Importance of Life Insurance Policy for You in 2020

Life insurance is one of the greatest gifts you can give to your family. In India, a lot of people tend to ignore financial planning while struggling to accomplish all other life's goals. However, this is the most important thing to do, whether you're a sole earner in the family or not.
 
You take care of your family's happiness by attending to the smallest of their needs, but when it comes to securing their future, do you feel that you failed to achieve this milestone? Mishaps or accidents are unpredictable, hence buying a life insurance policy is of utmost importance. You never know when life will throw a curveball because, in the event of your unexpected death, the last thing you want for your family is struggling to make ends meet.
 
What is life insurance Policy?
 
An insurance policy acts as a shield that provides financial assistance to your family in case of a mishap. Based on your life insurance policy, in the event of your demise, the insurer pays the sum assured along with accrued benefits, and terminal bonuses (if any), to the appointed beneficiary.
 
Why is it important to buy life insurance?
 
It provides financial security to your family
It is your responsibility to take care of the financial needs of your family. In the event of your unfortunate and untimely death due to accident, or illness, the family can use the sum assured to meet the financial liabilities like paying off the loan, credit card dues and even funeral expenses.
 
Coverage at a low premium
It is cheaper to buy life insurance when you are young. A lot of insurance companies in India offer young insurance buyers a discount on the premium. Depending on your specific insurance needs, you can find a variety of plans at an affordable premium. 
 
Wealth building
Some life insurance plans also help you build wealth, while providing financial protection to your family. Policies like ULIP (Unit Linked Insurance Plan) allow you to invest in the money market. A part of the premium is used for providing protection, while the other part is invested in different investment tools like equities, debt funds and bonds. You have the flexibility to choose the investment plan based on your financial goals and risk appetite.
 
If you're looking to buy one to secure your loved one's future, AU Small Finance Bank offers a wide range of life insurance plans as per your needs. 
 
Savings plan
Under the savings plan, you get guaranteed returns in exchange for the premiums paid along with several protection benefits at each stage of your life. You can also choose a child-specific savings plan wherein you receive necessary funds for your child's educational needs. If you're looking to secure the future of your child's future, then AU Small Finance Bank's Future Generali Assured Education Plan is best for you.
 
Protection plan 
Secure your family’s future with a comprehensive long-term protection plan. The plan allows you to choose a premium payment term and policy term. Besides, it guarantees to protect till 85 years. In case of accident or disability, which leads to loss of income, the insurance company offers to pay future premiums on your behalf.
 
Thus, with such wide range of benefits, buying a life insurance plan is the best way to protect your family’s financial future in 2020 and beyond.

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