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The outbreak of the COVID-19 pandemic has brought us face-to-face with unprecedented challenges. Financial planning that had been neglected for a long time owing to everyday commitments took a front seat, as did health concerns. All these factors combined, highlighted the importance of insurance during the pandemic. However, the Handbook of Indian Insurance and Statistics (2016-17, released by the IRDA) revealed that more than 75% of Indians do not have life insurance. This seems particularly problematic as amid a pandemic an average patient in Delhi who is hospitalised without a ventilator for two weeks pays up to ₹2 lakhs. Coping with the financial burden without insurance can completely throw your planning off guard and recovering from this blow requires a tremendous effort that is best prevented. The need for pandemic insurance becomes evident, considering the baggage that the crisis brings along. Some reasons why purchasing life insurance is critical during a pandemic are listed below.
1. It Helps Battle the Uncertain
At the outbreak of a life-threatening pandemic, several things get compromised both at an individual as well as a national level. A work-from-home scenario that was unimaginable a few years ago was forced upon the working population while several others were left jobless. In the wake of the pandemic, the savings of Indian working professionals have shrunk to 32% compared to last year’s 38% revealed the second edition of the BankBazaar Savings Quotient. The onslaught of the recession and the lockdown combined with the cost of hospitalisation and medical treatments further burned a hole into the financial planning. In such a scenario, the importance of life insurance is particularly reinforced.
2. It Offers a Benefit in Tax#
Consult any financial expert, and they will have you convinced why life insurance is a critical part of a financial plan. Apart from the financial security it offers at unstable times, ensuring that your loved ones can carry on with dignity and comfort, life insurance premiums and the final death or maturity benefit are both exempted from taxes#. As per applicable tax# laws, the Indian Government, seeking to promote life insurance, states that you can claim up to ₹1.5 lakh annually under Section 80C of the Income Tax Act, 1961. During the pandemic, several discretionary expenses had been put on hold to stay prepared for the lockdown considering the pay cuts and the furloughs. In such a situation, saving up on taxes# is a great monetary benefit in the long run.
3. It Offers Peace of Mind
It was not possible to foresee the outbreak of a pandemic. However, that is true for most of our problems. The key is to be prepared to deal with these unfortunate events well in advance so that our health is not compromised when we need it most. The outbreak of the COVID-19 pandemic took a heavy toll on the mental health of many. According to the National Institute of Mental Health and Neuro-Sciences (NIMHANS), the initial months during the lockdown were ridden with anxiety and stress over the uncertainty of the situation of loved ones and other personal concerns. A steady financial footing, especially in situations like these, can offer a great deal of comfort as the individual does not have to worry about the financial well-being of the family and loved ones in case of any eventualities.
As we established the importance of life insurance, there is still a lot of thought and analysis that has to be invested before choosing one. When opting for life insurance consider the following:
Tata AIA understands the uncertainties of life and to meet its unfailing demands offers long-term savings combined with financial protection. It has a range of products and services including life insurance, accident and health insurance, and savings plans while boasting of more than 99% of individual death claim settlement^.
The Tata AIA Life Insurance Sampoorna Raksha+ Plan (UIN:110N130V05) shields your loved ones from unforeseeable events and also promises the return of premiums paid on survival till the maturity of the policy. With life cover for the policy term of up to 40 years or up to the age of 100 years, the insurer can also customise the benefit to suit their needs from the options available@.
Tata AIA Life Insurance Sampoorna Raksha+ is the best way to shield your family and ensure their comfort and happiness.
#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
^ Individual death claim settlement ratio of 99.06% for FY 2019-20 as per audited financial statements.
The products are underwritten by Tata AIA Life Insurance Company Limited. The plans are not guaranteed issuance plans and it will be subject to the Company’s underwriting and acceptance.
Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110 • CIN: U66010MH2000PLC128403). Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Life’s nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at firstname.lastname@example.org. Visit us at: www.tataaia.com.
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