Why is Insurance Policy important? Top 10 Policies For Our Family

insurance policy

“Zindagi ke sath bhi zindagi ke baad bhi” is not just a tagline but a depiction of actuality (which we take casually). Why do we buy health insurance plans or some insurance policies? To save on tax? Well! Out of 10 people, 8 are bound to give the same answer- isn’t it strange? Let’s have a look at some of the most important reasons to buy an Insurance Policy-

Because Peace of mind is important

peace of mind

Would you not go hiking without the risk of getting pushed from the side of the hills? Of course, you will! It’s human tendency to not take the risk- they like to stay in their own state without getting disturbed and that’s exactly why Insurance and policies exist- so that insurance manages on your part and you live your life with peace. Interesting Isn’t?

Because someone can share your risk

risk-to-advantage

And it’s no human! Having insurance policies can give you an extra ounce of strength to go ahead and take some risk. It can either result in a big hit or a total failure- don’t worry insurance covers up for your failure. Isn’t it a win-win situation?

Some income tax saving formula

Not all your taxes but some portion of it is waved off when you bring in the insurance policies. It can act as a covered shield in saving your hard earned money. You can claim an amount deduction showing your multiple insurance policies.

Post-retirement income

Post-retirement income

When you are finally free from responsibilities and it’s time for you to chill, who will be your financial backup? Insurance policies! You will not have to rely on your pension or savings because your Insurance will do that for you- It’s time to spend wisely for a better tomorrow.

Accidental benefits

accidental benefit

Who else will pay for your stolen car if not insurance? It’s that simple and efficient- accidental benefits is a gift of insurance to us and we shouldn’t miss upon this opportunity.

These were few out of many benefits that are valid under an insurance policy. Do you have anything to add to this list? Let us know in the comment section below and keep following H4T.

Best LIC Policy – Plans Details

LIC PoliciesPlan TypeEntry AgeMaximum Maturity AgePolicy TermMinimum Premium/Purchase PriceMinimum Sum AssuredMedical ExaminationStatus
LIC JeevanAkshayImmediate Annuity Pension Plan30 – 85 yearsN/AN/ARs.100000/- ,Rs. 150000/-(online)Rs. 7190/- (annually)Not requiredActive
LIC e-term PlanPure Term Plan18 – 60 years75 years10 – 35 yearsRs. 4600/-Rs. 25,00,000/-RequiredActive
LIC New Children’s Money Back PlanTraditional Money Back Child Plan0 – 12 years(for child)
18 – 55 years (for proposer)
25 years25 – entry ageRs.24,000/-Rs.1,00,000/-Not requiredActive
LIC JeevanAnandParticipating Traditional Endowment Plan18 – 50 years75 years15 – 35 yearsN/ARs.1,00,000/- (on maturity)RequiredDiscontinued
LIC Jeevan SaralEndowment Plan12 – 60 years70 years10 – 35 yearsRs.250/- (for age below 50years)
Rs. 400/- (for age above 50years)
250 times monthly premiumN/ADiscontinued

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