Why to buy a life insurance and what is the right age for it?

Purchasing a life insurance policy is probably one of the most important purchases you’ll make in your life. A life insurance plan is the perfect way to safeguard your family’s future in your absence. Even so, there are those who still hesitate from getting one, or simply happen to think it’s not important. For them, we provide 5 solid reasons why getting life insurance is a must.

Protecting Your Family’s Future

This is the basic and most important benefit of your life insurance policy. Life is uncertain, and so it’s necessary to take necessary precautions to tackle those uncertainties. The money your family will receive in the event of something happening to you, will help them sustain their life and not put them in a difficult spot financially.

Tax Benefit

Yes, there is a tax saving benefit to life insurance as well! The premium you pay for your life insurance has a tax benefit of Rs 1.5 lakh irrespective of the life insurance policy you opt for.

Retirement Savings

Most life insurance plans come with a return of premium at maturity of the policy. A lifetime worth of premium makes for a good amount for your retirement funds.

Debt Payment

Your personal liabilities in terms of home loans etc. will invariably fall on your family’s shoulder if something were to happen to you. In such cases, the claim amount your family will receive from the insurance will help them clear the debt in your absence.

Peace Of Mind

Life and death is not something you can control, but buying an insurance policy is something you can most certainly do. Even if your policy is small, you can live with the peace of mind that you have done all you can to cover your loved ones when you are no more.

So, now that you know of the benefits that come along with your life insurance plan, all that is left is to go about and get one. If for any reason you feel that you should wait a few more years before purchasing it as you are in the best of your health, let us tell you the sooner you get your policy the better it is. The optimal age is under 35, as your premium cost is low and the cover is high, resulting in you saving a lot on premiums and taking the benefit of a good cover. Having said that, no age is wrong to get a life insurance plan, so if you have missed on the 35 age cut, fret not, go ahead and get one now. You can choose from a wide range of Life Insurance Plan from Tata AIA Life Insurance which suits your financial requirements.