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Life Insurance plan is a contract between an individual (policyholder) and an insurance company (insurer). Under the contract, the policyholder pays a certain sum of money as a premium to the insurance company. In return, the insurer promises to pay a specific sum of money (sum assured) to help cover all financial expenses.

Why Should You Consider Life Insurance First

As Indians, we put personal safety before everything else. Every day, before we leave for work, we check whether we have our wallets, cell phones, car keys, and house keys on us. We turn off all the lights, double-check if we have locked the doors securely, put on the seat belt, and only then start the car.

Even when we are shopping online, we put items in the cart that we like. Before making the payment, however, we make sure to check whether we can return them without any fee, in case the items are faulty.

When it comes to planning for life’s goals; therefore, it is imperative that you put contingency planning above all else.

When you put life insurance first in your financial portfolio, you can ensure that your loved ones remain financially secure throughout their lives, even if something serious happens to you. At the same time, your insurance plan helps you maximize your tax savings and work towards creating wealth. Like you cannot build your house without a firm foundation, you need life insurance to serve as the foundation to better and secure tomorrow for your family.   

Why Should You Buy Life Insurance First?  

It would help if you prioritized buying life insurance before making any other investments, for the simple reason that the insurance benefit will help you secure your family’s financial future in case of your untimely demise.

Adding life insurance first to your list of must-do’s will not only get you additional benefits such as year-on-year tax savings up to Rs. 1.5 lakh under Section 80C as per prevailing tax laws and rider options to enhance your life cover against critical illnesses or a sudden loss of income due to accidents.

Moreover, having life insurance helps increase your risk tolerance. The primary goal of any investor is to grow money over the long-term.

Determining your risk tolerance and, subsequently, going with the appropriate asset allocation (the blend of stocks, mutual funds, and cash) is crucial. With life insurance in your financial portfolio, you can take more risk with your investments.

What Happens When You Purchase Life Insurance?  

The significance of putting life insurance at the top of the heap of your financial investments can be understood through a cricket test match.

A test match extends up to 5 days, and for each day, the playing strategy changes — similarly, your financial planning changes, too, as per your life stage and financial requirements. Let us see how life insurance is crucial for long-term financial sustenance.

Day 1: After winning the toss, you start the day’s play with caution, leaving or defending the good balls and punishing the bad deliveries for runs. Similarly, as soon as you start earning an income, the first thing that you need to do is to create a fool-proof strategy against life’s contingencies. This is where life insurance becomes a vital cog in your long term plans. With life insurance in your kitty, you can make sure that your loved ones do not have to depend on anyone else to support them, especially when you are no longer there to help them accomplish their dreams.

Day 2: Once you have the backing of a cautious yet emphatic start, and an imposing first day of cricket, you try to build upon your previous day score. In terms of financial planning, the next stage after purchasing life insurance is to build on your savings through a mix of traditional and market-linked investments. You can consider traditional savings instruments such as bank fixed deposits, recurring deposits, and provident funds while building up your tolerance for more aggressive market-linked investments.

Day 3: You invite the opposition to best your first inning total and create a game plan to put your opposition on the backfoot. In life too, you prepare your finances against emergency medical situations and other unplanned expenditures with the help of health insurance. Together with life insurance and a health plan in your back pocket, you equip yourself and your loved ones against any crisis.

Day 4: Often, you have to second inning on this day – dig in deep to fortify your first-innings lead and work towards building a high total for the final day showdown. When it comes to creating a financial portfolio, it is now time for you to look for investment opportunities to help maximize your savings into wealth, so that you can effectively support your family’s goals, be it your child’s higher education, marriage or your spouse’s financial wellbeing. It is only through efficient financial planning and long-term capital appreciation of your savings that you can prepare yourself for your retirement.

Day 5: On the last day of the match, it is now time for you to put your total match score to test so that you can beat your opposition and put the crown of victory on your head. In life, too, the last stage of your financial planning is about bringing your savings and investment returns to fruition. You look to diversify your investment portfolio by including different equity and debt market instruments so that you can achieve maximal capital appreciation while minimizing the investment risks and ensure long-term financial sustenance.

Plan Your Life Efficiently with Insurance

Many investors tend to make a common mistake of investing in instruments without factoring their entire financial picture – the equity they have built-in their home, existing loans, and other liabilities. Ideally, every asset and investment you own should factor into your risk-reward equation.

