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As investor you look for different ways for to secure your money. There are many options available in market for your savings such as fixed deposits, government securities, posts, mutual funds, gold and Insurance etc. 

If you are now comparing Life Insurance with other forms of savings you will find life insurance getting the upper hand.    

First of all, life insurance should not be compared with other forms of savings. Life Insurance is completely different product and specifically meant for to provide you financial protection in unforeseen.

Life Insurance is the need of every individual; hence it should on your priority. Other forms saving can wait but life insurance should be your first step. 

But if you still want compare then, following are Advantages of Life Insurance: 

1)      Life Insurance provides you life protection cover in case of insured’s death along with it life insurance gives you the option for savings.

2)      Life Insurance comes with the commitments of regular premium payment. Hence it forces individual to save regularly which helps to create saving habit for your family.

3)      Life insurance can also be used to create an asset for your family by paying merely premium only which means individual become the asset’s owner today and pay by installment of premium in future years.

4)      Life Insurance can be used as a collateral instrument for loans.

5)      Life Insurance also gives you tax relief.

6)      Life Insurance proceeds or maturities are also tax free, which other forms of savings may not provide you.

7)      Most importantly when you are not around, it provides financial support for your loved ones.    

Life Insurance is kind of an instrument which is to serve multipurpose needs. When all your needs are addressed in one product category, why to buy multiple products with different needs. Now it’s up to you to choose life insurance or any other form of savings. 

In India at present insurance companies like LIC, Brila Sun life, Kotak Life, HDFC Life, ICICI Prudential etc. have great life insurance solutions which can satisfy the varied needs of yours. 

Know more about life insurance policies in India.