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What is Life Insurance?
Life Insurance ensures that your family receives financial support in your absence. In other words, life insurance provides a sum of money to your family, in case something happens to you. It protects your family from financial crisis.
In addition to serving as a protective cover, Life Insurance acts as a flexible money-saving instrument, which empowers you to accumulate wealth- whether to buy a new car, get your children married or even retire comfortably. Life Insurance also triples up as an ideal tax-saving instrument.  

Why do I need life insurance?

Who will take care of my family if something unfortunate happens to me tomorrow?
If this question bothers you, then Life Insurance is your answer. The loss of a loved one is itself a traumatic experience, and to add to it if your family is left without sufficient money to meet basic living needs or prepare for future goals, they will also have to cope with a financial crisis. A Life Insurance plan ensures that your family is financially secure even when you are no longer around to care for them.
Key Benefits of Life Insurance  
  • Need for Life Insurance
  It becomes imperative to make the right choice when investing your hard-earned money. Life Insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals and protecting your assets. Let us look at these unique benefits of Life Insurance in details.  
  • Goal based savings
All of us have some goals in life for which we need to save. For a young newly married couple, it could be buying a house. Once they decide to start a family, the goal changes to planning for education or marriage of their children. As one grows older, planning for one's retirement begins to take precedence.  
As your financial goals change as per the life stage, the instrument in which you invest should offer corresponding benefits pertinent to the life stage.  
Life Insurance is a unique investment option that offers specific products tailor-made for different life stages. It ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.  
How much insurance do I need?  
Before buying an insurance policy, it is always important to find out the amount of life insurance cover you need. The following factors should be considered before buying a life insurance policy:  
  • Your age and number of dependents
  • Your annual income and annual expenses
  • Your outstanding liabilities like home loan, car loan, etc.
  • Your investments / savings
  • Your lifestyle expenses
As a thumb rule, it is suggested that you should have an insurance cover of around 5 to 10 times of your annual income. A good financial advisor in your neighborhood can help you ascertain your appropriate insurance cover.