Having life insurance in your financial portfolio allows you to take more risk when it comes to securing your life and making sure that you provision a significantly large financial corpus (in the form of insurance coverage) as backup against contingencies, while continuing to invest for other life goals.  Moreover, with a life insurance plan in your pocket, you can be sure that even if something serious happens to you, your family will not have to deal with a financial crisis at any time during their lives.

The insurance plans will help your family stay financially protected, serving as a safety net that will prove useful in case of an eventuality. Also, the insurance coverage will augment the total accumulated value of your investments, making sure that your loved ones continue to have a lifestyle that you intended for them, even if you are not there with them.

To spread awareness on the importance of life insurance and to also promote its adoption, the Life Insurance Council is running a marketing campaign called Sabse Pehle Life Insurance. To know more about the campaign, visit www.sabsepehlelifeinsurance.com

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Why should you buy Life Insurance 'Online'?

  • Buy at your own convenience
  • Paperless and easy purchase process
  • Low and attractive premiums

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Our Comprehensive Range of Plans

Choose from a set of insurance plans to meet your specific goals and needs

Our Comprehensive Range of Plans

Choose from a set of insurance plans to meet your specific goals and needs

MAX LIFE ONLINE TERM PLAN

  • Flexibility to choose the death benefit payout as lumpsum or lumpsum & monthly income
  • Comprehensive coverage against death, disability, and diseases with riders
  • Coverage for up to 40 Critical Illnesses
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MAX LIFE SUPER TERM PLAN

  • Increasing life cover at 5% simple rate every year, till end of Policy Term, at no extra cost
  • Flexibility to choose the death benefit payout as lumpsum or as lumpsum plus monthly income
  • Choice of policy term from 10 to 35 years
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MAX LIFE PREMIUM RETURN PROTECTION PLAN

  • Limited premium payment term of 11 years
  • Guaranteed return of total premiums (including extra premiums) at maturity
  • Flexibility to choose a protection coverage period of 20/25/30 years
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MAX LIFE CANCER INSURANCE PLAN

  • Living benefit to ensure your child’s dreams turn into reality
  • Complete financial security through immediate payouts & future moneybacks
  • Flexibility to customize the plan
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MAX LIFE FUTURE GENIUS EDUCATION PLAN

  • Living benefit to ensure your child’s dreams turn into reality
  • Complete financial security through immediate payouts & future moneybacks
  • Flexibility to customize the plan
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MAX LIFE SHIKSHA PLUS SUPER PLAN

  • Safeguard your fund against market volatilities
  • Guaranteed loyalty benefits at the end of each year
  • Financial security for your child, in case you are no longer around
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MAX LIFE FOREVER YOUNG PENSION PLAN

  • Flexible death benefits and their payout options
  • Guaranteed loyalty additions to enhance fund value
  • Guaranteed benefits transferred to nominees
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MAX LIFE GUARANTEED LIFETIME INCOME PLAN

  • Guaranteed income for lifetime
  • Option to choose a single or a joint life annuity
  • Option to receive return of purchase price on death of policyholder
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MAX LIFE PERFECT PARTNER SUPER

  • Guaranteed payout of 212.5% of sum assured at the age of 75
  • Insurance coverage till 75 years, with withdrawal flexibility
  • Guaranteed benefit for spouse through riders
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MAX LIFE FAST TRACK SUPER PLAN

  • Grow your fund with loyalty additions
  • Choice of 5 funds; protection from market volatilities with two strategy options
  • Tax Benefits based on the prevailing tax laws
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MAX LIFE PLATINUM WEALTH PLAN

  •  Life cover of 10 times the total premium paid in a year
  • Choice of 5 funds; protection from market volatilities with two strategy options
  • Additional wealth boosters to enhance your overall fund value
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MAX LIFE SAVINGS ADVANTAGE PLAN

  • Be flexibile to choose policy duration that matches your life goals
  • Get lumpsum amount on maturity that is partly guaranteed
  • Save tax under section 80 C and Section 10(10D) as per prevailing tax laws
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MAX LIFE MONTHLY INCOME ADVANTAGE PLAN

