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Do Singles Need Life Insurance? Explained

2-June-2021 |

When we think about who needs a life insurance plan or a savings plan, the most common contenders for such policies are people who should support their spouses and children. The equation changes when you're looking at single people who are not married or prefer not be married.

You may think they have no dependents. However, the “singles” category isn’t so homogenous. Someone like a single mother may very well be single; however, she has a dependent. On the other hand, you have bachelors who aren’t yet married, but they intend to get married on marrying sooner or later.


So, the question arises: Do they need life insurance just as much as anyone else? Is a savings plan required for everyone then?

Life insurance or a savings plan can be of help to anyone who would like to generate some stability and steady returns in the future, including people with a family and unmarried people.


A life insurance policy is never a wrong choice, irrespective of someone’s marital status. In this article, we evaluate what life insurance is, its various multi-faceted benefits, and how singles, in particular, can benefit from it.


What Is Life Insurance?

A life insurance policy is an insurance product wherein you invest regularly and get a sum assured at regular intervals or upon the policy’s maturity. In the event of your premature death, your family is compensated for the loss financially, as discussed with the insurance provider.


In such a case, they can make a claim and get the sum assured


The premium for a life insurance policy can be calculated online, too; however, your life coverage would vary for the same amount from one insurance firm to another.


Getting the right life coverage is essential because your family should be able to afford the same living standards in your absence. Also, you should pick a product that lets your nominees or yourself (in the event you need to make a claim) get the most benefit of the policy, keeping in mind the future needs and expenses.


While choosing a life cover, go for reputed providers. You can find all the Tata AIA policy details online.

Safeguard Your Parents and Family Members


Life insurance products allow you to add your immediate family members as nominees. What this means is that though you may not have a wife or a child, you can still look after your parents and siblings by adding them as the nominees in your life insurance policy.


Upon your premature death, your insurance company would then pay the fixed and calculated sum assured to them to ensure that in such an emotionally distressing time of your loss, they are financially looked after.


Critical Illness Benefit


It’s not pleasant for us to imagine that there may be a time when our health isn't doing so well. However, in the past two decades, there has been a spike in the number of cancer and cardiac diseases in young people. So, it is always advisable to go for a comprehensive insurance policy, which allows you to develop some cash for critical illnesses as well. Such diseases are difficult to treat and require prolonged surveillance, which can otherwise be very expensive to handle.


A life insurance policy comes with various covers and top-ups. So, this is yet another benefit you get if you choose for life insurance .


Money-Saving Plan


If you go for a Unit Linked Insurance Plan or a ULIP# plan as your life insurance plan, you may as well get the benefits of insurance and investment both. ULIPs invest in both: debt and equities. So, while debt gives you fixed returns at low interest, equities give you a chance to grow your personal wealth.


You can be looking at multiplying your money over some time while staying perfectly risk-free and financially stable. In a savings plan, you will be guaranteed1 a certain payment, which will be paid to you collectively at the maturity of a policy, or you could opt for periodic withdrawals too.


Life Insurance for Single Mothers


Life insurance becomes very crucial for single mothers because not only will it pay for their child's requirements after their demise, but it will also cover certain personal losses. Various life insurance covers provide additional coverage like hospital admission benefits, accidental cover, etc., which can help a single mother cope with financial stress.


Tax Benefits

A savings plan and other life insurance products come with some tax* exemptions. Section 80C of the Income Tax* Act, 1961 has ruled: Your insurance products can get you a relaxation of up to 1,50,000 rupees for your next tax filing. So, even if you're not willing to get married, insurance is something of utility, and you can still invest and get tax benefits for your hard-earned money.


What If You Change Your Mind Later?


It might just be that you change your mind and decide to invest or safeguard your family members at a later age, your premium would be much higher as well. So, it is recommended that you start young and get the benefits of a younger age and reduce your premium size, which continues up to your period maturity.

We hope this article has helped you understand the need for life insurance . Also, let us know in the comments if you would like any help picking out the right policy.

 

People Also Ask

 1. Should you get life insurance if you are single?

2. How much is life insurance a month for a single person?

3. Can you buy life insurance for yourself?

4. Is it better to get single or joint life insurance?


L&C/Advt/2021/Jun/0744

 

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Looking to get a new plan? 

Connect with us now

+91

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA), Tata AIA Life Insurance is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Disclaimer
  • * 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
  • IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICY HOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR.
  • Past performance is not indicative of future performance.
  • All investments made by the Company are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
  • Please make your own independent decision after consulting your financial or other professional advisor.
  • 1Guaranteed: Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry
  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

Need more information?

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Looking to get a new plan? 

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.