Top Reasons for Buying a Life Insurance Plan

A large number of people in India prefer relying on their savings over investing in an insurance policy. So, you ought to give them compelling reasons why they should buy insurance instead.

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These are some of the reasons, for which you should buy a life insurance plan:-

1. 1. Looking after their Loved Ones When They are Gone
      This is the main reason why a responsible person should invest in a good life insurance policy. This is because if they pass away due to any mishap, then the lump sum of the insurance will be of great financial help to their family.
      If a person is the sole breadwinner in their family, then they have all the more reason to invest in an insurance scheme. Besides, most plans are quite easy to afford but offer high returns. This is not usually possible just with the savings.
   2. Comfortable Retirement
      A life insurance plan also ensures a comfortable retirement. In fact, a person can opt for the return of investment in the form of a steady stream of income on a monthly basis. So, it’s akin to a pension plan.
   3. The Sooner, the Better
      Setting up an emergency fund through an insurance policy is cheaper at a young age, especially when the person is unmarried. This is because insurance agents are able to offer better rates to them.
   4. Tax-Benefits
      A lot of people don’t know this, but investing in a life insurance policy has tax benefits too.
      As per the under Section 80C of the Income Tax Act, the premium paid on an insurance policy is eligible for a tax benefit up to Rs 1.5 lakhs.

Selling insurance can be tough for many, but the reasons given above are sure to make the task easier.