A life insurance policy acts as financial security for one’s family in the event of the life assured’s death. With the cost of living increasing rapidly over the years, it is a must to purchase a life insurance policy in order to ensure that your dependents have the necessary financial means to carry on with their lives, without having to go through additional hassles.
However, the fact remains that life insurance penetration in India is far behind the global average. A vast majority of Indians simply don’t have a life insurance cover and many individuals who have purchased life insurance in India are under-insured.
There are many myths surrounding life insurance. Here, we will look at some of the most common reasons why people in India don’t purchase life insurance and why they opt for a low sum assured, even if they do end up purchasing a policy for themselves.
Some of the key benefits of purchasing life insurance policies are as follows:
It is necessary to purchase a life insurance policy, regardless of what your age is. Purchasing a policy when you are young will ensure that you are able to secure substantial coverage at a competitive premium rate. Thus, make sure to consider your needs, research various life insurance policies, and purchase a policy that is best suited to you.
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