be forced to sell the house to pay off these debts. Instead, your life insurance policy can repay your debts and save your loved ones from uncertainty.

    • Achieving milestones: You may take a life plan that matures after a certain number of years. This means that you will get a large fund after maturity, which you can use for crucial expenses like children's future education and even buying a second home. Thus, your policy maturity can be timed to pay for milestones in your life.

    Benefits Of Life Insurance Policy

    There are many benefits – and no disadvantages – of taking life insurance. The most important benefit of life insurance is that it protects your loved ones against the perils of a lack of income in the future. Just as you are currently invested in providing for your family, the life plan provides a stable fund that your loved ones can use in your absence.

    Apart from plans that cover both individuals and families, there are life policies designed for children and company employees, too. Many life insurance plans offer a maturity benefit as well as a death benefit. Plans with a maturity benefit can be useful to you even when you are around. They help you plan your financial future in a more systematic manner (as outlined above). Meanwhile, the death benefit of life insurance helps the family tide over the sudden loss of your income and helps keep the family savings intact for bigger purposes like paying for children's education or emergency hospitalisation.

    Investment With Life Insurance

    Insurers in India have now broadened the scope of the need for life insurance with the need to earn good returns on the investment. This has spawned such innovative life insurance solutions as endowment plans, annuity plans, retirement or pension plans, savings plans, etc. All of these are insurance products that offer the dual advantage of life coverage as well as the opportunity to earn capital gains on the investment.

    How Much Helpful You Found This Article?

    Rating_Star
    Rated by 0 reader
    / 5 ( 0 reviews )
    Not helpful
    Somewhat helpfull
    Helpful
    Good
    Best
    RatingTick

    Thank you for your feeback

    Don’t forgot to share helpful information in your circle

    About Author

    Thank you for your details. We will reach out shortly.

    Thanks for reaching out. Currently we are facing some issue.

    Buy ₹1 Crore Term Insurance at Just ₹508/month*

    Please enter a valid First Name.
    +91Icon Phone
    Please enter a valid Mobile Number.
    *This field is required.
    Plan Logo

    ABSLI Salaried Term Plan

    Exclusively For Salaried Individuals

    Icon-Illustration Insurance

    4 Plan Options

    Icon-Whole life cover

    Life Cover upto 70 years

    ICON-CLICK

    Optional Accelerated Critical Illness benefit

    ICON-CLICK

    Inbuilt Terminal Illness Benefit

    Life Cover
    ₹1 crore

    Premium:
    ₹508/month*

    *LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6100/- ( which is ₹ 508.33/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
    ABSLI Salaried Term Plan (UIN:109N141V02) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
    ADV/7/24-25/899

    Subscribe to our Newsletter

    Get the latest product updates, company news, and special offers delivered right to your inbox

    Thank you for Subscribing

    Stay connected for tips on insurance and investments

    *Please enter a valid Email ID