Life Insurance Council has launched ‘Sabse Pehle Life Insurance’ campaign to increase awareness about the importance of life insurance in the country. The ‘Sabse Pehle Life Insurance’ campaign aims to convey the benefits of having life insurance coverage. The underlying message of the campaign is that when you are planning your finances, plan ‘Sabse Pehle Life Insurance’!

Life Insurance is one of the most preferred financial tool for achieving one’s life goals. Life insurance policy is a contract between an individual and the insurance company through which the insurance company agrees to pay sum assured to the beneficiary on the death of the life assured, provided the premiums have been paid. The protection offered through this assurance is important for all individuals as it enables them and their family to have a fulfilling life with financial security and encourages them to continue their life goals journey

Life insurance is one of the preferred way to achieve your and your family’s Life Goals by safeguarding your future. The benefits of life insurance include security and continuity of life goals, even if any unexpected event were to take place. In other words, having life insurance allows you to enjoy your life by focusing on your life goals instead of having to micro-manage and plan for every unpredictable event which may occur in the future.

Life insurance plans comes in various forms catering to different life goals and needs of individuals, ranging from child’s education to retirement goal, or health goals to any other key milestone in an individual’s life. There’s something for everyone. The major types of life insurance are as follows.

● Whole life insurance plans

● Term life insurance plans

● Unit linked insurance plans

● Health insurance plans

● Child insurance Plans

● Retirement plans

Term plans are typically the purest form of life insurance. On the event of the life assured’s death, these plans pay a sum assured to the beneficiary to provide a financial cushion in the bread earner’s absence. Having a term plan helps in safeguardingyour and your family’s life goals without letting future unpredictability get in the way of achieving one’s goals.

Term plans are considered the cheapest form of life insurance as compared to other insurance plans.

Unit-Linked Insurance Plans or ULIPs is one of the preferred mode of investment to meet your dual needs of insurance cover and wealth creation. These plans utilize a part of the premiums to offer you life cover while the other part goes to market linked funds.

ULIPs are emerging as a preferred investment choice for customers today due to the benefits that they offer including tax benefits. ULIPs also provide customers the flexibility to choose the funds they want to invest in as per their risk appetite and the option to switch between those funds to optimize their returns. In this way, you can diversify your investment to ensure maximum returns.

Retirement plans or pension plans from life insurance companies help you build a corpus for your retirement years. Through a retirement plan, you can invest during your earning years, benefit from the returns generated over the long term, thus accumulating a corpus that helps you sustain your post-retirement life and at the same time achieve your retirement goals. Further, by investing in an annuity product in the post-retirement stage, you can get a regular monthly income to meet your daily lifestyle needs post retirement.

If you are wondering when you should buy your first life insurance policy, correct answer is that you should be buying it right now, irrespective of your life-stage. Life insurance is important as it offers you security and financial independence even during your non-earning years.

Also, life insurance premiums are relatively cheaper when bought early on in life. It’s easier to live your best life with life insurance coverage than without it.