ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Why Adventure Sports Lovers Need Term Insurance

Updated on March 17, 2016
DollyGohel profile image

A perfect day for me is where I read a book and eat a meal I have cooked sitting in the middle of mother nature. Nothing else matters!

The life insurance industry recorded 18.5 percent growth in new business during the first half of fiscal 2015-16, says an article published in The Economic Times in October 2015. Why is it that financial advisors consider getting life insured as a top priority? Do you need to invest in a policy even when you have a wealth creation plan in place? It is possibly one of the most important aspects of your financial plan. And it is not an option because you cannot replace it with any other product. Despite how well you are earning or how much wealth you may have accumulated; your life can be cut short at any moment, leaving your family in difficulty. You can consult your financial advisor to help you pick a policy keeping in mind your current financial condition and future financial goals. Given below are the benefits of good life cover.

Takes Care of Your Family’s Financial Needs After Your Death

The sum assured received by the nominee after your death can help your family take care of their daily expenses, maintain their standard of living, fund your child’s education and marriage expenses, and take care of other small and big expenses. In case of the absence of a policy, your family might have to cut sacrifice on essentials, as well as desires, due to the scarcity of funds. On an average, the cost of education is 8 percent of the global monthly budget allocation, according to the Nielson Global Survey, 2013 of Education Attainment. Make sure to buy sufficient cover to take care of your family’s every need after your death.

Helps Pay Off Loans

Wouldn’t it be added misery if your family had to pay off your debts while coping with your loss? Getting yourself a life insurance policy is a must if you are paying off loans or debts. Make sure that the cover your buy is sufficient to pay off those debts and buy a policy of a minimum period during which you expect to repay your loans.

It Gives Your Peace of Mind

Death is unpredictable, both for the young and old. Getting a policy gives you the peace of mind that the financial needs of your family would be taken care of even in your absence.

Helps You Fulfil Your Financial Goals

The IRDA has made it mandatory for all insurance products to provide a customised benefit illustration, depicting the guaranteed and non-guaranteed benefits at gross investment returns of 4 percent and 8 percent, respectively, says an article published in The Economic Times in November 2015.

There are five types of insurance policies sold in India: term plans, ULIPs, whole-life, endowment and money-back plans. If you have enough savings in your kitty and if you have a high risk appetite, then you can go for one of the investment-cum-insurance products. It will give you the twin benefits of wealth creation and insurance cover.

Tax Benefits

Life insurance in India is eligible for tax benefits. Premium payments towards a policy is eligible for tax deductions of up to Rs 1.5 lakhs per annum under section 80C of the Income Tax Act, while the sum assured in exempt from taxation under section 10(10D).

How to Choose a Policy

Before choosing any type of policy, you must evaluate your current financial condition, future financial goals, savings and risk appetite to make a suitable choice. While choosing the cover, keep in mind your family’s financial needs, standard of living, debts you are paying off and the inflation rate. You could also consider buying an online life insurance policy. You can save money typically in the range of 10 to 30 percent, according to an article published in Moneycontrol in February 2016.


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)