Life’s uncertainties can cause us to consider the financial well-being of our loved ones more  frequently. The first item that springs to mind while trying to meet these requirements is life  insurance, of course. In light of the present COVID-19 pandemic, it is more important than  ever to secure adequate life insurance coverage.  

Most important benefits of life insurance  

Financial security  

There are numerous advantages to having life insurance, but two of the most essential are  financial security and peace of mind. In the event of an accident, you may be assured that your  family will not be forced to make financial sacrifices. Taking care of financial obligations like  loan repayments will be made easier as a result.  

Benefits upon death  

In the event of the insured person’s death, the beneficiaries of the life insurance policy will  receive a predetermined sum as death benefits. While no amount of money can ever replace  the priceless gift of life, it may certainly help ease the financial load during such a trying time.  

Benefits of maturity  

It’s possible to save money with life insurance because of the maturity benefits. Some plans  offer the insured the complete amount of premiums paid during the policy’s term when the  policy matures.  

Inheritance taxes  

Tax advantages of life insurance are available under Section 80C. To qualify for a tax  deduction, premiums paid toward the policy must be deducted from gross income. In addition,  Section 10(10D) assures that the policy’s pay-outs are tax-free as well. Purchasing life  insurance is made more appealing by the fact that the proceeds are tax-deductible.  

Investing opportunities   

Some types of life insurance allow the insured to benefit from both investing and life insurance  options. A portion of the money is invested in equities funds while the remainder is used for  life insurance coverage. 

Life insurance is especially important if you are the sole breadwinner of your family or if your  family is heavily dependent on your income. 

Important links-

1.https://cleartax.in/s/80c-80-deductions 

2.https://www.canarahsbclife.com/blog/life-insurance/features-and-benefits-of-life-insurance-in-india.html