Should you buy life insurance during a Pandemic?

2021-08-02

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Spending habits of Indians have changed drastically within a year due to the Covid-19 pandemic. Most Indians are now saving more to cope with the increasing expenses of health emergencies and unprecedented lockdowns. This has created a need to buy the best life insurance plan, as they act as financial security for families.

Four Reasons to Buy Life Insurance Plan During the Pandemic

Is it good to buy a life insurance plan? The short answer is yes as life insurance policy can cover your medical emergencies including Covid-19. When you buy a life insurance, you secure your family's future. You can rest assured that the interests of your loved ones are protected even after you are gone.

Buying a Life Insurance Plan During a Pandemic

Here are 4 reasons why you should buy a life insurance during the pandemic:

1. Financial cushion for family

Financial security is the biggest benefit of buying life insurance during the pandemic. It acts as a cushion that your family can rely on during tough times. Moreover, investing in life insurance helps you learn how to save more. Instead of letting your money stew in the bank, you can make it grow. Life insurance during the pandemic can be a lifesaver. It can save your family from any outstanding debts, financial difficulties, and medical emergencies.

Anyone can buy a life insurance policy today. If you're in your twenties, consider starting early. The pandemic has taught us that life is too uncertain to be taken for granted. Hence, having an amount saved is a good place to start your financial planning.

2. Get additional tax benefits

Tax benefits are an additional benefit of buying life insurance policies. They act as an extra savings instrument and can potentially reduce your expenses. Finding a suitable life insurance policy can help you save on tax, and helps support your family in the future.

3. Covers medical emergencies including Covid-19

A very obvious reason to buy life insurance during the pandemic is to cover medical expenses. Covering medical expenses is now more important than ever. Insurance companies have also included the clause of Covid-19 to help the families of the affected.

Learn how a life insurance plan can protect you from the 3rd wave of COVID-19.

4. Smile through uncertainties

Imagine losing your entire savings during the Covid-19 pandemic. Unfortunately, this is the harsh reality of the economy in India. The global lockdown has created a crisis and depleted the savings of the middle class. This has boosted the need for having a life insurance policy which can help tide things over for the family. Having a life insurance cover would reduce the financial burden. Life insurance policies help with the uncertainties of the pandemic.

Life Insurance Plans to Buy during Pandemic

Buying life insurance during the pandemic requires careful research. Your budget is more important now, and there are medical emergencies to consider. Canara HSBC Life Insurance provides flexible options for the Indian market which also covers the Covid-19 pandemic. The low premium options and guaranteed returns make these options a very useful financial instrument during the Covid-19 pandemic:

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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