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There are different types of life insurance policies available in the Indian market today—Term Insurance, Endowment Plans, Money-Back Plans, Whole Life Policies, and ULIPs, among others. Term plans are pure protection products that offer high coverage at low premiums and are ideal for those looking to safeguard their families’ future. On the other hand, savings-oriented life insurance policies come with the dual benefit of life cover and systematic wealth creation over the long term. The choice depends on individual needs, income patterns, and specific life goals such as child’s education, retirement readiness, or debt protection.

Life insurance is also a powerful tool for creating a legacy. In Indian joint families or nuclear setups, where one individual is often the main contributor, having adequate life insurance ensures continuity and financial stability even in unexpected circumstances. Moreover, life insurance helps in building discipline in money management, as it encourages regular contributions over long periods. It’s especially useful for self-employed individuals and business owners who may not have access to retirement or social security schemes.

Beyond personal benefits, life insurance also brings tax efficiency. Premiums paid towards life insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the death benefit or maturity proceeds (subject to terms) are generally exempt under Section 10(10D), making it a smart choice for those who wish to protect their family while also saving on taxes. In essence, life insurance offers not just protection but also financial leverage—helping you fulfil responsibilities and honour commitments, regardless of what the future holds.