Life Insurance Policy Importance

Why Having A Life Insurance Policy Is Important

Why Life Insurance Is Important

Unless someone is fully privy to what life insurance plans have to offer, one may wonder if they should put their money in such policies.

Here are some reasons why life insurance is important.

Financial Security for Dependents

These policies can provide a lump sum payment to beneficiaries, ensuring they can maintain their standard of living. It can help them cover daily expenses, education costs, and long-term financial goals.

Debt Repayment

Since the benefit is paid directly to the nominee or beneficiary, it can help in paying off any outstanding debts such as home loans, personal loans, or credit card balances.

Peace of Mind

For the policyholder, it ensures their loved ones are financially protected, giving them peace of mind.

Tax Benefits**

Premiums paid as well as the benefit received are eligible for tax deductions as per the prevalent tax laws in the country and the tax regime chosen by the policyholder.

Benefits of Life Insurance

Here are some of the key life insurance benefits you can consider.

Financial Protection:

Ensures that your family’s financial needs are met even in your absence.

Wealth Creation:

Certain types of life insurance, like endowment plans, provide maturity benefits along with the death benefit.

Loan Collateral:

Life insurance policies can be used as collateral for loans.

Supplement Retirement Savings:

Policies like whole life insurance and annuity plans provide financial support during retirement.

Understanding why life insurance is important and the various life insurance benefits can help you make an informed decision about your financial planning. A life insurance calculator is a tool that helps you determine the right amount of coverage you need based on your financial situation, future goals, and current liabilities. This ensures that you choose a life insurance plan that adequately protects your family’s financial future.

Disclaimers:

**Tax exemptions are as per applicable tax laws from time to time.

IndiaFirst Life Insurance Company Limited, IRDAI Regn No.:143, CIN: U66010MH2008PLC183679, Address: 12th & 13th floor, North [C] Wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400 063. Toll-free No – 18002098700. Email Id:customer.first@indiafirstlife.com, Website: www.indiafirstlife.com, Fax No. +91226570600. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. Trade logo displayed above belongs to our promoter M/s Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd. under license.

IndiaFirst Life Guaranteed Protection Plus Plan

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Product Name: IndiaFirst Life Guaranteed Protection Plus Plan
Dropdown Field: Tax Saving
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Tailormade plans
Flexibility to pay premiums at your convenience.
Insure your spouse in the same policy
Cover till 99 years of age
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Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Plan

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Product Name: IndiaFirst Life Plan
Dropdown Field: Tax Saving
Product Description: A protection plan for your family that helps them stand independently! IndiaFirst Life Plan gives your family a financial cushion to fall back on in your absence.
Product Benefits: Flexibility to choose the duration
Family will receive the payout
Flexibility to choose the assured amount
Long term protection
Tax* benefits
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IndiaFirst Life Radiance Smart Invest Plan

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Product Name: IndiaFirst Life Radiance Smart Invest Plan
Dropdown Field: Investment
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10 different funds to choose from
3 plan options to achieve your investment goals
100% money invested for higher returns
Life cover charges returned at the end of policy year
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IndiaFirst Life Guarantee of Life Dreams Plan

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Product Name: IndiaFirst Life Guarantee of Life Dreams Plan
Dropdown Field: Savings
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Life Insurance Cover
Benefits of long-term Savings.
Protection even if you miss one premium.
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Indiafirst Life Guaranteed Single Premium Plan

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Product Name: Indiafirst Life Guaranteed Single Premium Plan
Dropdown Field: Guaranteed Returns
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One-time payment (Single Pay)
Tax saving benefits
Life Cover that is 1.25 times higher
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IndiaFirst Life Guaranteed Pension Plan

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Product Name: IndiaFirst Life Guaranteed Pension Plan
Dropdown Field: Retirement
Product Description: Make your golden years truly golden! Invest in the Guaranteed Pension Plan that is designed to guarantee an income for as long as you live.
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Choose among 5 different annuities.
Option to extend pension benefits to loved ones.
Return of purchase price
Increasing annuity(pension) option
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