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Life Insurance Plans Lead to Peace of Mind

Updated on July 2, 2016

Life Insurance Products Give You Peace of Mind

So, what keeps you awake at night? Do you worry about that next loan repayment? What about ensuring the best education for your children and healthcare for the entire family? It only gets more stressful if you are the primary breadwinner. What if the untoward were to happen and you are no longer there to make sure that your family’s future is secure? For me, the one thing that gave me peace of mind was the IRDA’s Claim Settlement Ratio report for 2014-2015. According the figures released more than 90% of the claims made during the year were settled by the major insurers in India. Thank goodness I had the foresight to choose from among the many life insurance products available early in life.

I Bought Insurance at 25

I can imagine you looking incredulous! After all, who thinks of death benefits in the prime of their life? Well, I knew what life insurance solutions could do for a family early in life. My father passed away much before I was ready to lose him. It hit our family completely out of the blue. I was young and had nothing to fall back on till my father’s death benefits kicked in. It saw me through some of the most difficult years of my life. So, as soon as I started earning, I checked up my options for life cover. What my research told me was that when you bought a policy at a younger age, it would be cheaper. It was also cheaper for healthy people and when you are in your early to mid-twenties, health is the one thing insurers are sure is on your side.

A Saving Habit

What I also gained from investing in life insurance products at an early age was the habit of saving. I knew I would need to pay the premiums on time, so I started putting money aside for that. I also realized that I could take maximum advantage of the tax benefits the Income Tax Act of India offered for premium payments towards insurance policies. In fact, I didn’t have to go too far to learn this. My insurer’s website told me that deductions were available up to Rs 1,50,000 on the premiums I paid on life insurance products. I decided to put away the money I saved on taxes rather than splurge on impulses. By the time I was married, I had put away a neat little fixed deposit that could serve me for life’s emergencies.

Living Benefits

Since I wasn’t expecting to die anytime soon at the age of 25, I was more concerned about what I could gain from investing in life insurance solutions during my lifetime. To my surprise, I found that there were products that actually offered living benefits. If you read through the policy offerings carefully, you will find that there are plans that offer benefits before death, such as for terminal illness, disability or long term care. There also are policies that offer you some very useful riders that you can add on, such as accidental death and disability, critical illness, hospital care, surgical care and more. Needless to say, today at the age of 45, I not only have peace of mind that I have built a good corpus for my family over the past 20 years but I also know that should a sudden heart attack come my way, the way it did my father, my insurance policy would see me and my loved ones through, regardless of whether I survived the attack or not.

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