The concept of life insurance has been prevailing since a couple of decades, but its importance is still not felt in India. People deny taking a life insurance policy simply because they are more self-dependent and feel nothing will go wrong with them. They can live easily and comfortably if they do workouts, follow health tips, drive carefully, sleep early, etc.

Researchers say only 3 to 4% of India’s population is covered by a life cover. This throws open a wide opportunity for insurance companies to introduce customized policies for consumers that will meet their specific requirements and fit into the budget. Companies can target potential customers and retain the existing ones as well grab a wide market for the insurance segment.

From customer’s point of view, they have a great opportunity ahead to choose the policy and company as per their choice. They can compare policies online and then go for the purchase. You can get varied discounts on premium costs such as annual discounts, festive offers, etc. You can check with your insurance firm and buy a suitable policy to safeguard your family’s financial future.

An insurance policy is a contract between the insurer and the insured person in which the insurer commits to pay the sum assured in the event of untimely death of the insured person or the maturity of the policy, whichever happens, earlier.  The insured person promises to pay the annual premium during the entire policy period or in some case (whole life insurance policy) till such time he or she is alive, which forms the contract consideration.

Thus, it’s the insured person who promises to pay a premium amount equivalent to your life risk cover or more on the events against which the policy is taken.

Today, the insurance industry has expanded in India quite well especially through online deals. It offers a whole gamut of insurance plans designed to meet myriad financial goals in life. So, whether you’re planning for building a child education fund, a retirement corpus, or want to arrange sufficient finances towards your house or car loan in case of untimely death, your life insurance is tailor-made to suit your requirements.

Experts say never push your plan till the late 30s to mid-40s, it would be wise to plan for our different financial goals right from the day you choose to work. It becomes all the more important if there are dependents on you. A life insurance policy will play a vital role in financial planning as it ensures the future goals are met even if the sole breadwinner is not there due to his or her sudden demise.

One unique benefit of having insurance cover is that you can avail tax benefits of up to Rs 1.5 lakhs per year under section 80C of the Income Tax Act, 1961.

Time is uncertain and it’s the Life Insurance Plans that will help you build a financial shelter for your family in your sudden absence.  Talk to your financial advisor and discuss your cover options. Buy a suitable policy cover now for family financial future tomorrow!