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Fullerton India Credit Company Ltd [View Profile]
Pune - India
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
Life Insurance, especially tailored to meet your financial needs.
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
Monies you would require in future
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.
Human Life Value
What is your Human Life Value?
Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be attributed to the financial support you offer your parents, spouse or children. This worth is referred to as Human Life Value (HLV). In the future, if your family does not have the protective blanket of your presence, they will no longer be able to enjoy the benefits of the income you earned. Put simply, Human Life Value is the present value of your future earnings.
Why should you calculate your Human Life Value?
You should calculate your Human Life Value so you can accordingly invest in insurance plans that will provide your family with adequate finances and hence security, even in your absence.
How do you determine your Human Life Value?
Your Human Life Value is determined by 3 factors:
Current and future expenses
Current and future income
As a thumb rule, if you are 30 years of age, you should insure yourself for an amount approximately 8 times your annual income. At 35, your investment should be close to 6 times your income. Of course, the exact amount of your investment should be determined by the number of people who depend on you, your existing investments and your life stage.
What are the tax benefits available?
Life, Pension and Health insurance as a tax saving tool, offers savings under various sections of the income tax act. Some of the key tax benefits offered are as follows:
Our Life Insurance policies are eligible for tax deduction under Sec. 80C.
Our Pension policies are eligible for a tax deduction under Sec. 80CCC.
Our Health Insurance policies/ riders are eligible for tax deduction under Sec. 80D.
The proceeds of our Life Insurance policies are exempt under Sec 10(10D), subject to norms prescribed in that section
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