Are you self-employed? Do you have access to a life insurance policy?

A life insurance policy works as a big security for you and it helps you sail through the toughest of times in life, with ease. There is an ongoing misconception regarding life insurances and most commonly people refer to this insurance plan as the one that you never get to benefit from and mostly it is your kids or the next generation that gets to reap benefits of the plan in your absence.

However, such is not true and depending on the type of life insurance you choose, you can divide the benefits to long-term and short-term. This way, you can gain maximum coverage from it for your family in your absence and can reap benefits of it during your lifetime also.

The varied types of life cover you can buy are:

  • Term insurance with return of premium
  • Unit Linked Insurance Plans
  • Endowment plans
  • Money back policy
  • Whole life insurance
  • Group life insurance
  • Child Insurance Plans
  • Retirement Plans

The biggest advantage of a life insurance policy?
You may ask what the most prominent advantages of the policy are and how it covers up all aspects of your needs as a self-employed individual. Here, it is good to know that the single most vital benefit of a life insurance policy is tax benefit. With any life Insurance plan in hand, you can avail tax benefits on premiums paid under Section 80C of the Income Tax Act, 1961. You can avail tax benefits up to Rs.1.5 lakh on the premium paid. Not only this, with the critical illness cover, you can also avail additional tax benefits on premium paid under Section 80D of the Income Tax Act, 1961.

However, as a self-employed individual the need to get hold of a life cover increases manifold and here’s why you need it the most.

  • Get an insurance cover to stay insured, in absence of any employee benefits
    When you are your own boss, you may be enjoying a lot of work flexibility and can actually time your projects according to your feasibility. However, the biggest drawback of being a self-employed is lack of employee benefits. When working in a company, your employer takes care of this in totality and in a more organized way. This is why, it is important for you to fund your own health and life insurance covers. Being the employer yourself, you need to spend some money to secure some of these for you and your family. Not only that, you also need to invest money regularly towards your retirement and other financial goals, including children’s education and marriage. Thus, a term insurance plan is essential to take care of these goals without putting any undue pressure on your earnings and savings.
  • To bear the business ownership transfer costs, you need insurance
    As a self-employed individual you should also consider the cost of ownership transfer to the next generation in case you have to take a backseat from business owing to health issues or in case of your untimely demise. When offering them the reins of your company, it is justified to give your new generation some time to catch up with the business needs. When they are getting steady with the business, they may need money to continue operations. This would also include any loans and financial obligations you normally have in your business. Here, your life insurance cover will come in handy and help them sort out varied business requirement with ease using funds from the policy cover.

The best way to pick and choose the right insurance policy for you and your family is to get more insights on the same directly from an agent. Even though you can do your research and plan your policy, but there is a chance that you will miss out on a lot of details. So, it is advisable to get assistance and cover every aspect of your need holistically with the right policy. An agent can cover all corners, by suggesting you the best life insurance policy in Mumbai or anywhere else in the country.

Akshar, with its 65 years of legacy outshines in this sector and with its commitment to help customer on their insurance journey, is forever ready to guide and mentor you. Not only is Akshar committed to help you in your path to buying the right insurance cover, but the company is known for its impeccable track record of 100% claim settlement ratio. So, they offer you an upper hand with your policy decisions and help you cross every hurdle with ease!

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