  • Lumpsum benefit on maturity
  • Guaranteed monthly income for 10 years after premium payment term
  • Policy continues for family even in case of death of policyholder
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MAX LIFE GUARANTEED INCOME PLAN

  • Guaranteed monthly income that doubles after 5 years
  • Flexibility to choose the benefit payout in the event of death 
  • Immediate payout after policy term with no waiting period
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MAX LIFE WHOLE LIFE SUPER

  • Get complete protection until the age of 100 years
  • Preserve a corpus for your family’s secured future
  • Lumpsum payout at the age of 100 years
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MAX LIFE POS GUARANTEED BENEFIT PLAN

  • Guaranteed Financial Protection Throughout The Policy Term
  • Short Premium Payment Term and Policy Term
  • Easy Plan and Simple Process
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Group Term Life Platinum Assurance Plan

  • Single Policy is issued covering all members
  • Simplified risk assessment procedure
  • Cost of group coverage is lesser than the cost for purchasing a similar amount of individual term insurance policy
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MAX LIFE GROUP CREDIT LIFE PREMIER

  • Covers borrowers against loan in the event of death
  • Covers Total & Permanent Disability (TPD) caused due to accident through riders
  • A low-cost insurance cover for loan borrowers
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MAX LIFE GROUP GRATUITY PREMIER PLAN

  • Facilitates employers to fund their gratuity liability
  • Offers increased benefits through guaranteed loyalty additions
  • Reduced cost to the employer through market-linked returns
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MAX LIFE GROUP SUPER LIFE PREMIER IN LIEU OF EDLI

  • Better financial protection for employees’ families instead of EDLI
  • Higher employee retention with low-cost insurance
  • Tax benefits with regulatory compliance
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MAX LIFE GROUP SUPER LIFE PREMIER

  • Better financial protection for employees’ families
  • Higher employee retention with low-cost insurance
  • Tax Benefits based on the prevailing tax laws
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MAX LIFE GROUP CREDIT LIFE SECURE

  • An attractive low-cost plan to cover against loan
  • Helps lending institutions to secure assets & avoid defaults
  • Safeguards lending institutions against non-performing assets
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MAX LIFE PRADHAN MANTRI JEEVAN JYOTI BIMA YOJNA

  • Affordable financial protection for savings account holders
  • Higher customer retention with low-cost insurance  
  • Tax benefits for members based on the prevailing tax laws
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Related Articles

Related Articles

Top term insurance myths

Having a conversation about death is very uncomfortable and unthinkable, one of the main reasons why people procrastinate or avoid shopping for life insurance products. Other myths that people have due to low awareness of this category are - ‘Life insurance is not affordable’, ‘I am Single, I don’t need life insurance’, ‘It’s for older people’, ‘It’s only for earning members of the family’ and many more. This article tackles some of the most common but major misconceptions and myths

Is term insurance is an investment or an expense ?

Term insurance plans are not an expense but a safety net that no other financial product can give and a wise financial decision. A term plan pays the promised money in case of the policyholder’s demise, any time during the entire policy term. This means that even if he dies after paying a single premium, the entire sum assured will be given to the nominee. Additionally, you can also save tax. This article helps you understand the benefits of a owing a term plan.

How to Evaluate a Term Insurance Quote

Term plans is the simplest form of protection plans which is easy to understand and is highly cost- effective. You start your purchase journey by calculating a premium quote. For the same person, you may get different quote amount from different companies. This is because there are many factors involved like change in base premiums, rider costs, tax component, lapse charges etc. This article helps you understand the factors so that you can make a smart buy.

Maximize Term Insurance Benefits with Riders

Riders are add-on benefits that are optional with a life insurance product. This helps you customize the plan basis your personal needs. Few critical and powerful riders that you must definitely consider during the purchase journey is Comprehensive Accident Benefit, Waiver of premium and Critical Illness. This article helps you understand the meaning and benefits of different types of riders so that you buy the best term insurance plan customizable for yourself.

Difference between Term Insurance Plan and Whole Life Plan

Term life insurance is the simplest form of life insurance, that offer a lump sum payment as Death Benefit and can be availed for a fixed term. Whole life insurance offers both, a death benefit as well as savings benefits. Both these plans have distinct features and benefits and one should choose the plan that best suits your requirements. This article helps you understand the proposition each plan offers and helps you take a right decision for yourself.

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