Life is not held by any individual. Immortality rate may be high, but death rate is also high. But once an individual is landed on this universe, he has to think about his personal growth. In a broad way when we look in the family angle, Life insurance is a protection for the whole family. It also covers sometimes to pay off debts and other expenses, helps in accumulating wealth and can leave it as an inheritance. When the policy holder survives till the maturity of the life insurance policy he can reap the benefits of his policy. Sometimes policy can be useful for child education, acquiring a home, daughter’s marriage, etc. Last but not least once started investing part of income for life it gives peace of mind to the individual / family as a whole.
Basically life insurance provides financial security in the event of death, besides that it is very resourceful when an individual got incapacitated to earn due to physical disabilities.
The cost of insurance for life depends on age, income and health of an individual.
Keep in mind that it is not mandatory to take a life insurance. Therefore, ensure that it is a part of saving for future benefit and invest. Take advantage of nomination facility. Nomination can be made by a policy holder who is a major and the life is insured under a policy. The Nominee can claim the amount in the event of death of the Policy holder.
So, the Tip goes here, an individual or a family head should strictly adhere to invest for life policy at an early stage ( as earning member ), so that the premium will be very reasonable and also the returns will be high including bonus and other benefits at maturity of the premium.
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