Think of Insurance Beyond Tax Saving Tools

“Purchase a life insurance policy, and you can save up to INR 1,50,000 yearly under Section 80C”- a popular sales pitch heard from insurance advisors. But why this pitch?

We are often surrounded by fear, guilt, and greed when it comes to tax saving. Insurance works as a tax-saving tool, but it’s true to some extent. However, limiting insurance to tax benefits can eliminate the broader advantages it provides.

Life insurance benefits are umpteen, but you must consider long-term security. Ask yourself! Do you need security for tax savings, or are you seeking financial protection?

Benefits of Insurance Beyond Tax Saving

• Works as a Comprehensive Coverage: Life is becoming unpredictable with growing number of deadly diseases and accidents. So, an insurance policy will serve as a source of livelihood and fund your children’s education.
• Wealth Creation: Certain insurance policies, like endowment and unit-linked savings plans, can help youngsters find financial security. It will help them save early to create wealth in the long run.‍
• Achieve Long-Term Goals: Whether you aim to build a house, purchase a vehicle, expand your agricultural field, buy new cattle or agricultural equipment, etc., an insurance policy offering regular dividends can turn your dreams into reality. Insurance companies provide customized policies for such purposes.
• Debt Clearance: Investing in an insurance plan that pays regular dividends can help clear your debts. It allows you or your family to move ahead without worrying about financial instability. 

If you are ready to move forward, Finhaat’s PoSP can assist you with the accurate insurance investments.