A life insurance policy serves to be a good RakshaBandhan present. It promises to take care of critical needs in unfortunate times and is a smart addition to any portfolio

Your sister is precious to you. Why not give her a special gift this RakshaBandhan? How about setting up a life insurance policy? It will help to meet the critical financial needs of her family even when she is no more. The insurer of the life insurance policy would pay the beneficiaries a pre-defined sum in case of her death, critical illness, or in the event of her being bed-ridden because of any other reason. Given this, the policy purchased by you, would make her feel comfortable about the financial uncertainties of future; at least to the extent of coverage provided by the product chosen by you. 

Choose from the best life insurance plans

The basket of products pertaining to life insurance products is increasing by the day. Here are some of the popular types of life insurance in India. You may want to compare what’s on offer before choosing the appropriate one for your sister.

• Term Life Insurance: This life insurance product provides financial coverage for a pre-defined, specific period of time to the policy holder.
• Savings Plans – Some life insurance policies offer fixed assured sums that are paid out in the event of death as well as survival, to the policy holder and nominee respectively. Additionally, there are some products that provide cover against death as well as periodic returns in the form of a defined percentage of the sum assured.
• Unit Linked Insurance Plans or ULIPs – These insurance products offer risk cover in conjunction with several qualified investment options to the policy holder.
• Critical Illness Plans – These life insurance plans meet the large medical costs of acute or critical illnesses that may bring about permanent disability or change in lifestyle of the policy holder.

Why gift life insurance?

• Life insurance is an aid for meeting the financial requirements of an earning member’s family after he / she is no more.
• Life insurance policies come in handy during the time of loan repayments or occasions demanding major expenses, such as marriage or higher education.
• A life insurance plan can be used to take out a loan to meet any exigency.
• Insurance policies can help meet long term goals such as child’s education, retirement savings etc.
• They provide sound protection against the financial pressures caused by serious illnesses or accidents.
• Insurance plans for critical illness encompass cost of recuperation aid and careand tax benefits u /s 80 D.
• In general, life insurance policies offer tax deductions on payment of premiums u/s 80C of the IT Act.

As you go about your quest for the best life insurance policy, you may want to consider the premium amount that suits your budget, expectations for sum assured, tenure of plan, cover type, mode of buying, etc. This auspicious day strengthens the brother-sister bond like no other. Your love for your sister is infinite and unquantifiable. Gift her protection and cover this RakshaBandhan!

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